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When the ld. AO had given a favourable report in his remand proceedings, then fairly the Revenue ought not to have preferred any further appeal before this Tribunal as there could not be any grievance for them.
Liberal Realtors LLP Vs ITO-32(2)(1)
(2022) TaxCorp(LJ) 28343 (ITAT-MUMBAI)
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Assessee trust cannot be construed as an AOP as there is no inter se agreement between the names of the beneficiaries and their shares were known and have remained unchanged
INCOME TAX OFFICER -22 (1) (6) , MUMBAI VERSUS M/S. ARCIL ASSET RECONSTRUCTION FUND II TRUST
(2022) TaxCorp(LJ) 28333 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95474&Category=ITAT&CategoryType=Zip
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The expenditure on legal, professional, travelling and boarding expenses will be considered as allowable expenses and it is not open to the Revenue to dictate what expenditure the assessee should incur and under what circumstances.
M/s. Majestic Infracon Pvt. Ltd. Vs ACIT
(2022) TaxCorp(LJ) 28319 (ITAT-MUMBAI) · Section 37(1)
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The fact that bills were raised in the subsequent year did not change the character of expenditure but only the timing to record the bills.
M/s Aricia Construction Vs ACIT
(2022) TaxCorp(LJ) 28318 (ITAT-MUMBAI)
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Discount premium should be claimed evenly over the vesting period and in the instant case the entire discount had to be claimed as expenditure in the year of vesting.
Ambuja Cements Ltd. Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28317 (ITAT-MUMBAI)
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The provisions of Section 50C can be applied in the year in which provisions of Section 45, 48 read with Section 2 (47) of the act are triggered and as the given sections are not triggered in AY 2005-06, but in AY 2004-05, the provisions of Section 50C for AY 2005-06 cannot be invoked.
Standard Chartered Bank Crescenzo Vs The Dy. Director of Incometax (International Taxation)
(2022) TaxCorp(LJ) 28316 (ITAT-MUMBAI) · Section 50C
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This is not a fit case for levy of penalty u/s 271(1).
Konkan Co-operative Housing Society Limited Vs Income Tax Officer
(2022) TaxCorp(LJ) 28298 (ITAT-MUMBAI) · Section 271(1)(c)
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In the present case for assessment year 2005 - 06 there is no transfer of asset, and therefore, there is no chargeability of capital gain u/s 45 of the act.
STANDARD CHARTERED BANK CRESCENZO VERSUS THE DY. DIRECTOR OF INCOME-TAX (INTERNATIONAL TAXATION) -2 (1) , MUMBAI
(2022) TaxCorp(LJ) 28285 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95312&Category=ITAT&CategoryType=Zip
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Even on merits the assessee’s claim for depreciation on spectrum fee is allowable under section 32 of the Act as the provisions contained under section 35ABB of the Act being not applicable to the issue at hand.
M/S. VODAFONE IDEA LIMITED, (FORMERLY KNOWN AS IDEA CELLULAR LTD.) VERSUS PCIT-CIRCLE (5) , MUMBAI
(2022) TaxCorp(LJ) 28284 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95314&Category=ITAT&CategoryType=Zip
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The Assessee has provided the details of the parties to whom interest is paid including banks, non-banking finance companies and some private lenders at a rate ranging from 5% to 24% p.a, but CIT(A) failed to prove any related party transaction within the meaning of Sec. 40A.
Shri Bhavarlal Mangilal Jain Vs The ACIT
(2022) TaxCorp(LJ) 28276 (ITAT-MUMBAI) · Section 36(1)(iii)
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If the PCIT was of the opinion that the Revenue had not made requisite enquiries, then he should made the requisite enquiries and brought on record as to where the AO was wrong.
Concern India Foundation Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28269 (ITAT-MUMBAI)
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Denial of deduction u/s 80P for sole reason of its being situated in Mumbai is not legally sustainable.
Walkeshwar Chandanbala Co Operative Housing Society Ltd Vs CPC, Ward -19( 3)( 1)
(2022) TaxCorp(LJ) 28266 (ITAT-MUMBAI)
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Amendment u/s 11(7) preventing a trust from claiming exemption u/s 10(34) is applicable w.e.f. AY 2015-16 and cannot be made applicable to earlier years.
Navajbhai Ratan Tata Trust Vs Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28254 (ITAT-MUMBAI)
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Reassessment order passed by the JCIT, Range-17, Mumbai is void-ab-initio and liable to be quashed, because the A.O who had passed the assessment order does not possesses valid authority and jurisdiction to pass such order in absence of separate order u/s 120(4)(b).
The Indian Hotels Company Ltd Vs The Additional Commissioner of Income Tax / Dy. Commissioner of Income Tax (OSD)
(2022) TaxCorp(LJ) 28253 (ITAT-MUMBAI)
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Leave encashment is not a statutory liability but a contractual liability and hence does not attract Section 43B.
GBTL Ltd Vs DCIT
(2022) TaxCorp(LJ) 28250 (ITAT-MUMBAI)
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Discounted cash flow method is always based on future projections adopting certain parameters such as expected generation of cash flow, the discounted rate of return and cost of capital.
THE DY. COMMISSIONER OF INCOME TAX 6 (2) (1) , MUMBAI VERSUS CREDTALPHA ALTERNATIVE INVESTMENT ADVISORS PVT LTD
(2022) TaxCorp(LJ) 28229 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95181&Category=ITAT&CategoryType=Zip
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Non filing of return for proper period and not in appropriate status is not at all a procedural mistake, it is quite substantial mistake.
ACIT-21 (1) , MUMBAI VERSUS ACHAL HOUSING LLP
(2022) TaxCorp(LJ) 28227 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95186&Category=ITAT&CategoryType=Zip
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The jurisdiction assumed by the Revenue for invoking the provisions of Section 147 is not valid.
Advanced Enzyme Technologies Ltd Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28225 (ITAT-MUMBAI) · Section 10AA
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Explanation 2 to last proviso under Section 10(23C) clarifies that income will be computed without any set off or deduction or allowance of any excess application of any of the year preceding to the previous year.
UTI Institute of Capital Markets Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28224 (ITAT-MUMBAI) · Section 10(23C)
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For exemption under Section 54F, the date of sale is the date of agreement to sell and not when the full and final consideration is received by the seller.
Niranjan Bhadang Vs ACIT
(2022) TaxCorp(LJ) 28223 (ITAT-MUMBAI) · Section 54F
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