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The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) directed a limitation on the addition to 0.05% of the total cash deposited in various proprietorship concerns linked to fictitious business activities. Rajendra Gokuldas Parekh, the taxpayer, deposited Rs. 765,55,253/- across these concerns. Despite receiving contracts worth Rs. 5,75,000/- from two parties, the taxpayer didn’t […]
The assessing officer who has issued a show cause notice under Section 274 read with Section 271(1)(c) of the Income Tax Act,1961 is defective/invalid since the same does not explicitly convey to the taxpayer about the certain fault/charge the taxpayer would have proceeded for impose of penalty, held by the Mumbai Bench of Income Tax […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench has argued the Income Tax Scrutiny Assessment under section 143(3) on account of this issuance of a manual assessment directive lacking a Documentation Identification Number (DIN). The assessee, Teleperformance Global Services Pvt. Ltd. was in the business of offering IT-enabled services. The return of income was […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
When the assessee did not disclose all material information in the income tax return, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961. The assessee, Sabara Impex Ltd., submitted its income tax return on January 12, 1997, stating a total income of […]
The Mumbai Bench of Income Tax Appellate Tribunal ruled that Assessing Officer has correctly verified documents adduced by the assessee and set-asides revision proceedings u/s 263. In the investigation process, PCIT sees that AO accepted the justification of the cash payments on the grounds of the taxpayer’s cash ledger, Mahesh Arvind Tilve, without building any […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
The Income Tax Appellate Tribunal (ITAT), Mumbai held that the procurements towards the Book Profit not applicable during no income tax payable on the normal procurements of the Act. The taxpayer is the owner of Batliboi Limited is a public ltd firm that makes machine tools, textile machines, Air conditioning & Refrigeration work, Casting & […]
The Income Tax Appellate Tribunal (ITAT), Mumbai during permitting the right for the facilities charges on flat sale rules that the facilities charges decrease the capital gains. The problem is a concern to the facilities charges claimed by the taxpayer as a portion of the cost of purchase of the flat. On the submission obtained […]
