AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed.
From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax payable by the assessee.
In Aishwarya Rai Bachchan vs. ACIT, the assessee had not deducted tax at source, AO treated the assessee as an assessee in default under section 201(1) and passed an order demanding tax of Rs. 4,27,910 and interest under section 201(1A) of Rs. 34,233.
The conclusion of the ld. CIT(A) that the assessee has purchased material from some other dealers but quantitative reconciliation of the stock was duly done by the assessee of the sale and purchase and hence the profit element in this accommodation entries are to be added to the income cannot be faulted .
Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73.
Since we have held that the penalty proceedings are liable to be quashed on the reasoning that there was non-application of mind on the part of the AO while issuing notice to the assessee, we do not find it necessary to address the arguments urged on merits.
Section 14A applies also to strategic investments in subsidiaries.Section 40A(2) is not applicable to co-operative societies. No disallowance under section 40A(2) should be made if the tax effect is neutral i.e. the recipient is paying tax at the same rate as the payer
DIT-E had denied registration to assessee-trust because he was of opinion that in absence of dissolution-clause assessee-trust was not entitled for registration.
All these appeals filed by the assessee are directed against the revision orders passed by Ld. Principal Commissioner of Income Tax-16, Mumbai u/ s. 263 of the Act and they relate to A.Y. 2011-12 to 2013-14. 2. Learned counsel appearing for the assessee Mr. Jotwani submitted that the Principal CIT passed the impugned revision orders […]
Since the definition given in Article 12(4) of the DTAA does not contain any consideration for the use or right to use in ‘computer programme’ or ‘software’, the same cannot be imported into it.
