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There was no positive balance of the capital account of the Assessee with the firm and thus the question of balance in her capital account being returned to her certainly did not arise.
Ramona Pinto Vs ACIT
(2022) TaxCorp(LJ) 29070 (ITAT-MUMBAI) · Section 28(iv)
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Where huge amounts credited to the bank account of the assessee, source of which is not explained, the provision of section 68 of the Act are applicable.
Nayan Arvind Lalan Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29060 (ITAT-MUMBAI)
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The tax u/s 115-O is a tax on dividend.
ITD Cementation India Ltd Vs DCIT
(2022) TaxCorp(LJ) 28992 (ITAT-MUMBAI)
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Speculative transactions are eligible to be set off against the loss of share transactions.
Cascade Holdings Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28988 (ITAT-MUMBAI)
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Interest paid on delayed payment of TDS under Section 201(1A) is allowable deduction.
Resolve Salvage & Fire India Private Limited Vs DCIT 14(3)(1)
(2022) TaxCorp(LJ) 28971 (ITAT-MUMBAI)
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Impugned order was issued under Section 12A(1)(ac)(i) which provision merely deals with making an application for registration.
Saifee Burhani Upliftment Trust Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28957 (ITAT-MUMBAI)
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In view of the material on record, Assessee categorically explained that it issued unsecured perpetual non-convertible debentures entitled for fixed interest @ 11.40% along with redemption after the 10th year, therefore revision order is hereby quashed.
The Tata Power Co. Ltd Vs Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 28950 (ITAT-MUMBAI)
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PF dues paid before the due date of filing of income tax return under Section 139(1) is a deductible expenditure despite exceeding the permissible time limit under the relevant statute under which payment is made.
Kalpesh Synthetics Pvt Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28949 (ITAT-MUMBAI)
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Foreign reinsurance company earning reinsurance premium from the Indian concerns is not liable for tax in India.
Tata AIG General Insurance Company Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28948 (ITAT-MUMBAI) · Section 32
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The percentage of freight expenses and diesel, petrol and oil expenses in cash in comparison to freight income is minuscule.
M/s.Bhushan Logistics Pvt. Ltd. Vs Income Tax Officer
(2022) TaxCorp(LJ) 28922 (ITAT-MUMBAI)
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If there is no business receipt during the year, assessee should wind up the infrastructure and start all over again when the business receipts start following.
Cineyug Vs DCIT
(2022) TaxCorp(LJ) 28920 (ITAT-MUMBAI)
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The provisions of section 56(2)(viib) or Rule 11UA are plain, clear and unambiguous and nowhere provide for rounding off to nearest rupee or multiple of ten or hundred.
Royal Accord Realtors Pvt. Ltd. Vs DCIT
(2022) TaxCorp(LJ) 28893 (ITAT-MUMBAI)
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Sec 11(7), which restricts the availability of exemption u/s 10(34) to Charitable trusts, came into effect only from April 01, 2015, thus inapplicable to subject AY 2014-15.
Shekhar Bajaj Charitable Trust Vs Income Tax Officer-17(3)(3)
(2022) TaxCorp(LJ) 28883 (ITAT-MUMBAI) · Section 10(34)
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Thrusting of percentage completion method upon by the Revenue is not sustainable.
Trident Estate Private Ltd Vs ITO-13( 3)( 4)
(2022) TaxCorp(LJ) 28871 (ITAT-MUMBAI) · Section 43CB
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PCIT merely recorded 'yes, I am satisfied' and it cannot regarded as a valid satisfaction as it does not reflect due application of mind of the sanctioning authority before granting satisfaction.
Bharti Axa Life Insurance Company Ltd Vs ACIT
(2022) TaxCorp(LJ) 28869 (ITAT-MUMBAI) · Section 151
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Non-consideration of decisions would not make the order erroneous which would call for any interference in u/s 254(2).
Gateway Terminals India Pvt Ltd Vs DCIT
(2022) TaxCorp(LJ) 28867 (ITAT-MUMBAI)
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Sec 11(7), which restricts the availability of exemption u/s 10 (34) to Charitable trusts, came into effect only from April 01, 2015 whereas the subject AY dealt with in this case is AY 2013-14.
Shishir Bajaj Charitable Trust Vs Income Tax Officer-17(3)(3)
(2022) TaxCorp(LJ) 28866 (ITAT-MUMBAI) · Sections 10(34), 11
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Since assessment order is completed after making due enquiries, revision proceedings cannot be initiated.
Tata Realty and Infrastructure Limited Vs Principal Commissioner of Income tax-2
(2022) TaxCorp(LJ) 28865 (ITAT-MUMBAI)
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In certain circumstances, income of the discretionary trust shall be assessed to tax as AOP.
Mamania Family Trust Vs ACIT
(2022) TaxCorp(LJ) 28862 (ITAT-MUMBAI) · Section 2(31)
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The advances/deposits made during the regular course of business, which later became irrecoverable eventually leading to write off of the same would only be a regular business loss under Section 28.
Yatra Online Private Limited Vs PCIT (Central)
(2022) TaxCorp(LJ) 28861 (ITAT-MUMBAI)
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