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Bank of India v. ACIT (ITAT MUMBAI)

Mumbai Tribunal : S. 250 : Appeal-Commissioner (Appeals)-Procedure-Faceless Appeal Scheme-Video Conference-Natural justice-Opportunity for personal hearing not granted-Retrospective effect-Order set aside and remanded back. [S. 250(6B), National Faceless Appeals Scheme 2020, Rule 12(2), 12(3), 13(2)] Where the assessee specifically requested for an opportunity of hearing through the video conferencing, and the NFAC declined the same and simply proceeded to… Read More ...

Shapoorji Pallonji Bumi Armada Pvt. Ltd. v. ACIT (ITAT MUMBAI)

Mumbai Tribunal : S. 144C : Reference to dispute resolution panel-Rectification application by TPO-Rectification order by DRP-Not maintainable. [S. 144C(14), 154] As a plain and careful reading of rule 13 makes it unambiguous, the rectification powers, under rule 13, by the Dispute Resolution Panel can be exercised only in one of the three circumstances – namely, (a) suo… Read More ...

Shinhan Bank v. DCIT (ITAT MUMBAI)

Mumbai Tribunal : S. 90 : Double taxation relief-Foreign Company-discrimination allowed-Company has not made prescribed arrangement-DTAA-India -Korea. [S. 2(22A), Art. 25(1)] The assessee before us is a banking company incorporated in, and fiscally domiciled in, Korea. It is carrying on business, through its permanent establishment, in India as well. In light of Article 25, it was urged by… Read More ...

DCIT v. Marubeni Corporation, Japan (ITAT MUMBAI)

Mumbai Tribunal : S. 9(1)(i) : Income deemed to accrue or arise in India – Permanent establishment - Interest will not be taxed at a higher rate- DTAA- India- Japan. [Art. 7, 11(2), 11(6), 14] Where the assessee is a company incorporated in, and fiscally domiciled in, the Republic of Japan. The assessee, inter alia, earned income from… Read More ...

Sheth Developers Pvt. Ltd. v. Dy. CIT (ITAT MUMBAI)

Mumbai Tribunal : S. 23 : Income from house property-Builder stock in trade-Deemed notional rent in respect of unsold flats held as stock in trade- Provisions of S. 23(5) are prospective-Addition was deleted. [S. 22, 23(5)] Allowing the appeal of the assessee the addition made as deemed notional rent in respect of unsold flats held as stock in… Read More ...

Rashmi Infrastructure v. Dy. CIT (ITAT Mumbai)

Mumbai Tribunal : S. 143(3) : Assessment-Survey-Settlement Commission-Housing project-On money-Natural justice-Order passed by the Assessing Officer only on the basis of rejection order of the Settlement commission was not valid-The Assessing Officer is directed to pass the order in accordance with law after considering the submissions of the Assessee. [S. 80IB(10), 133A, 245D(1), 245D(4)] During course of survey… Read More ...

Shri Madhusudan Dhakad vs. ITO (ITAT Indore)

ITAT Indore: 1. it is practically not possible for agriculturist assessee to maintain sale vouchers of of 100% agricultural produce because this sector is unorganized and a substantial part of crop directly to the consumers. 2. The AO as well as the CIT(A) have to appreciate the fact that the agricultural products in this country are traded… Read More ...

PCIT v. Emarsso Exports Private Limited (Bombay High Court)

Bombay High Court : S. 260A : Appeal-High Court-Delay in disposal of appeals-Change in Panel counsels-CIT(judicial) to make necessary arrangements in two weeks. Where on account of change of panel counsels there are adjournment requests on behalf of the Revenue to take instructions and file Vakalatnamas; resulting in delay in disposal of appeals. The Department is directed to take… Read More ...

DCIT vs. Sudal Industries Limited (ITAT Mumbai)

ITAT MUMBAI : Disallowance of interest under section 36 (1)(iii) - Deposit for premises -Related party - assessee has interest free funds available with it in the form of share capital and free reserve : No disallowance : Dies written off- no sale of Dies during the year - valuation increase/decrease in the dies is not at all… Read More ...

Omega Investments and Properties Ltd. v. CIT (Bombay High Court)

Bombay High Court : S. 254(1) : Appellate Tribunal-Duties-Housing project- Tribunal cannot differ from earlier order of Tribunal in assessee’s own case and follow the order of Tribunal in another assessee-The matter has to be referred to larger Bench in case the Tribunal desires to differ from earlier order of the Tribunal-The Tribunal should have considered the order of… Read More ...