ITAT Panaji ruled in favor of Ganga Suresh Rathod, setting aside NFAC’s order after her video hearing request was denied, citing a breach of natural justice.
Assesse being a partnership firm, engaged in the business as dealer in petroleum products who filed its return at Rs.3,00,950/-. Subsequently the case was selected for limited scrutiny.
Purpose for which loan was acquired is irrelevant to consideration of question whether expenditure/interest on such borrowed capital/loan was revenue expenditure or capital expenditure – Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)
The ITAT Panaji dismisses the appeal by Manoj Anand against a tax evasion case involving colourable devices and sham transactions. Get the details in this article.
Explore the case of ACIT (TDS) Vs Victor Hospitals & Medical Services Limited, where the ITAT Panaji determined TDS under Section 194J for consultant doctors.”
ITAT held that income for purpose of ascertaining ceiling on the basis of book profit, the profit shall be as appearing in the P & L a/c. The interest income, thus, cannot notionally be excluded while determining allowable of deduction of remuneration to partners u/s 40(b)(v) .
ITAT Panaji held that payment of interest on loan taken for paying compensation to the family members of the assessee pursuant to an arbitral award on family settlement has nothing to do with LTCG on sale of the said capital asset. Accordingly, payment of such interest cannot be claimed as deduction u/s 48.
ITAT Panaji held that the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another co- operative society. Section 80P does not make a distinction between income earned on long term investments and short term investments
In respect of levy of interest under Section 201(1A) of the Act the interest is to be computed for the period from the date from which the tax was deductable to the date of filing of the return by the deductee (VTU).
A perusal of the agreement and the above undisputed facts shows that till date no transfer of the property in question has been completed under the Transfer of Property Act, 1882. Still further, the registered sale deed has not been executed by the assessee in favour of the Bank and consequently, sale is not yet completed.
