Cross-Border M&A Advisory Revenue Cannot Be Fully Attributed to Indian PE: ITAT The Income Tax Appellate Tribunal (ITAT) Mumbai deleted an addition of Rs 6.49 crore after observing that documentary evidence establishes substantial involvement of an overseas branch in executing cross-border transactions. BDA Partners Limited is a Hong Kong-based company having a branch office in…
ITAT Mumbai Remands Rs 71.20 Lakh Addition Against NRI And Directs Fresh Adjudication The Income Tax Appellant Tribunal (ITAT) Mumbai set aside the ex parte assessment order and restored the matter to the file of the Assessing Officer for fresh adjudication. The assessee is an NRI residing in the United States since 2012, and he…
Entire Purchases Cannot Be Treated As Bogus Merely Relying on Information Received From Sales Tax Dept: ITAT In a case involving alleged bogus purchases amounting to Rs 44.40 lakh, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has granted significant relief to Marvell Nutex Private Limited. The case pertains to the Assessment Year 2011-12. In…
ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction The Income Tax Appellate Tribunal (ITAT) Mumbai held that an addition under Section 69 for alleged on-money payment cannot be sustained merely on the basis of third-party statements or seized documents unless the Revenue establishes actual payment through corroborative…
ITAT Deletes Addition on Credit Card Payments After Accepting Explanation of Source The ITAT Mumbai wiped out the addition made for credit card payments after deciding that Prateek Rahul Mehta had clearly explained where the money came from, with all the right paperwork to back him up. Fact of the Case Mehta did not file…
ITAT Mumbai Rejects Reopening and Deletes Rs 12.83 Cr Capital Gains Addition The ITAT Mumbai did not agree with the revenue’s appeal. They supported the CIT(A)’s decision. They said that the Revenue was wrong to reopen the case under Sections 147 and 148. This was because they were using things that were already decided in…
Only Profit, Not Full Purchases Taxable: ITAT Reduces Alleged Bogus Purchase Addition from 25% to 12.5% The ITAT Mumbai dismissed the tax authorities’ appeal concerning how much income should be added when purchases are considered doubtful or non-genuine. The tribunal held that in cases related to alleged bogus purchases, only the profit portion in such…
ITAT Deletes Demonetisation Addition; Accepts Explained Family Cash Source The assessee, an NRI individual, did not file a return of income for AY 2017-18. Based on information gathered under “Operation Clean Money,” the Assessing Officer noted cash deposits of Rs 14 lakh during the demonetisation period and treated the same as unexplained income under Section…
Investments Not Yielding Exempt Income Cannot be Considered for Calculating Disallowance u/s 14A: ITAT The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, gave full relief on a disallowance made under Section 14A of the Income Tax Act. The company, Ravi Dyeware Company, had earned dividend income of Rs 14,92,904. This income was claimed as exempt…
ITAT Fixes ALV on Unsold Inventory; Disallows Unsupported Expenses M/s. Haware Engineers and Builders Pvt. Ltd., a real estate developer, filed its income tax returns for AYs 2016-17 and 2017-18. During the assessment, the Assessing Officer noted that the company had several completed flats and shops that remained unsold and were reflected as stock-in-trade. The…
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