Additions under section 36(1)(iii) of the Act, without bringing anything on record to suggest that interest-bearing funds were actually utilised for the purpose of advancing funds on which no interest was charged by the assessee, is unsustainable in law.
ITAT held that Referral commission paid to doctors in Violation of the professional conduct is Not allowable as Business Expenditure.
ITAT held considering the practical difficulties involved in furnishing the segmental details of AE transactions and non-AE transactions, penalty under Sec. 271G could not be justifiably imposed.
I hold that CPC has no jurisdiction of adjustment u/s. 143(1) on this issue where admittedly there were decisions in favour of the assessee from the Hon’ble High Courts
When the issue-in-dispute was in respect of the receipt of loan and source of which was already available on record, it would not become undisclosed income in the hands of the assessee, as source of the same, was already within the knowledge of the Income Tax Department.
Payment of Sewage Tax was claimed as business expenditure, refund of same would be liable to be assessed under the head Business Income.
Hiralaxmi Ishwarlal Mehta Vs ITO (ITAT Mumbai) ITAT noted that the assessee already disclosed the bogus long term capital gain claim on sale of penny stock shares under income disclosure scheme. The sum so disclosed was Rs. 16,20,156/-. The cost of these shares was Rs. 30,673/- which was a component of the total sale proceeds […]
Held that if assessee is not eligible for credit in the year under consideration then credit for the same should be allowed in the year in which tax has been deducted by the deductor.
The interest amount has been actually paid by the assessee through Overdraft/Cash Credit account and, therefore, set aside the disallowance made under Section 43B of the Act.
Sanwalchand Udaychand Bafna HUF Vs ITO (ITAT Mumbai) From the order of learned CIT(A) it is evident that it is assessee’s contention that the amount received is actually arrears of interest. Hence, the sum cannot be considered as cash credit. The learned CIT(A) despite noting these facts has mechanically confirmed Assessing Officer’s order without any […]
