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
![Comparison with Fair Market value of Loan Interest not Made while Making Disallowance u/s 40A(2)(a): ITAT Deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Comparison-with-Fair-Market-value-of-Loan-Interest-Fair-Market-value-Loan-Interest-ITAT-Deletes-Disallowance-income-tax-act-income-tax-Disallowance-ITAT-Fair-Market-value-of-Loan-Interest.jpg "Comparison with Fair Market value of Loan Interest not Made while Making Disallowance u/s 40A(2)(a): ITAT Deletes Disallowance [Read Order]")
Comparison with Fair Market value of Loan Interest not Made while Making Disallowance u/s 40A(2)(a): ITAT Deletes Disallowance [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance holding that the comparison with fair market value of loan...
![Payment of Interest u/s 234B not Necessary when Certain Income Qualified for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Payment-of-Interest-Income-Qualified-for-Deduction-Interest-Payment-ITAT-taxscan.jpg "Payment of Interest u/s 234B not Necessary when Certain Income Qualified for Deduction: ITAT [Read Order]")
![Disallowance cannot Exceed Exempt Income: ITAT upholds Deletion of Disallowance u/s 14A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Disallowance-cannot-Exceed-Exempt-Income-ITAT-upholds-Deletion-of-Disallowance-Exempt-Income-Deletion-of-Disallowance-Income-Tax-Act-Disallowance-Income-ITAT-under-section-14A-of-Income-Tax-Act.jpg "Disallowance cannot Exceed Exempt Income: ITAT upholds Deletion of Disallowance u/s 14A of Income Tax Act [Read Order]")
![Relief to MSEDCL: ITAT deletes disallowance of Net Prior Period Expenditure debited under the head ‘prior Period Expenses’ [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/MSEDCL-ITAT-Net-Prior-Period-Expenditure-prior-Period-Expenses-taxscan.jpg "Relief to MSEDCL: ITAT deletes disallowance of Net Prior Period Expenditure debited under the head ‘prior Period Expenses’ [Read Order]")
![Inability to Produce parties of Bogus Purchases and Requesting AO for Additions to Returned Income: ITAT restricted Addition from 12.5% to 6% [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Inability-Produce-parties-of-Bogus-Purchases-Requesting-Returned-Income-ITAT-restricted-TAXSCAN.jpg "Inability to Produce parties of Bogus Purchases and Requesting AO for Additions to Returned Income: ITAT restricted Addition from 12.5% to 6% [Read Order]")
Share Transaction can't be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under Section 69C of the Income Tax Act, 1961, and held that the share transaction cannot be treated as bogus just by...
![Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Share-Transaction-Bogus-Statement-of-Broker-Accommodation-Entries-ITAT-deletes-TAXSCAN.jpg "Share Transaction cant be treated as Bogus just by the Statement of Broker to have provided Accommodation Entries: ITAT deletes Addition u/s 69C [Read Order]")
![Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Relief-Cleartrip-Proviso-Non-resident-Investors-rules-ITAT-taxscan.jpg "Relief to Cleartrip: Proviso to S.68 not applicable to Non-resident Investors, rules ITAT [Read Order]")
Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessee's Appeal [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the extent that the date of allotment letter is relevant for determining FMV of asset/flat. The assessee Imran Mohamed Ali...
![Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Date-of-Allotment-Letter-Allotment-Letter-Relevant-FMV-Asset-ITAT-taxscan.jpg "Date of Allotment Letter is Relevant for Determining FMV of Asset /flat: ITAT allows Assessees Appeal [Read Order]")
Amount declared as Advance in year under Consideration and offered to Tax in Subsequent year can't be again added to Income of Assessee: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the amount declared as an advance in the year under consideration and offered to tax in the subsequent year cannot be again...
![Amount declared as Advance in year under Consideration and offered to Tax in Subsequent year cant be again added to Income of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Amount-declared-Advance-in-year-Consideration-offered-Tax-in-Subsequent-Income-of-Assessee-ITAT-taxscan.jpg "Amount declared as Advance in year under Consideration and offered to Tax in Subsequent year cant be again added to Income of Assessee: ITAT [Read Order]")
Municipal tax paid by society on behalf of flat owners is eligible for deduction u/s 24 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that municipal tax paid by the society on behalf of flat owners is eligible for deduction under Section 24 of the Income Tax Act, 1961. ...
![Municipal tax paid by society on behalf of flat owners is eligible for deduction u/s 24 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Municipal-tax-society-flat-owners-eligible-deduction-Income-Tax-Act-ITAT-taxscan.jpg "Municipal tax paid by society on behalf of flat owners is eligible for deduction u/s 24 of Income Tax Act: ITAT [Read Order]")
Failure to submit relevant information to determine Actual Rent on Unfurnished Flat based on value of Furniture and Fittings of Furnished Flats: ITAT upholds Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while upholding the addition made by the assessing officer, observed that the assessee failed to submit relevant information to determine the...
![Failure to submit relevant information to determine Actual Rent on Unfurnished Flat based on value of Furniture and Fittings of Furnished Flats: ITAT upholds Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-submit-relevant-information-Actual-Rent-Unfurnished-Flat-Furniture-Fittings-of-Furnished-Flats-ITAT-upholds-Addition-taxscan.jpg "Failure to submit relevant information to determine Actual Rent on Unfurnished Flat based on value of Furniture and Fittings of Furnished Flats: ITAT upholds Addition [Read Order]")
ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that the Arm's Length Price of the Employee Stock Option Plan (ESOP) expenses could not be taken as "NIL" for determining transfer pricing. ...
![ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ALP-of-ESOP-cannot-be-taken-determining-Transfer-pricing-ITAT-grants-Booking.com-TAXSCAN.jpg "ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]")