Radhika Balasaria

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Media not to publish names of legal practitioners, judges and victims: HC

S. Baskar Mathuram Vs State of Tamil Nadu and it’s various officers (Madras High Court) - HC directed Registrar (Administration) of bench to immediately circulate instructions to all Print, Electronic and Media Houses not to publish the names of practitioners and individual judges as a part of news item unless it is so essentially required....

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Deduction cannot be allowed merely because notice were not issued to bogus creditors

Commissioner of Income Tax & Anr. Vs Karnataka Planters Coffee Curing Works (P) Ltd. (Supreme Court of India) - In the case of Commissioner of Income Tax Vs. Karnataka Planters Coffee Curing Works (P) Ltd. assessee had shown sudden increase in creditors without any matching purchase transactions. ...

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Business Transactions/Salary do Not come within purview of Section 2(22)(e)

Shri Kaushik B. Patel Vs D.C.I.T Mehsana Circle, Mehsana (ITAT Ahmedabad) - In the case of Shri Kaushik B. Patel Vs. D.C.I.T it was held by ITAT Ahmedabad that routine business transactions/salary payments do not fall under the purview of Deemed Dividend u/s 2(22)(e) of the Act. In this case the assessee’s books nowhere treat the sums received as loan and advances to ha...

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Specific Concealment of Income has to be established for levy of Penalty

M/s. Chaurasia & Sons. Vs I.T.O. (ITAT Kolkata) - In the case of Ms. Chaurasia & Sons. Vs. I.T.O the Hon’ble Kolkata ITAT held that mere confirmation of addition will not lead to conclusion that penalty is leviable, unless it is established that assessee has concealed its income. ...

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Loan to Shareholders in the course of lending business cannot be treated as deemed dividend

I.T.O Ward 29(4), Kolkata Vs Shri Piyush Jalan (ITAT Kolkata) - ITAT Kolkata has held in the case ITO Vs. Piyush Jalan that where lending of money is substantial part of the business of the concerned company and any advance or loan is made by it to a shareholder in the ordinary course of its business...

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Recent Posts in "Radhika Balasaria"

Media not to publish names of legal practitioners, judges and victims: HC

S. Baskar Mathuram Vs State of Tamil Nadu and it’s various officers (Madras High Court)

HC directed Registrar (Administration) of bench to immediately circulate instructions to all Print, Electronic and Media Houses not to publish the names of practitioners and individual judges as a part of news item unless it is so essentially required....

Read More

Deduction cannot be allowed merely because notice were not issued to bogus creditors

Commissioner of Income Tax & Anr. Vs Karnataka Planters Coffee Curing Works (P) Ltd. (Supreme Court of India)

In the case of Commissioner of Income Tax Vs. Karnataka Planters Coffee Curing Works (P) Ltd. assessee had shown sudden increase in creditors without any matching purchase transactions. ...

Read More

Business Transactions/Salary do Not come within purview of Section 2(22)(e)

Shri Kaushik B. Patel Vs D.C.I.T Mehsana Circle, Mehsana (ITAT Ahmedabad)

In the case of Shri Kaushik B. Patel Vs. D.C.I.T it was held by ITAT Ahmedabad that routine business transactions/salary payments do not fall under the purview of Deemed Dividend u/s 2(22)(e) of the Act. In this case the assessee’s books nowhere treat the sums received as loan and advances to have been received from the said Company. ...

Read More

Specific Concealment of Income has to be established for levy of Penalty

M/s. Chaurasia & Sons. Vs I.T.O. (ITAT Kolkata)

In the case of Ms. Chaurasia & Sons. Vs. I.T.O the Hon’ble Kolkata ITAT held that mere confirmation of addition will not lead to conclusion that penalty is leviable, unless it is established that assessee has concealed its income. ...

Read More

Loan to Shareholders in the course of lending business cannot be treated as deemed dividend

I.T.O Ward 29(4), Kolkata Vs Shri Piyush Jalan (ITAT Kolkata)

ITAT Kolkata has held in the case ITO Vs. Piyush Jalan that where lending of money is substantial part of the business of the concerned company and any advance or loan is made by it to a shareholder in the ordinary course of its business...

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Section 68 Cannot be invoked merely on the basis of Presumptions

Mukesh V. Prajapati Vs I.T.O. Ahmedabad (ITAT Ahmedabad)

It has been held in case of Mukesh V. Prajapati Vs ITO (Ahmedabad ITAT), that the amount of cash credits shown as loan taken from various relatives , cannot be added as unexplained credit under sec 68 just on the presumption that the sources of the fund is not genuine...

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Section 68 Cannot be invoked if Creditor’s Identity, Mode of Payment & Repayment proved

M/s. Jindal (India) Textiles Vs I.T.O. Ward 2(2), Surat (ITAT Ahmedabad)

In the case of M/s. Jindal (India) Textiles Vs. ITO the Hon’ble ITAT held that once creditors’ identity, mode of payment and repayment, assessee’s books of accounts proved the impugned credit transactions...

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Assessee cannot be asked to prove something which is beyond its control

DCIT Vs Raj Kumar Saraogi (ITAT Kolkata)

In the case of DCIT Vs. Raj Kumar Saraogi the Kolkata ITAT held that comparison with the items of jewellery found at the time of search with wealth tax return, which were filed much earlier was putting an onerous task on assessee to prove something impossible...

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Non-furnishing of any explanation itself will lead to Penal Consequences

Radha Nutirents Ltd. Vs ACIT (ITAT Chandigarh)

In the case of Radha Nutirents Ltd. Vs. ITO the Hon’ble ITAT held that the assesse has failed to provide the loan confirmation of the loan received from Shri Kathirase Kumar and was also unable to provide an explanation as to why such confirmation could not be filed. ...

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