"16 September 2012" Archive

Interest free fund can be used to give interest free advances

Metro Institute of Medical Sciences P.Ltd. Vs ACIT (ITAT Delhi)

ombay High Court in the case of CIT vs. Reliance Utility and Power Ltd. 178 Taxman 135 Bombay held that in such situations the presumption would be that interest free funds were used for the purpose of giving interest free advances. ...

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Section 153A – Seized material can be relied upon to draw inference that there can be similar transactions throughout period of six years

Commissioner of Income-tax-VII Vs Chetan Das Lachman Das (Delhi High Court)

Unlike Chapter XIV-B which provided for a special procedure for assessment of search cases, section 153A which provides for an assessment in case of search, and was introduced by the Finance Act, 2003 with effect from 1-6-2003, does not provide that a search assessment has to be made on the basis of evidence found as a result of search or...

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