CA Ghanshyam Vaswani

Sorry No Post Found
Sorry No Post Found

Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai) - In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad) - In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

Loan/Debt from a company to a firm thereby to the assesse, who has substantial interest in company and firm is not deemed dividend u/s 2(22)(e)

CIT Vs Subrata Roy (Delhi High Court) - The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL...

Notice u/s 148 for reassessment cannot be issued based on mere suspicion

Krown Agro Foods Pvt. Ltd Vs ACIT (Delhi High Court) - It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion...

Prior year interest cannot be disallowed if the change in the interest rate was retrospective

CIT Vs Indian Railway Finance Corporation Ltd. (Delhi High Court) - There is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior, the same are required to be considered for the prior and allowed in that year....

Sorry No Post Found

Recent Posts in "CA Ghanshyam Vaswani"

Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai)

In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

Loan/Debt from a company to a firm thereby to the assesse, who has substantial interest in company and firm is not deemed dividend u/s 2(22)(e)

CIT Vs Subrata Roy (Delhi High Court)

The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL...

Notice u/s 148 for reassessment cannot be issued based on mere suspicion

Krown Agro Foods Pvt. Ltd Vs ACIT (Delhi High Court)

It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion...

Prior year interest cannot be disallowed if the change in the interest rate was retrospective

CIT Vs Indian Railway Finance Corporation Ltd. (Delhi High Court)

There is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior, the same are required to be considered for the prior and allowed in that year....

Forfeited application money can be claimed as business loss for investment business

CIT Vs Abhinandan Investment Ltd. (Delhi High Court)

The court considered the reasoning of the Revenue and held, firstly as the arrangement was in place with the UTI (which had to purchase the NCDs at Rs. 389/- per NCD), the assessee gave effect to it (the arrangement). UTI paid Rs. 389/- per debenture to JISCO ...

Transfer to special reserve U/s. 45-IC of RBI Act is a part of book profit U/s. 115JB

SREI Infrastructure Finance Ltd. Vs ADIT (Delhi High Court)

The reserve, which is required to be created under Section 45-IC, is out of the profits earned by a non-banking financial institution. It is not an amount diverted at source by overriding title. The Reserve Bank of India Act, 1934 can permit appropriation in respect of the said reserve. ...

Reassessment Notice U/s. 148 void even if issued by authorities who rank higher than competent authority

CIT Vs Soyuz Industrial Resources Ltd. (Delhi High Court)

The Revenue’s argument seems plausible and even logical because the Commissioner or a Chief Commissioner is unarguably ranked higher in authority than a Joint Commissioner. Yet at the same time...

Reassessment u/s 147 valid if assesse had deemed notice of reassessment proceedings

Tulip Engineering Pvt. Ltd. Vs ITO (Delhi High Court)

In the present case, there is no doubt at all that the assessee cooperated and appeared both in the assessment as well as reassessment proceedings. Therefore, it had deemed notice of the re-assessment proceedings. ...

Share Application money cannot be added to Income if Assessee discharges the onus cast on him

CIT Vs Wellworth Construction Udyog Ltd (Delhi High Court)

In the present instance, the AO apparently had the books and all the relevant information pertaining to the share applicants. CIT v. Lovely Exports (P) Ltd. 2008 (216) CTR (SC) 195 directs that whilst the initial onus to prove the identity of a third party,...

Browse All Categories

CA, CS, CMA (6,761)
Company Law (9,788)
Corporate Law (12,992)
Custom Duty (10,556)
DGFT (5,107)
Excise Duty (5,572)
Fema / RBI (5,648)
Finance (6,350)
Income Tax (48,739)
SEBI (5,237)
Service Tax (4,840)