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A.O is directed to determine the taxability of the interest income as per the special rate of tax on the basis of India-USA tax treaty.
HARESH C SHETH C/O. C-501, ASHOK GARDENS, MUMBAI VERSUS INCOME TAX OFFICER (IT) – 4 (2) (1); MUMBAI
(2021) TaxCorp(LJ) 27058 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91422&Category=ITAT&CategoryType=Zip
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Even before the Tribunal no evidence is produced by the assessee. In the absence of any evidence ground No.2 of the appeal is dismissed.
M/S. MASCOT LIFESTYLE PVT. LTD. VERSUS INCOME TAX OFFICER -10 (2) (3), MUMBAI
(2021) TaxCorp(LJ) 27046 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91365&Category=ITAT&CategoryType=Zip
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Order passed to withdraw the relief granted u/s 14A earlier is bereft of jurisdiction.
UNION BANK OF INDIA VERSUS DCIT, LTU (2) MUMBAI
(2021) TaxCorp(LJ) 27022 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91275&Category=ITAT&CategoryType=Zip
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Assessing Officer is directed to delete the addition made being the deficit and unexplained capital contribution.
M/S. ARGENT CONSTRUCTION VERSUS DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE–4 (1), MUMBAI
(2021) TaxCorp(LJ) 27005 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91200&Category=ITAT&CategoryType=Zip
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The Assessing Officer has no technical qualification whatsoever in commenting upon the technological preparation of the assessee in delivering output.
ACIT-3 (1) (2) /DCIT- 14 (1) (2) MUMBAI VERSUS M/S. EXPERIAN CREDIT INFORMATION COMPANY PVT. LTD.
(2021) TaxCorp(LJ) 27004 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91203&Category=ITAT&CategoryType=Zip
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There is absolutely no dispute that assessee is only an accommodation entry provider and that all the entries reflected in the books are merely accommodation entries and not real transactions of the assessee.
M/S. AVANCE TECHNOLOGIES LIMITED VERSUS DCIT, CENTRAL CIRCLE-2 (2), MUMBAI
(2021) TaxCorp(LJ) 27003 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91205&Category=ITAT&CategoryType=Zip
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Provisions of section 50C operates where the consideration received or accrues as a result of transfer of a capital asset being land or building or both.
STALWART IMPEX PVT. LTD. VERSUS INCOME TAX OFFICER 15 (3) (4), MUMBAI
(2021) TaxCorp(LJ) 26999 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91150&Category=ITAT&CategoryType=Zip
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The authority may not levy the penalty if the conduct of the assessee is not found to be contumacious.
ACIT-26 (1) MUMBAI VERSUS SHRI GHANSHYAM T. GURSAHANI
(2021) TaxCorp(LJ) 26985 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91100&Category=ITAT&CategoryType=Zip
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Once the borrowed funds were indeed utilized by the assessee company for the purpose of its business, the interest paid on such borrowings becomes an allowable deduction u/s.36(i)(iii) of the Act.
M/S. GREAT WHITE HARDWARE PVT. LTD. VERSUS ACIT CIRCLE- 7 (1) (1), MUMBAI
(2021) TaxCorp(LJ) 26984 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91101&Category=ITAT&CategoryType=Zip
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Provisions u/Sec 207 & Sec 208 are not inclusive and are independently applicable.
NEETA ROHIT PATEL VERSUS DCIT (CPC), BANGALORE
(2021) TaxCorp(LJ) 26975 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=91045&Category=ITAT&CategoryType=Zip
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Any disallowance in the impugned assessment year would be prejudicial to the assessee, as, it would amount to double disallowance of the same amount. Thus we allow assessee's claim of loss.
VVF (INDIA) LTD. VERSUS ACIT- CIRCLE (3) (2), MUMBAI
(2021) TaxCorp(LJ) 26961 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=90977&Category=ITAT&CategoryType=Zip
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Provisions of Sec. 271AAA of the Act are applicable for the cases where the search has been initiated or after 01.06.2007 but before 01.07.2012.
RAMESH KUMAR JAIN VERSUS ACIT CEN CIR, 1 (2), MUMBAI
(2021) TaxCorp(LJ) 26955 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=90944&Category=ITAT&CategoryType=Zip
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Since SRSIPL is not a PE of the assessee, the profits earned from re insurance business cannot be brought to tax in India in terms of Article 7 of India Switzerland DTAA.
SWISS REINSURANCE COMPANY LTD VERSUS DEPUTY COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION) -RANGE 4 (2) (2), MUMBAI
(2021) TaxCorp(LJ) 26950 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=90925&Category=ITAT&CategoryType=Zip
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An expenditure on account of annual exchange service charge is to be treated as revenue expenditure.
M/S. AANYA REAL ESTATE PVT. LTD. VERSUS DY. CIT 15 (1) (1) MUMBAI
(2021) TaxCorp(LJ) 26925 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=90850&Category=ITAT&CategoryType=Zip
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Undisputedly, the expenditure is wholly and exclusively for the purpose of business. The concept of deferred revenue expenditure is not there in I.T.Act.
DCIT-6 (1) (2), MUMBAI VERSUS AXIS ASSET MANAGEMENT CO. LTD.
(2021) TaxCorp(LJ) 26897 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=90718&Category=ITAT&CategoryType=Zip
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The payment received by the assessee for rendering services relating to various projects would not qualify as royalty under Article 12(3) of the India-Singapore DTAA.
Atos Information Technology Singapore Pte Ltd Vs Dy.CIT (International Taxation)
(2021) TaxCorp(LJ) 26476 (ITAT-MUMBAI)
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Income of the payee is not taxable in India and assessee has already filed the relevant information u/s 201(1) of the Act which shows that the assessee cannot be regarded as assessee in default.
Celltick Mobile Media (India) Pvt. Ltd Vs DCIT -9(2)(1)
(2021) TaxCorp(LJ) 26457 (ITAT-MUMBAI) · Section 40(a)(i)
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Registration u/s 12A in the nature of benefit to the Trusts and an assessee unwilling to avail the benefit of registration obtained under section 12A cannot be, directly or indirectly and by actions or by inactions, compelled by the revenue authorities, to continue with the said registration obtained by the assessee, particularly when registration was obtained prior to the insertion of Sec. 12AA
Navajbai Ratan Tata Trust Vs Principal Commissioner of Income Tax-17
(2021) TaxCorp(LJ) 26433 (ITAT-MUMBAI) · Section 12A
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Cess is not tax as covered u/s 40(a)(ii) and should be allowable as deduction in computing the income from business or profession.
UHDE India Pvt. Ltd. Vs Addl. Commissioner of Income Tax
(2021) TaxCorp(LJ) 26424 (ITAT-MUMBAI)
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Merely because the assessee has taken advances from its sister concern to settle purchase consideration, it does not make the transaction a bogus transaction.
Panther Industrial Products Ltd. Vs Income Tax Officer
(2021) TaxCorp(LJ) 26401 (ITAT-MUMBAI)
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