ITAT Mumbai Judgments, Orders & News | Income Tax Appellate Tribunal

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ITAT Mumbai

Explore the latest ITAT Mumbai judgments, orders, and appellate decisions on direct tax matters from the Mumbai bench of the Income Tax Appellate Tribunal

Bank Passbook Evidence Validates Loan Transaction: ITAT deletes Addition u/s 68, Remands Interest Disallowance Issue [Read Order]

Advika Dwivedi

The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled to delete an addition under Section 68 of the Income Tax Act, 1961, concerning unsecured...

Relief to Thermo Fisher: ITAT allows Depreciation Claim on Supply & Maintenance Contracts Acquired...

ITAT Applies Test of Human Probabilities, Rejects ₹84.8 Lakh Penny Stock LTCG Claim as ‘Unnatural...

Payments to foreign agents exempt from TDS as income not taxable in India: ITAT [Read Order]

ITAT allows LTCG Exemption u/s 54 on Sale of Old Flat as Possession of New Flat falls Within...

Disallowance of ₹1.87 Crore MAT Credit in Schindler India’s Return of Income: ITAT Remands matter to AO to Verify & Allow Necessary Credit [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently directed the jurisdictional Assessing Officer (AO) to verify and allow necessary MAT (Minimum Alternate Tax) credit of...

ITAT Permits Schindler India to Exclude ₹1.09 Crore Written-Off from Book Profits noting it was Actual Bad Debt [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently permitted elevator and escalator manufacturing giant Schindler India Private Limited (Schindler) to exclude an amount of...

₹26 Lakh Shortfall in Permitted TDS: ITAT Directs AO to Allow Full Claim to Schindler India after Verifying Form 26AS [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently directed an Assessing Officer (AO) to allow elevator and escalator manufacturing giant Schindler India Private Limited (Schindler) to...

Brought Forward Business Loss Cannot Be Set Off Against Short-Term Capital Gains u/s 50 of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that brought forward business loss could not be set off against short-term capital gains from the sale of depreciated assets under ...

Taxability of Industrial promotional subsidy received by Mahindra & Mahindra Limited: ITAT directs de novo Adjudication. [Read Order]

In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has directed the denovo adjudication regarding the taxability of the claim of disallowance of industrial promotional...

Book profit to be increased by Expenses debited to P&L w.r.t. exempt income, not Disallowance u/s 14A: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has clarified that while computing book profits under Section 115JB of the Income Tax Act (MAT provisions), only the actual expenditure...

Relief to Axis Finance Ltd: ITAT Allows Club Membership Fees for Employees incurred as Business Expense [Read Order]

In a ruling of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which partly allowed the claim of Axis Finance Ltd, it was held that club membership fees for employees incurred by the...