Merely because the assessee had sold the shares at face value in a distressed situation it could not be presumed that the assessee had engineered the transaction to manage its tax liability. Therefore, AO was not justified in disallowing the claim of assessee for set off of long-term capital loss on sale of unquoted equity shares against long-term capital gain on the sale of property.
Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income.
Holding period should be computed from the date of issue of the allotment letter and not from the date of the conveyance deed (Rasiklal M. Parikh vs. ACIT 393 ITR 536 (Bom) distinguished)
DCIT Vs Gilbarco Veeder Root India Pvt. Ltd (ITAT Mumbai) The appellant before us is a company which has received a sum of Rs.90 crores from other concern, i.e. Portescap. The assessee-company as well as the other concern, i.e. Portescap, have common shareholders inasmuch as the entire shareholding of the assessee-company as well as that […]
Undisputedly, the assessee has claimed business loss of Rs.3,90,35,968/- from MEPZ Unit at Chennai, eligible for deduction u/s 10AA. It is also not in dispute that assessee has claimed set off of this loss against the income from other units. AO proceeded to hold that loss from MEPZ unit at Chennai, which is eligible for […]
M/s. Aquatic Remedies Pvt. Ltd. Vs The DCIT (ITAT Mumbai) The Revenue has alleged the assessee of taking bogus purchases and accommodation bills on account of such purchased. In our considered opinion this refers to two possibilities. 1) A person is purchasing goods from another person without any bill and then taking purchase bills from […]
DCIT Vs Ramesh Madhavrao Bhujang (ITAT Mumbai) It is undisputed fact that the assessee had acquired the right in the property pursuant to allotment letter dated 10/03/2008, a copy of which has been placed on page number-111 of the paper-book. The assessee has made the full payment of Rs.83.30 Lacs by 25/06/2008. The said fact […]
This appeal by the assessee is directed against the order of ld. Commissioner of Income tax(Appeals) dated 01/05/2014 and pertains to assessment year 2010-11.The Grounds of appeal read as under :- Being aggrieved by the order of the Commissioner of Income-tax (Appeals)-25, Mumbai (hereinafter referred to as Learned CIT (A)) dated 01.05.2014 under section 250 of The Income Tax Act, 1961 (herein after referred as ‘IT Act’), the appellant submits this appeal on the following grounds each of which may please be considered without prejudice to one another
The report given by BSE only shows that there may be some irregularities on the part of the share broker. In our view, such kind of irregularities, if any, committed by share broker cannot be a ground to suspect the genuineness of purchase and sale of shares undertaken by the assessee.
Maniar Injectoplast Pvt. Ltd. Vs. ITO (ITAT Mumbai) It was specifically mentioned in the agreement of sale assessee was to make out a clear and marketable title to plot of land, free of all encumbrances, to the satisfaction of the purchaser’s advocate and after fulfilling the other conditions it would execute and register a deed […]
