"11 November 2018" Archive

Proportionate addition of deemed dividend considering percentage of shareholding in borrowing company

Sahir Sami Khatib Vs. ITO (Bombay High Court)

Delhi ITAT has allowed the proportionate allocation of deemed dividend on the basis of the shareholding of the borrowing company. We find this Judgment to be wholly inapplicable to the facts of the present case as in the facts of this decision, both the shareholders were holding more than 10% in the lending company and more than 46% in bo...

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TP: Mere dispute on exclusion / inclusion of comparables to determine ALP not necessarily give rise to substantial questions of law

Pr. CIT Vs M/s TIBCO Software (India) Pvt Ltd (Bombay High Court)

Pr. CIT Vs M/s TIBCO Software (India) Pvt Ltd (Bombay High Court) Any inclusion or exclusion of comparables per se cannot be treated as a question of law unless it is demonstrated to the Court that the Tribunal or any other lower authority took into account irrelevant consideration or excluded relevant factors in the ALP […]...

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ITAT deletes Addition on account of notional interest on interest free advance

Shri John Jacob Vs Jt. CIT (ITAT Indore)

Shri John Jacob Vs JCIT (ITAT Indore) Assessee had produced books of account and audited statements, which proved that the assessee had sufficient surplus in his capital account to give interest free loan. Further that, the AO as well as CIT(A) had not brought anything on record to show that money so advanced was out […]...

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HC imposes cost on AO for passing whimsical order suffering from malice-in-facts & law

M/S. Kalyani Motors Pvt Ltd Vs Deputy Commissioner of Commercial Taxes (Karnataka High Court)

M/s. Kalyani Motors Pvt Ltd Vs Deputy Commissioner of Commercial Taxes (Karnataka High Court) After hearing the learned counsels, this Court is surprised and is pained by the manner in which the authority has passed the impugned reassessment order in the second round of assessement for the period 04.0211 to March 2012 just ignoring the [&...

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Section 12AA registration cannot be denied by giving vague reasons

Rastriya Saksharta Mission Innovative Technologies Education, Khesra Vs. CIT (ITAT Delhi)

Rastriya Saksharta Mission Innovative Technologies Education, Khesra Vs. CIT (ITAT Delhi) Section 12AA of the I.T. Act provides that ‘Pr.CIT or CIT on receipt of an application for registration of a trust or institution under section 12A, shall after satisfying himself about the objects of the trust or institution and the genuineness of...

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Notice for Revision U/s. 263: Limitation period to begin from date of assessment or date of re-assessment?

Indira Industries Vs. Pr. CIT (Madras High Court)

When a notice under section 263 dealt with several issues, which were not subject-matter of re-assessment proceedings, then, two years period contemplated under section 263(2) would begin to run from date of original assessment and not from date of re-assessment, CIT issued notice under section 263 from date of re-assessment, therefore, ...

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Key Points of Companies (Amendment) Ordinance, 2018

Key Points – Companies (Amendment) Ordinance, 2018 With Corresponding Sections of Companies Act, 2013 On President’s assent to promulgation, Companies Act, 2013 has been amended through Companies (Amendment) Ordinance, 2018 passed by Ministry of Law and Justice on 2nd November, 2018. Major amendments along with their Corresponding...

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Posted Under: Income Tax |

Strike Off Procedure under Companies Act, 2013

Notified from: 26th December 2016 Applicability: Applicable to both public & private companies. However, Section 248(2) is not applicable to section 8 companies. Strike off grounds: Sec 248 of Companies Act, 2013 deals with the provisions of strike off the name of company from register of companies. This section provides for two groun...

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Posted Under: Income Tax |

Foreign exchange fluctuation loss on forward contract could not be considered as a notional loss

CIT Vs The Paper Products Ltd. (Bombay High Court)

The loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on the last date of account year and it is deductible under section 37(1) and could not be considered as a notional loss....

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Allow upload of Form GST TRAN-1 if could not be uploaded due to reasons not attributable to taxpayer: HC

Vinod G. Managing Partner National Motors Vs. UOI (Kerala High Court)

It is alleged by the petitioner that though he has attempted to upload FORM GST TRAN-1 within the time, he was not able to do so on account of some system error. The petitioner, therefore, seeks appropriate directions so as to enable him to take credit of the input tax available to him at the time of migration....

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