-
ITAT - Section 80-IA(12A) neutralizes the applicability of Section 80-IA(12) only and do not disentitle the successor entity to claim deduction u/s 80-IA - Hence, deduction u/s 80-IA received under a scheme of amalgamation for the residual period is available.
Ultratech Cement Ltd Vs DCIT
(2021) TaxCorp(LJ) 27989 (ITAT-MUMBAI) · Section 80-IA
-
Assessee’s treatment of the rental income is upheld.
Lewis Family Trust Vs ITO
(2021) TaxCorp(LJ) 27968 (ITAT-MUMBAI) · Section 24(a)
-
Non-taxable capital receipt will include the sales tax refunded as subsidy.
Shree Vaishnav Casting Pvt. Ltd Vs DCIT
(2021) TaxCorp(LJ) 27963 (ITAT-MUMBAI)
-
The scope of the sixth proviso to Section 32(1) cannot be extended to transactions of purchases between two unrelated parties.
TUV Rheinland NIFE Academy Private Limited
(2021) TaxCorp(LJ) 27920 (ITAT-MUMBAI) · Section 32(1)
-
The sale of TDR could not be considered in isolation of Assessee’s obligation to complete the project as per the agreement.
DBS Realty Vs Asst. Commissioner of Income Tax
(2021) TaxCorp(LJ) 27919 (ITAT-MUMBAI)
-
When all the necessary details of the fund provider was available with the assessing officer, he was free to make the necessary enquiry and addition under section 68 in the hands of the recipient were unjustified.
Shalimar Housing & Finance Ltd Vs JCIT(OSD)
(2021) TaxCorp(LJ) 27907 (ITAT-MUMBAI) · Section 68
-
Income from unsold flats to be held as stock-in-trade and will be taxable under the head income from house property.
Dimple Enterprises Vs DCIT
(2021) TaxCorp(LJ) 27904 (ITAT-MUMBAI)
-
ITAT - The issue of warrants is duly supported by the offer letter and allotment letter issued by the assessee. The share warrants were issued in compliance with the requirements of the Companies Act as well as SEBI Guidelines. Deletes addition u/s 68
Brima Sagar Maharashtra Distilleries Ltd Vs ACIT
(2021) TaxCorp(LJ) 27847 (ITAT-MUMBAI) · Section 68
-
As both the issues in question on the basis of which the Pr.CIT had assumed jurisdiction u/s 263 had been considered and decided in appeal by the CIT(A), therefore, the Pr.CIT was clearly divested of his jurisdiction to have exercised the revisional jurisdiction vested with him u/s 263 as regards the said issues.
SHRI NITIN KUMAR DIDWANIA VERSUS PR. CIT- (CENTRAL) -3, MUMBAI
(2021) TaxCorp(LJ) 27619 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=93970&Category=ITAT&CategoryType=Zip
-
The scope and ambit of section 153A of the Act is to restrict to only incriminating material in case of unabated years. Since the assessment for the year under consideration is an unabated one which is undisputed and that we find no existence of any such incriminating material which is the pre-requisite to make assessment u/s.153A, the consequent additions made by the Revenue are without jurisdiction and will not survive
DY. CIT – CENTRAL CIRCLE -7 (3) , MUMBAI VERSUS M/S. TRISHUL REALTY INFRA PVT. LTD. AND (VICE-VERSA)
(2021) TaxCorp(LJ) 27616 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=92936&Category=ITAT&CategoryType=Zip
-
ITAT - Revision order u/s 263 stems from regular assessment order and not the reassessment order as such revisionary order is time-barred - Limitation period u/s 263 would run from the regular assessment order.
Royal Western India Turf Club Vs Principal Commissioner of Incometax-8
(2021) TaxCorp(LJ) 27409 (ITAT-MUMBAI) · Section 263
-
ITAT - Activities carried out by the Bombay Chamber of Commerce to be charitable in nature even under the amended definition u/s 2(15) and Assessee to be eligible for exemption u/s 11.
Bombay Chamber o f Commerce & Mackinnon Mackenzie Building Vs The Income- tax Officer
(2021) TaxCorp(LJ) 27402 (ITAT-MUMBAI) · Section 2(15)
-
ITAT - Delay in remitting the TDS to Government account was due to RBI and Assessee had deposited the TDS through a pay order in time - Not assessee-in-default u/s 201.
The Jammu & Kashmir Bank Ltd Vs Income Tax Officer TDS -3(4)
(2021) TaxCorp(LJ) 27401 (ITAT-MUMBAI) · Section 201
-
ITAT - Where Assessee is engaged in business of trading and investment in shares and securities then diminution in value of shares held as closing stock can not be treated bogus loss so as to attract section 68.
Hillview Impex Pvt. Ltd Vs Jt. Commissioner of Income Tax
(2021) TaxCorp(LJ) 27400 (ITAT-MUMBAI) · Section 68
-
ITAT - ESOP expenditure is deductible u/s 37(1) being not in the nature of a contingent liability.
Network 18 Media & Investment Ltd Vs ACIT
(2021) TaxCorp(LJ) 27366 (ITAT-MUMBAI) · Section 37(1)
-
ITAT - Amendment in section 50C being curative in nature was applicable retrospectively - 50C is not applicable in cases where the difference between the market value and agreement value is below 10%.
Shaista Irphan Mogul Vs ACIT
(2021) TaxCorp(LJ) 27332 (ITAT-MUMBAI) · Section 56(2)(vii)(b)
-
ITAT - Reasons recorded for reopening the assessment should be clear and unambiguous and the reasons recorded should be self- explanatory and while examining the validity of reopening of the assessment it was not open to go beyond the reasons recorded by the Revenue and thus, reasons are to examined on standalone basis.
Life Insurance Corporation Of India Vs Deputy Commissioner of Income Tax 1(2)(1)
(2021) TaxCorp(LJ) 27327 (ITAT-MUMBAI) · Section 147
-
The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. Just as much as we cannot legitimize and glorify tax evasion through colourable devices and tax shelters, we cannot also deprecate and disapprove genuine tax planning within the framework of law. The line of demarcation between what is permissible tax planning and what turns into impermissible tax avoidance may be somewhat thin, but that cannot be excuse enough for the tax authorities to err on the side of excessive caution.
MICHAEL E DESA VERSUS INCOME TAX OFFICER INTERNATIONAL TAXATION WARD 1 (1) , MUMBAI
(2021) TaxCorp(LJ) 27275 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=92030&Category=ITAT&CategoryType=Zip
-
ITAT - Since no claim was made in the return of income as per provisions contained in Section 80A(5) as such deduction u/s 80P inadmissible.
Datta Prasad Sahakari Patsanstha Ltd Vs ITO
(2021) TaxCorp(LJ) 27200 (ITAT-MUMBAI) · Section 80P
-
Deduction u/s 10AA in respect of an eligible undertaking to be allowed on standalone basis.
ASST. COMMISSIONER OF INCOME TAX-10 (1) (1) MUMBAI, DY. COMMISSIONER OF INCOME TAX-10 (1) (1) MUMBAI VERSUS M/S. INDOFIL INDUSTRIES LTD.
(2021) TaxCorp(LJ) 27059 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91416&Category=ITAT&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.