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Archive: 17 April 2022

Posts in 17 April 2022

Tax Exemption cannot be denied to Charitable Trust merely for Publication of Advertisement of Scholarship to Poor Student in a single News Paper

April 17, 2022 444 Views 0 comment Print

CIT (Exemptions) Vs Hamdrd National Foundation (India) (Delhi High Court) 1. Present batch of appeals has been filed raising a common question of law, namely, as to whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal (for short ‘Tribunal’) was correct in allowing the appeal of the assessee ignoring the […]

HC quashes Reassessment Orders for Contradiction in Reason for reopening

April 17, 2022 468 Views 0 comment Print

Vodafone Luxembourg 5 S A R L Vs Income Tax Department (Delhi High Court) Learned counsel for Revenue emphasises that the petitioner’s case has been selected for reassessment only on the ground that the respondents has doubted as to whether interest was received by the petitioner-assessee on rupee denominated bonds issued by an Indian company […]

Section 148 Notice issued after expiry of 4 years, based on Addl. CITs approval, is unsustainable

April 17, 2022 1893 Views 0 comment Print

Voltas Limited Vs ACIT (Bombay High Court) Facts- Petitioner is a company engaged in the business of air conditioning and refrigeration etc. During the A.Y. 2015-16, petitioner incurred expenses of Rs.3,30,82,713 towards CSR as per section 135 of the Companies Act, 2013. Petitioner had also claimed deduction in return of income u/s 35AC and 80G […]

Allegation of clandestine removal not sustainable merely for high consumption of electricity

April 17, 2022 1233 Views 0 comment Print

We find there are different judicial forums who has held that high consumption of electricity by itself not a ground to infer suppression of production. The onus is on the department to prove allegation of clandestine removal with positive and concrete evidence.

No capital gain on land specified as agricultural land in revenue records

April 17, 2022 5694 Views 0 comment Print

In the present case, the main reason for treating the land as non-agricultural is that the land was converted for usage of non-agricultural purposes. However, the assessee filed revenue records wherein it is stated that the land still continued to be agricultural land wherein crops like Ragi & Paddy were cultivated by the assessee.

Remanding matter to Trial Court lawful as issue of limitation raised for the first time before Appellate Court

April 17, 2022 3108 Views 0 comment Print

The issue of limitation for the first time is raised before the Appellate Court and the Court exercising the discretion to condone the delay did not arise at all before the Trial Court and hence I am of the opinion that the Appellate Court has not committed any error in setting aside the judgment and directing the complainant to file necessary application to condone the delay and the Trial Court by giving an opportunity to the petitioners to consider the said application.

Notional interest not chargeable on share application money paid to AEs

April 17, 2022 798 Views 0 comment Print

Hon’ble Bombay HC, in the case of DIT v/s Besix Kier Dabhol, has held that the Revenue has no power to re-characterize a transaction entered into by the Assessee. Therefore admittedly, the AO or the TPO are not empowered to convert and re-characterize a transaction of share application into a loan transaction.

Non-payment by corporate debtor, for supply of goods by operational creditor, is operational debt

April 17, 2022 2331 Views 0 comment Print

Mukul Agarwal Vs Royale Resinex Pvt. Ltd. (NCLAT Delhi) Facts- The Operational Creditor supplied poly propylene to the Corporate Debtor as per the demand raised by the Corporate Debtor. Invoices were raised in the name of the Corporate Debtor. The Operational Creditor filed a Civil Suit No.149 of 2015 against the Corporate Debtor for recovery […]

Brief analysis of Indian Resident investing in USA LLC or USA Inc. under Income Tax & FEMA

April 17, 2022 15744 Views 0 comment Print

In this article we shall discuss briefly about taxability and FEMA regulations in relation to Indian resident’s investment in LLC and Inc. in USA INC. INTRODUCTION Inc. is an abbreviation for Incorporated when it is used after a company’s name. Inc. is a corporate body which issue shares of stock to their owners, who are called shareholders. […]

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