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The Income Tax Appellate Tribunal ( ITAT ) has held that the assessing officer cannot skip the examination of the source of funds just because of the error in the income tax return (ITR) due to technical issues. Relief was provided by the tribunal to a woman who sold her property for Rs 94 lakh […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the appeal based on inordinate delay of 1,370 days in filing, holding that the taxpayer’s reliance on its tax consultant’s failure to advise remedial action does not comprise “sufficient cause” for condonation u/s 5 of the Limitation Act, 1963. An order dated 29 […]
The Mumbai ITAT restored the case to the AO, holding that denying the Section 10(25)(ii) exemption solely because the assessee used the wrong ITR form was only a procedural lapse. The taxpayer, Tata International Limited Provident Fund, whose income was waived u/s Section 10(25)(ii) of the Act, had filed its income return in Form ITR-7 […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed Schindler India Private Limited, a leading elevator and escalator manufacturer, to exclude ₹1,09,72,163 written off as bad and doubtful debts from its book profits while computing Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. Before the ITAT, Schindler […]
Income Tax Appellate Tribunal (ITAT), Mumbai, in a decision, has ruled that a new flat value received in a redevelopment project could not be levied to tax as Income from Other Sources’ u/s 56(2)(x) of the Income Tax Act. Increasing project redevelopment has been seen in Mumbai. Over 31,000 redevelopment projects had been approved as […]
Janak Texturisers Pvt. Ltd. (the assessee) has filed an appeal before the Income Tax Appellate Tribunal (ITAT) Mumbai against a reassessment order passed by the Joint Commissioner of Income Tax (CIT) for the assessment year (A.Y.) 2010-11. The issue concerns the validity of the reassessment notice under section 148 of the Income Tax Act and the assessing […]
It was carried by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) that the disallowance of ₹1.07 Crore for non-deduction of Tax Deducted at Source (TDS) on reimbursements u/s 40(a)(ia) of Income Tax Act,1961 was not justified as of the tax compliance. The applicant Crisil Limited had been assessed under section 143(3) with an […]
The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
