No Reassessment if Assessee did not receive Loan but its sister concern received loan Thus, it is evident that in the facts of the said case: (i) the petitioner company had obtained a loan from a company in which it had shareholding not less than 10 per cent of the voting power. While the loan… Read More »
No additions u/s 68 on basis of search on third party, if AO has not conducted any independent enquiry : ITAT IN THE ITAT KOLKATA BENCH ‘B’ Modern Malleables Ltd. v. Deputy Commissioner of Income Tax P.M. JAGTAP, VICE PRESIDENT AND A.T. VARKEY, JUDICIAL MEMBER IT APPEAL NO. 2548 (KOL.) OF 2019 [ASSESSMENT YEAR 2013-14] MARCH… Read More »
AO can not make disallowances if it was not part of Remand proceedings : HC The Tribunal takes the view that section 44AD of the Act is not applicable. It directed the assessee to attend the assessment proceedings and justify its case on lower rate of profit in accordance with its books of account. The… Read More »
No disallowance u/s sec. 14A if No Exp incurred to earn exempt income : HC HIGH COURT OF KARNATAKA Commissioner of Income-tax v. Syndicate Bank ALOK ARADHE AND RAVI V. HOSMANI, JJ. IT APPEAL NOS. 97 & 99 OF 2010 JANUARY 17, 2020 K.V Aravind, Adv. for the Appellant. T. Suryanarayana, Adv. for the Respondent. JUDGMENT Alok Aradhe, J. –… Read More »
No addition u/s 153A if incriminating material not found in search : ITAT IN THE ITAT KOLKATA BENCH Assistant Commissioner of Income Tax v. Majestic Commercial (P.) Ltd. A.T. VARKEY, JUDICIAL MEMBER AND DR. A.L. SAINI , ACCOUNTANT MEMBER C.O. NO. 135/KOL/2018 IT(SS).A NO. 83/KOL/2018 [ASSESSMENT YEAR 2011-12] MARCH 20, 2020 Vijay Shankar for the Appellant. D.S. Damle for the… Read More »
Before 01.10.2009 Sec 50C not applicable if properties were sold otherwise than by registered sale deed : ITAT Word ‘Assessable’ inserted in section 50C w.e.f. 01-10-2009 has no retro-effect. The Assessing Officer, in view of the provisions of section 50C of the Act, the assessee was required to declare the long-term capital gain on the… Read More »
No Tax u/s 41 on Waiver of loan by Govt : HC sec. 41(1) additions can not be made in respect of waiver of loan by Maharashtra Govt HIGH COURT OF BOMBAY Principal Commissioner of Income Tax v. SICOM Ltd. UJJAL BHUYAN AND MILIND N. JADHAV, JJ. IT APPEAL NO. 1692 OF 2017 JANUARY 21, 2020 Sham… Read More »
No infirmity if rectification order isn’t passed within 6 months as ITAT has power to extend such limitation period it is seen that Tribunal is vested with the power to rectify any mistake apparent from the record to amend any order passed by it under sub-section (1) of section 254 at any time within six… Read More »
No disallowance u/r 8D if Investment made from Interest free Surplus funds : ITAT IN THE ITAT DELHI BENCH ‘F’ Additional Commissioner of Income-tax v. PNB Gilts Ltd. BHAVNESH SAINI, JUDICIAL MEMBER AND O.P. KANT, ACCOUNTANT MEMBER IT APPEAL NO. 682 (DELHI) OF 2017 [ASSESSMENT YEAR 2012-13] MAY 1, 2020 Smt. Sushma Singh for the Appellant. Ms. Sana Baqai,… Read More »
Reassessment notice valid as parent company outside India made huge Investment in Its Indian Company : HC Explanation 1 to the proviso to section 147 elaborates on the meaning of the phrase “disclosure” as mentioned in the proviso.from a reading of the said Explanation, it is clear that that mere production of books of account or… Read More »