Akhilesh Kumar Sah - Page 4

Reopening of Completed Assessment based on change of opinion on same facts is invalid

ITO Vs TechSpan India Private Ltd. & Anr. (Supreme Court of India)

Reopening Of A Completed Assessment Not Allowed On A Issue Which Was Based On Nothing But A Change Of Opinion On The Same Facts And Circumstances Which Were Already In Knowledge Of Income Tax Officer Even During The Original Assessment Proceedings...

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Addition not justified for expense which was not claimed as Expenditure or Deduction

ITO Vs Mother Dairy Fruit & Vegetable Pvt. Ltd. & vice-versa (ITAT Delhi)

Mother Dairy Fruit & Vegetable Pvt. Ltd. Appeal: AO Failed To Establish A Legal Basis For The Addition On Account Of Disallowance Of Interest Expense, When The Assessee Had Not Even Claimed It As Expenditure Or Deduction, Addition Unjustified...

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HC allows interest on borrowed Funds advanced to Subsidiary Companies

Pr. CIT Vs DLF Hotel Holding Ltd. (Delhi High Court)

DLF Hotel Holding Case: Interest On Borrowed Funds Allowed As Deduction Under Section 36(1)(iii) Even If Some Of Funds Financed To Subsidiary Companies...

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Penalty U/s. 271(1)(c) not sustainable on deletion of addition for relevant expenses

DCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai)

Prabhudas Liladhar P. Ltd. Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted...

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Director remuneration cannot be disallowed merely for loss Shown by Assessee

Bombay Samachar Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The Bombay Samachar Pvt. Ltd. Case: Where Disallowance Of Remuneration To Directors Is Because Of Loss Shown By The Assessee The Remuneration Cannot Be Disallowed...

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Gain on settlement of sales tax deferred liability not taxable

DCIT Vs Alfa Laval India Ltd. (ITAT Pune)

Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable...

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Loss on Loan Foreclosure deductible while Computing taxable Income

ACIT Vs Maruti Countrywide Auto Financial Services Pvt. Ltd (ITAT Delhi)

Maruti Countrywide Auto Financial Services Pvt. Ltd. Appeal: Loss On Foreclosure Of Loan Held To Be Deductible While Computing Its Income...

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Jackie Shroff allowed claim of loan written off given to wife

Mr. Jackie Shroff Vs. ACIT (ITAT Mumbai)

When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case...

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Expense on technology upgradation of existing business is deductible

Cox & Kings Limited Vs Addl. CIT (ITAT Mumbai)

Cox & Kings Ltd. case: Where expenses incurred were for travel booking engine and SAP software which was only for the purpose of technology upgradation to the existing business of the assessee and not creating any new line of business or asset: Expenses held to be deductible under section 37(1)...

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Interest will accrue on specified date if any agreement specify such date

Credit Suisse Finance (India) P. Ltd. Vs DCIT & vice-versa (ITAT Mumbai)

Credit Suisse Finance (India) P. Ltd. Appeal: When An Instrument Or An Agreement Stipulates That Interest Shall Be Payable At A Specified Date, Interest Does Not Accrue To Holder Thereof On Any Date Prior Thereto...

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May 2022