If in relation to any assessment year, no incriminating material is found, no addition or disallowance can be made in relation to that assessment year in exercise of power under section 153A.
Lonsen Kiri Chemical Industries Ltd. Vs DCIT (ITAT Ahmadabad) Once the comparable company becomes the AE of the assessee in the year under consideration, then such company cannot be considered for the purpose of comparable. Case Summary: – Facts of the case: The assessee is a joint venture of two companies namely Well Prospering Ltd […]
In the instant case, the assessee in the year under consideration has claimed an expense under the head prior period item in its profit and loss account. Such prior period item was representing the excise duty with respect to waste i.e. Spent Earth generated during the manufacturing process. The assessee during the assessment proceedings admitted that such expenses pertains to the earlier year but the same is allowable on payment basis under section 43B of the Act.
The issue under consideration is whether where a trust has incurred shortfall due to its excess spending in a particular year, such deficit or shortfall allowed to be c/f in full for set off against the incomes in subsequent years under s.11(1)(a) and Section 11(1)(b) of the Act?
The issue under consideration is whether for assessee engaged in providing accommodation entries only commission amount to be added on estimation basis or entire amount of accommodation entry to be added?
The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?
Merely because a prescribed Form No. 3CEB was filed in accordance with Rule 10E r.w.s. 92BA of the Act would not make an assessee susceptible to onerous investigation proceedings on such transactions where the assessee prima facie demonstrates that Section 92BA of the Act is wholly inapplicable in any manner at the first instance
The issue under consideration is whether AO is correct in issuing notice u/s 143(2) in the name of erstwhile partnership firm which was a non-existent entity at that point of time?
Gujarat State Energy Generation Ltd. Vs ACIT (ITAT Ahmedabad) Held that if the assessee can demonstrate the availability of surplus interest free funds for making investments that are generating tax free income, disallowance under Section 14A of the Act would not be justified. In this case, the own fund of the assessee exceeds the amount […]
In balance sheet of assessee credit balance of lenders had been shown at Rs. 49 lacs and Rs. 13 lacs and details of accounts along with confirmation, addresses and PAN of lenders were furnished before AO for verification. Even assessee had furnished copy of assessment orders passed in case of lender for the relevant year for verification. Apart from that, funds had been received by assessee through banking channel, and therefore, all the ingredients necessary for proving cash credit under section 68 stood satisfied by assessee. Therefore, AO was not justified in making addition under section 68.
