Section 269SS is attracted when the loan or deposit taken or accepted otherwise than by account payee cheque or account payee bank draft and in the Explanation (iii) below Sec.2 69SS, it is mentioned that loan or deposits means “loan or deposit of money” and transfer between two accounts by way of journal entry does [...]

In the facts of the present case, the assessee had paid CENVAT on purchase of raw material which was deposited in its PLA account for claiming the benefit of set off against the excise duty payable on the manufactured items i.e. branded yearn. The assessee was paying higher rate of excise duty on the raw [...]

Issue- The petitioner is a Chartered Accountant and has been appearing before the Income Tax Authorities as well as before various Benches of the Income Tax Appellate Tribunal. The grievance of the petitioner is that the petitioner is facing lot of harassment at the hands of respondents No.2 and 3, who are Judicial and Accountant [...]

Exemption claimed by the assessee under S.54 of the Act cannot be denied on the ground that the assessee has not utilised the sale consideration received from the sale of flats itself, in purchasing the plot. Law is well settled by the judicial precedents that investment in purchase of pot for construction of house would entitle an assessee to claim exemption u/s.54 or 54F of the Act. Board’s circular No.667 dated 18.10.1993 also says so.

Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing   the export contracts, the assessee had entered into forward contract with   the banks.  In some cases,   the export could not be executed and the    assessee had to pay certain charges       [...]

debates in the Parliament are ordinarily not considered as the aids for interpretation of the ultimate provision which may be brought into the statute. The debates at best indicate the opinion of the individual members and are ordinarily not relied upon for interpreting the provisions, particularly when the provisions are plain. We are conscious that [...]

The    revenue authorities had imposed penalty on the ground that deduction under section 80HHC of the Act was   wrongly claimed. The Tribunal however, deleted  such penalty. The Tribunal noted that    tax liability against the assessee was confirmed on the basis of the decision of the Apex Court in the case of  CIT v. Ravindranathan Nair, [...]

Only reason advanced for making disallowance out of the interest paid to two coparceners was that the interest paid to other parties was at 12% per annum. We find that the interest paid to two coparceners at the rate of 15% could not be said to be excessive, considering the prevailing rate of interest during [...]

The impugned amount was not in the nature of penalty on account of disobedience or infraction of any law. In fact, the assessee being in the business of execution of Civil Construction work, therefore under an obligation to complete the contract within a specified time and in case of delay, he is subject to liquidated [...]

In our view, merely because the suppliers have not appeared before the Assessing Officer or the CIT(A), one cannot conclude that the purchases were not made by the respondent-assessee.