LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in favour of assessee that interest free funds have been utilized for advancing such advance to sister concern.
Where the value of stock shown to bank for purpose of availing of higher credit facility was based on market rate and not at cost price but there was no difference in quantitative details, no addition under section 69B could be made.
Pr. CIT Vs Modern Threads (I) Ltd. (Rajasthan High Court) High Court held that loan which was taken was capital investment and always treated in the capital account as liability and if it is so, it will naturally go as wiping out the capital liability. Income which could be taxed under section 28(iv) must not […]
Two-judge bench of the Gujarat High Court comprising Justice Akil Kureshi and Justice A.Y. Kogje in the case of Meena Krishna Agarwal Versus Assistant Commissioner decided that Tax Arrears of a deceased assessee cannot be recovered out of the personal properties of wife.
In re A2Z Infra Engineering Ltd (GST AAAR Chattishgarh) Heard the appellant’s arguments, wherein they have contested the ruling pronounced by the Advance Ruling Authority in respect of the prime objective of CSPDCL as well as the rate of tax applicable on the supply being made to it. Hence, the moot issue before us is […]
When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle
These are appeals by the Assessee against three orders all dated 13.06.2016 of C.I.T.(A)-I, Kolkata relating to A.Y. 2006-07 to 2008-09.
Indore bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed by the Assessing Officer (AO) by considering the fact that the assessee conceded the transaction of Sale of Agricultural Land in the hands of his Hindu Undivided Family (HUF).
We are unable to approve the findings of Ld. CIT(A). Whether the payment is in cash or by way of cheque, the Central Excise amount paid would be eligible for deduction, out of the receipts of the business concern.
ITO. Vs. M/s Batram Properties Pvt. Ltd. (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is […]
