CA Ghanshyam Vaswani

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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...

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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....

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Welfare bodies formed under state statute eligible for registration u/s 12AA despite charging fees for their services

Pune District Security Guards Board Vs CIT (ITAT Pune) - In the case of Pune District Security Guards Board vs CIT, ITAT Pune held that welfare bodies formed under Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 were eligible for registration under section 12AA even though they charge fee for their services....

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Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Xerces Technologies Pvt. Ltd. Vs DCIT (ITAT Pune) - In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough....

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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...

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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...

Read More

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....

Read More

Welfare bodies formed under state statute eligible for registration u/s 12AA despite charging fees for their services

Pune District Security Guards Board Vs CIT (ITAT Pune)

In the case of Pune District Security Guards Board vs CIT, ITAT Pune held that welfare bodies formed under Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 were eligible for registration under section 12AA even though they charge fee for their services....

Read More

Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Xerces Technologies Pvt. Ltd. Vs DCIT (ITAT Pune)

In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough....

Read More

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...

Read More

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...

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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....

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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 ...

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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. ...

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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...

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