In regard to claim of expenditure on Registrar of Companies’ fee for increase in authorized share capital, the HC held that the same could not be allowed and was also not amortizable under Section 35D (2)(c)(iii) of the Act, not being fee for initial registration of the company.
The ITAT noted that there are three stages in operational business:- (i) setting up; (ii) post setting up but before commencement of business; and (iii) commencement of business and thereafter. In case of a building contractor
CIT (Appeals) did not offer any opportunity to the assessee to make submissions with respect to the materials obtained from the survey and unilaterally rendered findings, CIT (Appeals)’s order was bad for the reason that he did not follow the procedure prescribed by the law.
The expenses claimed for transportation could not have been a valid ground for rejecting the books of account considering the fact that the transport expenses in doubt was just 5.1% of total Transport Expense.
It was held that the eligible profits are not to be subjected to the adjustment under Section 72 of the Act, and the brought forward loss from the unit eligible for the relief under Section 10B cannot be adjusted against the profits from the other units
A.O. was not convinced by the explanation furnished by the assessee with regard to share capital received from six applicants and a sum of Rs.24 lacs was added u/s 68 of the Act. Appeal filed with CIT was rejected on the ground of assessee inability to explain the identity
Held that it is settled law that there is no bar for grant of such a relief if the Court is of the opinion that the circumstances and the ends of justice so warrant. Since the petitioner has already been granted conditional stay by the Tribunal in respect of the said appeal and that the Tribunal is in the midst of hearing of appeal
Assessee had given the loan to the associate enterprise in U.S.D. and in such a situation when the transaction was in foreign currency, and the transaction was an international transactions, then the transaction would have to be looked upon by applying the commercial principles in regard to international transactions.
Held that, Prima facie, it appears that revenue’s argument is at loggerheads with the notification. Reliance was also placed on the judgment of Bombay High Court in case of Niphad Sakhar Karkhana Ltd. vs. CEE, 2014 (300) E.L.T. 66 (Bom.) submitted by the appellant.
The award was not for any services rendered but in the nature of testimonial and expression of recognition by an institution of eminence of a person in the field of Journalism. The testimonial paid to any professional or any person as a token of esteem and regard for his ability or qualities