Tag: ITAT Mumbai

ITAT allowed assessee to submit Form 26A before AO as he misunderstood lower rate of TDS in certificate u/s 197 and deducted short TDS In a recent judgment, ITAT Mumbai has allowed assessee to submit Form 26A before AO as the assessee misunderstood the lower rate of TDS …

ITAT gives relief to Aishwarya Rai Bachchan by upholding deletion of disallowance u/s 14A over and above the suo-moto disallowance. In a recent judgment ITAT Mumbai gave relief to Aishwarya Rai Bachchan by upholding deletion of disallowance made by the Assessing Officer (AO) u/s 14A over and above …

Merely because the decision of the High Court followed by Ao was sub-judice before the Supreme Court it would not make the assessment order erroneous. In a recent case, the ITAT Mumbai has held that merely because the decision of the High Court was sub-judice before the Hon’ble …

Deduction of interest on borrowings invested in capital of firm allowed against interest on capital under the head profit and gains from business or professions. In a recent judgment, ITAT Mumbai has allowed deduction of interest on borrowings invested in capital of the firm from which the assessee …

TDS u/s 194IC is applicable for payment under JDA to transferor of land and building holding leasehold rights and not ownership. In a recent judgment, ITAT Mumbai has held that it would be against the intent of the legislation to interpret that provisions of TDS under section 194IC …

Law does not require needless formalism when substantive compliance is manifest – ITAT deleted disallowance of exemption made under section 54 – ITAT  In a recent judgment, ITAT Mumbai has deleted disallowance of exemption made u/s 54 of the Income Tax Act on the premise that the assessee …

Assessee eligible for deductions u/s 80G for donations out of CRS funds, if condition of sections 80G are satisfied – ITAT In a recent judgment, ITAT Mumbai has held that assessee would be eligible for claim of deductions u/s 80G for eligible donations out of the CRS funds, …

ITAT upheld claim of deduction on account of embezzlement of funds unearthed during the relevant assessment year In a recent judgment, ITAT Mumbai has upheld claim of deduction on account of embezzlement of funds unearthed during assessment year following the ratio laid down by the Hon’ble Supreme Court …

Uncorroborated WhatsApp message, in the absence of any independent supporting evidence, cannot constitute a valid basis for initiating proceedings under section 153C of the Act – ITAT In a recent judgment, ITAT Mumbai deleted addition under section 69A of the Act on account of alleged cash received over …

Addition u/s 68 deleted as identity of loan givers established and assessee was not beneficiary as loan was repaid in subsequent year. In a recent judgment ITAT Mumbai deleted addition under section 68 as the  assessee had furnished requisite material showing identity of loan givers and assessee was …