These are cross appeals by the assessee and the Revenue emanating out of the orders of learned CIT(Appeals)-III, Nagpur for assessment years 2008-09 and 2009-10 respectively. Since the issues are connected and the appeals were heard together
ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum.
We have carefully considered the rival contentions. To put the facts very simply in a narrow compass , the assessee company is a tax resident of United Kingdom which was incorporated on 26th of June 2006. On 30/06/2006
Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12.
DCIT Vs Adsun Offshore Diving Contractors Pvt. Ltd. (ITAT Mumbai) Given facts of the present case that whatever test may be applied in deciding whether any expenditure is allowable as a deduction under section 37, the essential requirement must in every case be as to whether the expenditure was either in reality or as a […]
It is crystal clear proposition of law that when there is no element of income and there is mere reimbursement made there is no question of deduction of TDS.
The assessee claimed deduction under section 80IA(4) on total income including the income received from lease rental on open yard. The A.O. observed that since open yard is not an infrastructure facility within the meaning of Section 80IA(4) of the Act,
Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?
Under sub-section (2) of Section 14A of the Act, the Assessing Officer is required to examine the accounts of the assessee and only when he is not satisfied with the correctness of the claim of the assessee in respect of expenditure in relation to exempt income,
Thus, section 2(22)( e) of the Act covers only such situations, where the shareholder alone benefits from the loan. In the instant case the company benefits from the said transaction, it will take the character of a commercial transaction and hence will not qualify to be dividend.
