Income Tax – Capital gains, Deduction under Section 54G –The Respondent-assessee, running an industrial unit in a village, shifted its work site to another location and claimed deduction under section 54G on capital gains arising from the transfer - The AO rejected the claim holding that the explana...
Income Tax - Classification of interest on staff loans and other loans and advances and miscellaneous receipts of an electricity distribution company as business income or income from other sources - Respondent, an electricity distribution company, declared such receipts as business income, and the...
Income Tax – Disallowance of interest under section 36(1)(iii) on funds advanced for non-business purposes – Appellant, engaged in the business of security printing and ice cream manufacturing, claimed interest expenditure, and the AO disallowed interest on the ground that certain payments were not...
Income Tax – Disallowance under section 40(a)(ia), Refurbish and rebate on defective products, TDS under sections 194C/194J – The Appellant, engaged in trading/distribution of laptops, smartphones, notebooks and accessories, granted a flat discount of 30% to distributors on defective products instea...
Income Tax – Validity of reassessment under section 147 initiated beyond four years on the basis of material already on record – Respondent, in its first year of operation, filed return reporting a loss, and the assessment was completed under section 143(3) accepting the returned loss after the AO r...