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No TDS Liability Can Be Fastened For Earlier Year If Taxpayer Was Not Aware Of Subsequent TDS Certificate Issued By Depositor: Mumbai ITAT

The Mumbai ITAT restored the matter back to the file of AO to consider the lower deduction of TDS certificates and give opportunity to the assessee to explain the case.The Bench of Amit Shukla...

Vodafone-idea-ltd , Amit-shukla , Judicial-member , Prashant-maharishi , Accountant-member , Vodafone-idea ,

Contribution Collected From Employees If Not Deposited Within Due Dates Prescribed As Per PF & ESIC Act, Is Dis-Allowable: Mumbai ITAT

The Mumbai ITAT recently clarified that mere deposit of employee's contribution before due date of filing return of income as per Section 139 of Income tax Act, will not make it eligible for...

Narendra-kumar-choudhry , Checkmate-services-pvt-ltd , Supreme-court , Provident-fund , Checkmate-services-pvt , Prashant-maharishi , Accountant-member , Judicial-member , Provident-fund-act , Assessing-office ,

Additions Made By AO Once Deleted By Appellate Authority With Reasoned Order, Merits Status Quo In Identical Cases: Mumbai ITAT

Relying upon the decisions of the Co-ordinate Bench, the Mumbai ITAT upheld the decision of CIT(A) in deleting the addition made u/s 68 read with section 147 of the Income Tax Act, 1961.The Bench...

Mumbai , Maharashtra , India , Ram-krishna-kedia , Sandeep-singh-karhail , Ashish-agarwal , Supreme-court , Counsel-for-appellant-department , Union-bank , Co-ordinate-bench , Income-tax-act , Judicial-member

Mumbai ITAT Upholds Exemption Granted On LTCG Upon Sale Of Equity Shares Of Indian Entity Holding Valid TRC

The Mumbai ITAT upheld the exemption of long-term capital gain granted to the Assessee, holding a valid Tax Residency Certificate (TRC), under Article 13 of India-Mauritius DTAA, on sale of equity...

India , Mauritius , Mumbai , Maharashtra , Sandeep-singh-karhail , Division-bench , Tax-residency-certificate , Prashant-maharishi , Accountant-member , Judicial-member , Assessing-officer , Central-board

Sec 68 Can Be Invoked Only If Taxpayer Fails To Explain Amount Found Credited In Its Books: Mumbai ITAT

The Mumbai ITAT upheld the CIT(A)'s order to delete the addition made u/s 68 of the Income Tax Act, 1961 finding no unexplained cash credit in the books of assessee.The Bench of Pavan Kumar Gadale...

Mumbai , Maharashtra , India , Pavan-kumar-gadale , Bhumika-patel , Counsel-for-appellant-department , Income-tax-act , Judicial-member , Prashant-maharishi , Accountant-member , Mumbai-itat , Ection-68-of-income-tax-act

CIT(A) Merely Upholding AO's Action Without Considering Merits Of Case, Amounts To Non-Compliance Of Sec 250(6): Mumbai ITAT

In the interest of natural justice, the Mumbai ITAT restored the appeal of assessee back to the CIT with a direction to the assessee that as soon as the window is available for submission of details...

Mumbai , Maharashtra , India , Arati-vissanji , Rahul-chaudhary , Judicial-member , Prashant-maharishi , Accountant-member , Mumbai-itat , Ita-action , Ec-250-6-of-income-tax

Interest Income Derived By Co-Operative Society From Its Investment With Any Other Co-Operative Society Is Allowable U/s 80P(2)(D): Mumbai ITAT

While directing the AO to allow deduction u/s 80P(2)(a) or 80P(2)(d) of the Income-tax Act, 1961 of interest income earned by the assessee from the co-operative bank, the Mumbai ITAT clarified that...

Kerala , India , Mumbai , Maharashtra , Siddesh-mayekar , Supreme-court , Agricultural-rural-development-bank-ltd , Kerala-state-co , Income-tax-act , Rahul-chaudhary , Judicial-member , Prashant-maharishi

Annual Letting Value Of Unsold Flats Held As Stock In Trade Cannot Be Considered For Addition U/s 22 I-T Act: Mumbai ITAT

While setting aside the order of CIT(A), the Mumbai ITAT directed the AO to delete the addition of annual letting out value (ALV) of the unsold flat u/s 22 of Income Tax Act, 1961.The Bench comprising...

Mumbai , Maharashtra , India , Pavan-kumar-gadale , Enterprises-vs , Estates-development-co-ltd , Enterprises-vs-pr , Income-tax-act , Judicial-member , Prashant-maharishi , Accountant-member , Unique-estates-development-co-ltd

Investments Which Yielded Exempt Income Can Only Be Considered For Purpose Of Disallowance U/s 14A R/w Rule 8D: Mumbai ITAT

Quoting the decision of cargo motors private limited versus deputy Commissioner of income tax (145 taxmann.com 641), the Mumbai ITAT reiterated that for purpose of making disallowance of expenses u/s...

Mumbai , Maharashtra , India , Jitendra-sanghavi , Supreme-court , Rahul-chaudhary , Judicial-member , Prashant-maharishi , Accountant-member , South-indian , Mumbai-itat , Isallowance-of-expenses

Industrial Undertaking Eligible For Deduction U/s 80IB On Compensation For Destruction Of Goods Before Sale Took Place: Mumbai ITAT

On finding profits and gains derived from an industrial undertaking within the meaning of an expression under section 80-IB, the Mumbai ITAT directed the Assessing Officer to allow deduction u/s 80-IB...

Mumbai , Maharashtra , India , Delhi , Madhur-agrawal , Sportking-india-ltd , Delhi-high-court , Assessing-officer , Income-tax-act , Kavitha-rajagopal , Judicial-member , Prashant-maharishi