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In the matter of Meyer Organics Pvt. Ltd. vs. DCIT, the Mumbai Income Tax Appellate Tribunal (ITAT) furnished an important decision for levying the penalties under section 271(1)(c) of the Income Tax Act. The ruling of the tribunal is on the correction of bona fide glitches in the original return in the assessment proceedings. Detailed […]
The decision of the Commissioner of Income Tax (Appeals) (CIT (A)) is upheld by the Mumbai ITAT to annul an addition made, quoting a discrepancy between Form 26AS and the Profit & Loss Account, attributable to the declaration of service tax amounts. On 27/11/2012 when the assessee filed its income tax return the case appeared, […]
Mumbai bench of Income Tax Appellate Tribunal (ITAT), mandated to validate the documents concerning Form 10-IC in case of dispute in the concessional rate of tax at the time of processing of income return. The taxpayer Traxit Engineers Pvt. Ltd is a private company. Post income return filing for AY 2020-21 on 14.10.2020 declaring a […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai Bench, in its recent ruling, has recently granted approval to Cleartrip’s claim regarding their expenses on advertising and sales promotion. Cleartrip Private Limited, the assessee, had sustained costs related to advertisement and publicity. The Assessing Officer (AO) contended that since Cleartrip and its subsidiaries were engaged in […]
The fee furnished via the taxpayer, Tata Consultancy Services (TCS), for the brand to Tata and Sons Ltd. is not capital in nature for the cause that the brand does not get owned via the taxpayer, Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. There is no royalty that provides to get levied on […]
No addition is to be incurred under section 44ADA of the Income Tax Act 1961 for the income made via the business of the consultancy service, The Income Tax Appellate Tribunal (ITAT) Mumbai bench ruled. The taxpayer being assessed had only completed their 10th standard education and lacked the qualifications to work as a legal, […]
The technical know-how fee obtained via Bajaj Auto Ltd comes beneath the classification of royalty and therefore is qualified for the deduction under Section 80-O of the Income Tax Act, 1961, Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer entered into a technical knowledge agreement with a foreign company called M/s […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that damage related to the right to sue is considered a capital receipt and is not subject to taxation. The bench, comprising Amit Shukla (Judicial Member) and Amarjit Singh (Accountant Member), observed that Section 6 of the Transfer of Property Act explicitly outlines […]
Employees’ contribution to PF/ESI deposited post-due date under the Income Tax Act is not allowable as a deduction under Section 36(1)(va) of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) stated. The taxpayer, Creative Textile Mills Pvt. Ltd. asks, on which foundation the Commissioner of Income Tax (Appeals) […]
