CA Pankaj G. Shah

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Deemed dividend applies only where there is 'actual payment' & not on transaction in kind

Parag Desai Vs Addl. CIT (ITAT Indore) - The Assessee was a significant shareholder in a company - The company sold building to shareholder on credit - Department treated it as 'loan' or 'advance' for invoking Section 2(22)(e). CIT(A) upheld the addition on the ground that since the unpaid purchase price has not been paid...

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Even if e-Return filed after due date but tax audit report obtained & not furnished no penalty u/s 271B

Navbharat Powerloom Cooperative Society Vs ITO (ITAT Indore) - We found that assessee's case is squarely covered by the decision of Mumbai Bench in the case of B.D. Leasing and Finance Limited, (2013) 49(II) ITCL 148, wherein it was held that penalty u/s 271B for non-filing of tax audit report cannot be levied in view of the CBDT Circular No.9/2006 dated 10.10....

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Recent Posts in "CA Pankaj G. Shah"

Deemed dividend applies only where there is 'actual payment' & not on transaction in kind

Parag Desai Vs Addl. CIT (ITAT Indore)

The Assessee was a significant shareholder in a company - The company sold building to shareholder on credit - Department treated it as 'loan' or 'advance' for invoking Section 2(22)(e). CIT(A) upheld the addition on the ground that since the unpaid purchase price has not been paid...

Read More

Even if e-Return filed after due date but tax audit report obtained & not furnished no penalty u/s 271B

Navbharat Powerloom Cooperative Society Vs ITO (ITAT Indore)

We found that assessee's case is squarely covered by the decision of Mumbai Bench in the case of B.D. Leasing and Finance Limited, (2013) 49(II) ITCL 148, wherein it was held that penalty u/s 271B for non-filing of tax audit report cannot be levied in view of the CBDT Circular No.9/2006 dated 10.10.2006, which provided that in case of ele...

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