Judgements by Ayush

Sec 269SS and Sec 269T of the Act which attract penalty under sec 271 is not violated by share application money and repayment thereof

Ayush 09 January 2012 at 15:26

Assessing Officer levied penalty under section 271D for the assessment year 2004-05 in respect of M/s. J.A. Land & Housing Dev. India Limited and also in assessment years 2005-06 & 2006-07, as well as under section 271E of the Income Tax Act for the

Posted in Income Tax | 3415 Views

Amount on which TDS deducted than no matter it was included or not

Ayush 05 January 2012 at 12:24

Brief facts of the case are that in the relevant assessment year, the assessee-firm derived income from business of civil construction. The assessee had filed its return of income declaring total income of Rs.68,970/-. The Assessing Officer noticed f

Posted in Income Tax | 1702 Views

As per the natural justice AO must be given opportunity to rebut the claim in pursuance of fresh evidence produced before him

Ayush 28 December 2011 at 12:27

That, on the facts and circumstances of the case, the Ld. C.I.T.(A) has erred in law in accepting fresh evidences filed by the assessee without calling for remand report from the AO, which is in contravention of the provision of Rule 46.” Same common

Posted in Income Tax | 1263 Views

Order passed under Sec 144 is void ab initio in the absence of service of notice as mention under sec 282 and penalty will not survive if the case restored in the AO file

Ayush 28 December 2011 at 12:27

ITA No. 3871/Mum/2008 filed by the assessee is directed against the order dated 8.2.2008 of the Commissioner of Income Tax (A)- XXII, Mumbai relating to Assessment Year 2004-05. ITA No. 87/Mum/2010 filed by the assessee is directed against the order

Posted in Income Tax | 3462 Views

If the tax effect is less than minimum than it can be avoidable

Ayush 28 December 2011 at 12:26

In appeal for the assessment year 2001-02, the Revenue assails deletion of additions of Rs.3,60,000/- and Rs.1,56,388/- made by the ld. CIT(A). During the course of hearing, it was admitted by the ld. DR that the tax effect in this case was less than

Posted in Income Tax | 835 Views

Interest bearing fund can be invested in share of another company and the expenditure on investment can not be disallowed under sec 14A

Ayush 28 December 2011 at 12:26

Facts of the case in brief are that the A.O. during the course of assessment proceedings noted that the assessee has earned exempt dividend income of Rs. 4,63,50,000/- on investments made. He noted that the assessee has borrowed interest bearing fun

Posted in Income Tax | 1391 Views