Tag Archives: IN THE ITAT MUMBAI BENCH

Appellate authority cannot convert misreporting penalty to under-reporting penalty when misreporting charge fails.

By | October 21, 2026
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Appellate authority cannot convert misreporting penalty to under-reporting penalty when misreporting charge fails. Appellate authority cannot convert misreporting penalty to under-reporting penalty when misreporting charge fails. Issue Whether penalty for under-reporting in consequence of misreporting under Section 270A(8)/270A(9) can be sustained when none of the specific limb conditions under sub-section (9) are satisfied. Whether an… Read More »

Acquisition cost of toll collection rights by SPV is depreciable as an intangible asset; revision under section 263 quashed.

By | October 21, 2026
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Acquisition cost of toll collection rights by SPV is depreciable as an intangible asset; revision under section 263 quashed. Issue Whether the Principal Commissioner of Income Tax (PCIT) was justified in invoking section 263 on the ground that the Assessing Officer allowed depreciation on intangible assets without making necessary inquiries. Whether CBDT Circular No. 9/2014,… Read More »

No Section 23(5), 69, or 68 Additions Allowed Without Completion Proof or Real Cash Credits

By | October 21, 2026
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No Section 23(5), 69, or 68 Additions Allowed Without Completion Proof or Real Cash Credits Issue Section 23(5) (Notional Rent on Vacant Unit): Whether notional rent under Section 23(5) can be added to house property income for a vacant commercial unit held as stock-in-trade when the unit is incomplete, undergoing modification, and not lawfully occupiable… Read More »

TP Adjustments Under Omitted Section 92BA(i) Disallowed, MTM Losses Allowed, and Section 14A Disallowance Restricted

By | October 21, 2026
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TP Adjustments Under Omitted Section 92BA(i) Disallowed, MTM Losses Allowed, and Section 14A Disallowance Restricted Issue Issue I (Transfer Pricing – Specified Domestic Transactions): Whether transfer pricing adjustments made under clause (i) of Section 92BA are liable to be deleted following its omission by the Finance Act, 2017. Issue II (Business Expenditure – Mark-to-Market Loss):… Read More »

Rejection of Registration for Selecting Wrong Sub-Clause Unjustified; Matter Remanded for Rectification and Consideration

By | October 17, 2026
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Rejection of Registration for Selecting Wrong Sub-Clause Unjustified; Matter Remanded for Rectification and Consideration Issue Whether the CIT(E) was justified in rejecting an application for regularisation of provisional registration under Section 12AB filed in Form 10AB solely because the trust selected the wrong sub-clause in the form. Facts Assessee Profile: The assessee is a trust… Read More »

Mandatory Corporate Social Responsibility Contributions Eligible For Section 80G Deduction Independent Of Section 37 Disallowance

By | October 16, 2026
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Mandatory Corporate Social Responsibility Contributions Eligible For Section 80G Deduction Independent Of Section 37 Disallowance Issue Whether the Principal Commissioner of Income Tax (PCIT) can invoke revisionary jurisdiction under Section 263 to set aside an assessment order allowing a Section 80G deduction on CSR contributions that were added back under Section 37(1). Facts CSR Expenditure… Read More »

Corporate Guarantee Fee Reduced to Half Percent, TP Segmental Verification Remanded, and Belated Return Restrictions Excluded for Brought-Forward Loss and Unabsorbed Depreciation

By | October 16, 2026
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Corporate Guarantee Fee Reduced to Half Percent, TP Segmental Verification Remanded, and Belated Return Restrictions Excluded for Brought-Forward Loss and Unabsorbed Depreciation Issue Whether corporate guarantee rates can be benchmarked against bank guarantee rates, whether internal TNMM should be evaluated via certified segmental accounts, and whether belated filing of a return under Section 139(4) disentitles… Read More »

Accumulated Non-Business Losses of Category II AIF as on 31-3-2019 Are Eligible for Carry Forward and Set Off by Unit Holders

By | October 15, 2026
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Accumulated Non-Business Losses of Category II AIF as on 31-3-2019 Are Eligible for Carry Forward and Set Off by Unit Holders Issue Whether non-business losses accumulated at the level of a Category II Alternative Investment Fund (AIF) as on 31-3-2019 can be passed through, carried forward, and set off by unit holders against their capital… Read More »

Mere Acknowledgment of Unpaid Trade Liabilities in Books Does Not Constitute Remission or Cessation under Section 41(1)

By | October 15, 2026
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Mere Acknowledgment of Unpaid Trade Liabilities in Books Does Not Constitute Remission or Cessation under Section 41(1) Issue Whether trade payables remaining unchanged for over two years can be treated as income due to remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961, when the assessee continues to show them as… Read More »

Uniform trade discounts on defective products do not attract TDS under Section 194C/194J, and PF/ESI deposit timelines require factual verification.

By | October 15, 2026
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Uniform trade discounts on defective products do not attract TDS under Section 194C/194J, and PF/ESI deposit timelines require factual verification. Issue Applicability of TDS on Trade Discounts (Section 194C / 194J vs. Section 40(a)(ia)): Whether a uniform 30% discount granted via credit notes to distributors for defective products constitutes payment for repair/professional services subject to… Read More »