Simply because the Assessee could not produce the dealers, the entire purchases cannot be treated as bogus purchases. The Assessing Officer could have made further investigations to ascertain the genuineness of the transactions.
It was, therefore, contended that assessee was not liable to pay advance tax on 15/9/2011 and 15/12/2011 as the receipt of gift was not estimable at the relevant point of time. Apart therefrom, an additional plea has also been raised, which is to the effect that the interest under section 234C of the Act could not be charged while processing the return under section 143(1) of the Act.
Fact that direct one to one relationship between purchases and sales have not been established, I am of the view that estimation of 12.5% as profit embedded in impugned purchases shown from these tainted parties and adding the same to the total income returned, would meet the ends of justice.
AO declined assessee’s claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of unutilized FSI.
In this ground, the Revenue is aggrieved with the action of Ld. CIT(A) in reversing the action of AO in treating the gain arising on sale of shares as ‘business income’ which was shown by the assessee as assessable under the head income from ‘capital gains
Article is case study on allowability of expenses by Pharma Companies related to Doctors on on Customer Relationship Management expenses, Key Account Management expenses, Gift Articles, Free medicine Sample, Advertisement and Sales Promotion based on ITAT Mumbai Judgment in the case of The Dy. CIT Vs. PHL Pharma P Ltd.
ITAT Mumbai held that Where assessee is involved in arbitrage activities, the transactions of shares in cash segment and future segment cannot be segregated to calculate profit and loss from each segment separately.
AO’s assumption of jurisdiction under section 153A of Income Tax Act,1961 and consequent passing of order of assessment u/s. 143(3) r.w.s. 153A is void if Assessing Officer erred in assuming jurisdiction u/s 153A
Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to contribute to the building fund of the Branch of the ICAI. The said payment satisfies the commercial […]
The facts, in brief, are that the ld. Assessing Officer disallowed interest payment of Rs.3,61,356/- being capital introduced in M/s King Empire Developers (AOP), on the plea that the interest bearing funds were diverted, without charging any interest, out of own funds. On appeal, before the Ld. Commissioner of Income Tax (Appeal) granted relief to […]
