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
![Mere Delivery Contract provided for Delivery of Securities to the Broker is not Sufficient to Claim Loss in Stock Exchange: ITAT Allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Mere-Delivery-Contract-Delivery-Contract-Mere-Delivery-Contract-provided-for-Delivery-of-Securities-Securities-Claim-Claim-Loss-in-Stock-Exchange-ITAT-taxscan.jpg "Mere Delivery Contract provided for Delivery of Securities to the Broker is not Sufficient to Claim Loss in Stock Exchange: ITAT Allows Appeal [Read Order]")
Mere Delivery Contract provided for Delivery of Securities to the Broker is not Sufficient to Claim Loss in Stock Exchange: ITAT Allows Appeal [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that mere fact that the delivery contract provides for delivery of the securities to...
![Gain/Loss arising out of Foreign Exchange Fluctuation is Recognised as Profit or Loss Accrued During Relevant Previous Year: ITAT reinstates Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Gain-Loss-arising-out-of-Foreign-Exchange-Fluctuation-Profit-or-Loss-Accrued-Foreign-Exchange-Fluctuation-ITAT-reinstates-Income-Tax-Addition-taxscan.jpg "Gain/Loss arising out of Foreign Exchange Fluctuation is Recognised as Profit or Loss Accrued During Relevant Previous Year: ITAT reinstates Income Tax Addition [Read Order]")
![Determination of Income of assessee on certain Estimate not sufficient to constitute Concealed Income: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Determination-Income-assessee-Estimate-sufficient-constitute-Concealed-Income-ITAT-Penalty-TAXSCAN.jpg "Determination of Income of assessee on certain Estimate not sufficient to constitute Concealed Income: ITAT deletes Penalty [Read Order]")
![Deduction Allowable on Warranty expenses of motor vehicles ascertained based on actual expenses incurred on settlement of warranty schemes in earlier years: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-Warranty-expenses-motor-vehicles-ascertained-actual-expenses-settlement-warranty-schemes-ITAT-TAXSCAN.jpg "Deduction Allowable on Warranty expenses of motor vehicles ascertained based on actual expenses incurred on settlement of warranty schemes in earlier years: ITAT [Read Order]")
![Deduction u/s 10A of Income Tax Act has to be computed before set off or Carry Forward of Business Loss and Depreciation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-of-Income-Tax-Act-Carry-Forward-of-Business-Loss-Depreciation-ITAT-Income-Tax-taxscan.jpg "Deduction u/s 10A of Income Tax Act has to be computed before set off or Carry Forward of Business Loss and Depreciation: ITAT [Read Order]")
AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer can initiate reassessment proceedings based on the information from the investigation wing. The...
![AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/AO-Reassessment-Proceedings-based-on-information-from-Investigation-Wing-ITAT-TAXSCAN.jpg "AO can initiate Reassessment Proceedings based on information from Investigation Wing: ITAT dismisses Appeal [Read Order]")
ITAT directs Re-adjudication of Foreign Income earned by Deceased Assessee depending on Residential Status of Previous Year, not that of the Executor [Read Order]
The Income Tax Appellate Tribunal (ITAT)Â Mumbai bench directed readjudication of foreign Income earned by the deceased assessee depending on residential status of the previous year, not that of the...
![ITAT directs Re-adjudication of Foreign Income earned by Deceased Assessee depending on Residential Status of Previous Year, not that of the Executor [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-directs-Re-adjudication-of-Foreign-Income-Deceased-Assessee-depending-on-Residential-Status-of-Previous-Year-Executor-TAXSCAN.jpg "ITAT directs Re-adjudication of Foreign Income earned by Deceased Assessee depending on Residential Status of Previous Year, not that of the Executor [Read Order]")
Revenue Recognition Method adopted by Red Hat India can't be disturbed when duly supported by Mandate of AS-9: ITAT deletes Addition imposed by AO [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the revenue recognition method adopted by Red Hat India Pvt ltd. cannot be disturbed when duly supported by the mandate of...
![Revenue Recognition Method adopted by Red Hat India cant be disturbed when duly supported by Mandate of AS-9: ITAT deletes Addition imposed by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Revenue-Recognition-Method-Red-Hat-India-Mandate-of-AS-9-ITAT-deletes-Addition-imposed-by-AO-AO-ITAT-taxscan.jpg "Revenue Recognition Method adopted by Red Hat India cant be disturbed when duly supported by Mandate of AS-9: ITAT deletes Addition imposed by AO [Read Order]")
No disallowance of expenditure u/s 14A of Income Tax Act in absence of dividend Income from investments in equities: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that there shall be no disallowance of expenditure under section 14A of Income Tax Act, 1961 in absence of dividend Income from the...
![No disallowance of expenditure u/s 14A of Income Tax Act in absence of dividend Income from investments in equities: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-disallowance-expenditure-Income-Tax-Act-absence-dividend-Income-investments-equities-ITAT-TAXSCAN.jpg "No disallowance of expenditure u/s 14A of Income Tax Act in absence of dividend Income from investments in equities: ITAT [Read Order]")
Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the foreign Tax Credit (FTC) could not be denied if form no.67 prescribed under rule 128 of the Income Tax Rules were not filed...
![Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Foreign-Tax-Credit-Denied-Rule-128-Income-Tax-Filed-filed-Completion-Assessment-ITAT-TAXSCAN.jpg "Foreign Tax Credit cannot be Denied if Form 67 Prescribed under Rule 128 of Income Tax Rules not Filed but filed before Completion of Assessment: ITAT [Read Order]")
Ignoring IT Proceedings: ITAT imposes a cost to make Assessee understand the Seriousness of Income Tax Proceedings [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) imposed a cost to make assessee understand the seriousness of the income tax proceedings. The assessee is aggrieved by the decision of...
![Ignoring IT Proceedings: ITAT imposes a cost to make Assessee understand the Seriousness of Income Tax Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Ignoring-IT-Proceedings-IT-proceedings-ITAT-imposes-a-cost-to-make-Assessee-understand-the-Seriousness-of-Income-Tax-Proceedings-ITAT-taxscan.jpg "Ignoring IT Proceedings: ITAT imposes a cost to make Assessee understand the Seriousness of Income Tax Proceedings [Read Order]")
All known Losses should be Provided even if it is not Actually Incurred: ITAT deletes Addition on Valuation of Closing Stocks [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that that there is no reason to disbelieve the value of closing work in progress disclosed by the assessee, thus set aside the order...
![All known Losses should be Provided even if it is not Actually Incurred: ITAT deletes Addition on Valuation of Closing Stocks [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Losses-ITAT-Deletes-Addition-on-Valuation-of-Closing-Stocks-Valuation-of-Closing-Stocks-Closing-Stocks-Valuation-ITAT-Deletes-Addition-taxscan.jpg "All known Losses should be Provided even if it is not Actually Incurred: ITAT deletes Addition on Valuation of Closing Stocks [Read Order]")