The issue under consideration is that the petitioner seeks a direction to the respondent not to declare its pending loan accounts as Non Performing Assets (NPA). The petitioner also seeks a direction to the respondent for grant of moratorium of three months to it in terms of circular issued by the Reserve Bank of India(RBI).
Learned counsel for the respondent contends that RBI guidelines and package are not applicable to the case of the petitioner, in as much as, the petitioner was already in default as on 01.03.2020 and the package is applicable only to those instalments which fall due on 01.03.2020 and also only to those borrowers who were properly servicing their account till 01.02.2020 and were not in default.
Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur) The issue under consideration is whether the action taken by the AO u/s 147 r.w.s 148 is justified in law? The case of assessee was originally selected for scrutiny and a detailed questionnarie was issued alongwith notice u/s 142(1). The AO asked specific queries with regard to […]
There is no doubt that Medical Oxygen IP and Nitrous Oxide IP are medicines used for or in the diagnosis, treatment, mitigation or prevention of any disease or disorder in human beings falling within the ambit of Section 3(b)(i) of the 1940 Act. SC hold that Medical Oxygen IP and Nitrous Oxide IP fall within the ambit of Section 3(b)(i) of the 1940 Act and are consequently covered in Entry 88 of the 2005 Act.
Asman investments Ltd. Vs DCIT (Gujarat High Court) Interest as per Interest Act will be charged on company irrespective of its main object whether it is Finance or not In the given case the appellant assessee filed return of chargeable interest on 29.1.2002 declaring chargeable interest at ‘Nil’. In the statement attached to the return […]
The Assessing Officer disallowed expense of Rs. 1,27,500 u/s 37(1) of Income Tax Act on finding that the said expenditure relates to some advertisements connected to demise / birthday greetings / congratulating some politicians, etc.
It is abundantly clear from Sub-Section (2) that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that Sub-Section. It is hereby clarified that once such initial assessment year has been opted for by the assessee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfillment of conditions prescribed in the section.
Additions of Undisclosed Income Can be made only on the basis of the entries made in the documents which give corroborative evidence and not just on presumption
Pr. CIT Vs Godrej Investment Ltd (Bombay High Court) In this case The view taken by the Tribunal in its order dated 9 July 2018 in both the Assessment Years was on the basis of the record available before it and its understanding/appreciation of the evidence on record for the two Assessment Years. This is […]
Parmanand Sharma Vs ITO (ITAT Delhi) ITAT said in their considered opinion once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax. ITAT’s view is fortified by the affidavit of the assessee filed before me. I find […]
