Tag: ITAT Mumbai

Credit in assessee’s capital account consequent to book entry adjustments in the books of the partnership firm can not be added u/s 68 – ITAT In a recent judgment, ITAT Mumbai has deleted addition under section 68 of the Income Tax Act holding that credit in the assessee’s …

Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii) for scientific research made to an eligible institution In a recent judgment, ITAT Mumbai has held that Assessing Officer’s premise that the assessee must demonstrate actual utilization of the donation for scientific research betrays a fundamental misapprehension …

Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on merits after hearing the parties  In a recent judgment, ITAT Mumbai has condoned the delay in filing appeal observing that Hon’ble Supreme Court had held that refusing to …

In case of re-allotment of flat by builder, stamp duty valuation would be with reference to date of booking of original flat. In a recent judgment, ITAT Mumbai has held that when another flat was allotted by the builder in place of original booking, stamp duty valuation should …

Conducting courses in gemmology, jewellery arts, jewellery design amounts to imparting of education entitling assessee benefit of exemption u/s 11 of the Income Tax Act. In a recent judgment, ITAT Mumbai has held that conducting courses in the field of gemmology, applied jewellery arts, jewellery design and manufacturing …

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 …