Assessee submitted that they have not received any carbon credit during the year under consideration i.e. AY 2012-13. Assessee submitted that addition made by AO on account of non-existence income ought to be deleted.
The assessee has duly discharged its initial onus by submitting sufficient proof substantiating purchase and the payment is also routed through banking channel, simply because of non-existence of parties at the given address, the transaction cannot be treated as bogus and no addition can be made accordingly.
In view of section 92CA(4) as substituted by Finance Act, 2007 w.e.f. 1-6-2007, AO was bound by the order passed by TPO as he is required to compute total income in conformity with the ALP determined by TPO.
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Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property.
Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law.
This decision highlights the fact that the taxpayers need to meticulously analyze the functions, assets and risks of activities undertaken. Pursuant to that, the taxpayers need to determine whether the activity can be clubbed or should be benchmarked separately.
Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved.
Assessee-American School of Bombay Education Trust was eligible for income tax exemption u/s. 10(22) as assessee had reasonable cause and justified the expenses claimed in the Income and Expenditure statement filed along with the return of income.
It was held after the accrual of consideration, the capital gain was liable to be assessed in the hands of assessee and income from short term capital gain/long term capital gain was only liable to tax when it accrued to assessee
