Undisputed facts that emerge are that assessee has ceased its business operations and leased out factory building and Plant & Machinery to one lessee under two separate agreements.
Appeal dismissed for technical lapse as Legal heir did not register himself as representative assessee along with PAN of deceased assessee
Held that provision of deemed dividend u/s 2(22)(e) cannot be invoked unless the recipient of loan is a shareholder of the company. If recipient of loan is not shareholder in a company from which loan is received, such loan cannot be assessed as deemed divided.
Held that the claim of loss accruing or arising as investment in equity shares, non-convertible debentures and zero coupon redeemable preference shares is not capital loss but eligible for deduction in computation of business loss
PCIT was of the view that the difference of Rs.25 lakhs in view of the guideline value fixed by Stamp Valuation Authority at Rs.3.50 crores is to be accepted and added to the return of income of the assessee. We are of the view that this is highly debatable issue and even the tolerance limit of 10% is to be considered or not is again a debate.
SC has held that the assessee is entitled to claim mutuality in respect of entrance fee collected from these non-voting right members.
A. Nagarajan Vs ITO (ITAT Chennai) Upon careful consideration of factual matrix, it emerges that the assessee’s land has been acquired by NHAI for which the assessee has been compensated at certain rates. On one of the parcels of land, a farm house is situated for which separate compensation has been paid. The primary argument […]
Held that repair expenditure of propaganda van, a gifted vehicle, was alleged to be met by the donor. The onus was on assessee to negate the allegation of revenue. However, no such onus was discharged. Disallowance of expenditure justified.
Natarajan Purushothaman Vs ITO (ITAT Chennai) During appellate proceedings, the assessee submitted that he used to bring cash during visits to India and it was customary to provide some cash to the parents during such visit. The Ld. CIT(A), inter-alia, observed that the deposits of Rs.3.45 Lacs was stated to funded out of earlier withdrawals […]
Ahmed World Travels Tours & Cargo Pvt. Ltd Vs ACIT (OSD) (ITAT Chennai) As regards cash payments made for hotel expenses, although, the Assessing Officer stated that the assessee has incurred expenses in cash, but it was the argument of the assessee that it has purchased foreign currency (Saudi Riyal) to be given to its […]
