"28 November 2015" Archive

Gain on Sale of Shares cannot be treated as business income for Mere Sale of Share in Short Span of time

Hema Hiren Dand Vs JCIT (ITAT Mumbai)

Hema Hiren Dand vs. JCIT (ITAT Mumbai) Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares...

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Reassessment proceeding based on ED information without correlating with returns filed is invalid

Commissioner of Income Tax Vs M/s. Indo Arab Air Services (Delhi High Court)

CIT Vs. M/s. Indo Arab Air Services (Delhi High Court) Assessee had escaped assessment for the AY in question. While the AO has referred to the fact that the ED gave information regarding cash deposits being found in the books of the Assessee...

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SC on Allowability of Interest expenses when Interest Free Loan been given to Sister Concern & Director

Hero Cycles (P) Ltd Vs CIT (Supreme Court of India)

Loan given to the Directors was not from the borrowed funds. Therefore, interest liability of the assessee towards the Bank on the borrowing which was taken by the assessee had no bearings because otherwise, the assessee had sufficient funds of its own which the assessee could have advanced ...

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Section 143(1) intimation is not an assessment and no question of change of opinion

Deputy Commissioner of Income Tax & another Vs zuari Estate Development & Investment Company Ltd. (Supreme Court of India)

DCIT vs. Zuari Estate Development & Investment Co Ltd (Supreme Court) After going through the detailed order passed by the High Court, we find that the main issue which is involved in this case is not at all addressed by the High Court....

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SEBI Listing Regulations “Common Obligations Of Listed Entities”

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) Presently, a private agreement between Stock Exchange and listed company govern all listing obligation and disclosure requirement. This listing agreement like any other agreement among parties creates civil obligation in case of any violation of...

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Posted Under: Income Tax |

Open Letter to Committee set up by CBDT to simplify Income Tax Law to Resolve the issue

The Jurisdictional Commissioners of Income Tax are unable to understand specific applicability of Rule 55 of Income Tax Rules, 1962 in connection/relation with each & every Clause of Subsection (2) of Section 288 of the Income Tax Act, 1961,and are blindly rejecting the applications of aspirants opting to become & be Registered Income Tax...

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Posted Under: Income Tax |

Disallowance u/s 69C not sustainable where all purchases recorded in books of account accepted by AO

ACIT Vs M/s Command Detective & Securities Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held In the case of ACIT vs. M/s Command Detective & Securities Pvt. Ltd. that when all the purchases are accounted in the regular books of accounts, it means the source is explained and the provisions of section 69C are not applicable, as there was no unaccounted expenditure....

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AO not authorised to replace sale consideration with fair market value by adding prospective benefits

ACIT Vs Smt. Divya Jain (ITAT Delhi)

ITAT Delhi held In the case of ACIT vs. Smt. Divya Jain that the adoption of Fair Market Value of share in lieu of value of sale consideration as declared by the assessee is not valid . There is no provision under the law to include prospective benefit in the ambit of the word income. ...

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Substratum for formation of belief that income liable to tax has escaped assessment has to form part of reasons recorded

Varshaben Sanatbhai Patel Vs ITO (Gujarat High Court)

Varshaben Sanatbhai Patel vs. ITO (Gujarat High Court) It is settled legal position as held by a catena of decisions that the substratum for formation of belief that income liable to tax has escaped assessment has to form part of the reasons recorded....

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S. 14A AO must establish nexus between expenditure & exempt income, give reason for disallowance & it should not exceed the exempt income

DCM Ltd Vs DCIT (ITAT Delhi)

DCM Ltd vs. DCIT (ITAT Delhi) AO has neither recorded his satisfaction nor given reasons as to how the claim of expenditure in relation to tax free income has not been correctly made by the assessee as envisaged under section 14A(2). ...

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