Held that if a loan or advance is given to a shareholder as a consequence of any consideration which is beneficial to the company, in such a case, the advance or loan cannot be said to be a deemed dividend.
ACIT Vs Monnet Ispat & Energy Ltd (ITAT Delhi) As per section 5 (21) of the IBC the dues to the Central Government also fall within the definition of operational debts and in terms of resolution plan as approved by the NCLT of the claims or demands or liabilities or obligations owned or payable to […]
Bigfoot Retail Solution Pvt. Ltd. Vs ACIT (ITAT Delhi) It is observed that the assessee submitted before the Ld. AO/CIT(A) that all telephones are either installed at office premises or used by officers and the employees of the assessee company and that usage of telephone/internet is done by employees for official purposes only. It was […]
EY Global Services Ltd Vs ACIT (ITAT Delhi) These are appeals by the assessee against the respective orders of the ld. CIT (Appeals) for the concerned assessment years. 2. Since issues are common and connected and the appeals were heard together, these are being disposed off by this common order. 3. Since grounds are common […]
AGM Properties P. Ltd Vs ACIT (ITAT Delhi) To recapitulate the facts, it is an admitted position that for AY 2013-14 the assessee had originally filed its return of income under section 139(1) of the Act on 15.11.2014 and assessment under section 143(1) of the Act was completed on 15.11.2013. The time limit for issuance […]
Mere non availability of stock register cannot be sufficient to reject trading results when the audited final accounts and other sources including the VAT data are available to cross verify the trading results including the sales verification.
In the present case the claim of deduction under section 54 of the Act is for a residential house built up on three adjacent contiguous plots. He further observed that the principle of multiple residential houses/units holds good till these units are in same physical location and contiguous to each other.
Satya Prakash Vs ITO (ITAT Delhi) ITAT consider it necessary to impose a token cost of Rs.2,000/- to the assessee in aggregate owing to continued negligence shown to the statutory notices at both the levels. The assessee shall deposit the cost awarded in favour of ‘The Prime Minister Relief Fund and receipt thereof shall be […]
Triune Energy Pvt Ltd Vs DCIT (ITAT Delhi) In regard to second charge for which penalty is levied for interest on TDS it can be observed that the ld AO in his assessment order had not mentioned a word regarding his satisfaction for proceeding with penalty proceedings u/s 271(1)(c) of the Act while passing the […]
If expenses are incurred for business, the same should be allowable as deduction and it is not necessary that expenditure may result in income or there must be substantial income.
