Some Important Judicial Pronouncement

[CA. GOYAL MANISH]

Dear All,

Please find below some important Judicial Pronouncements for your reference.

Some Important Judicial Pronouncements:

1. PENALTY U/S 271(1)(C)  In favour of: Assessee  Merely because claim of Assessee was not accepted or not found to be acceptable by Revenue, same would not amount to concealment of particulars of income or furnishing of inaccurate particulars of income and no penalty could be imposed.  Delhi Tribunal  ASSISTANT COMMISSIONER OF INCOME TAX VS SPL INDUSTRIES LTD. : (2016) 46 CCH 0085 DelTrib  Decided On: Feb 01, 2016

2.BUSINESS EXPENDITURE  In favour of: Assessee  Interest on capital borrowed for purpose of business fell within provisions section 36(1)(iii) therefore, any interest paid on capital borrowed for purpose of business or profession had to be allowed as deduction u/s 36(1) (iii)  Cochin Tribunal  ASSISTANT COMMISSIONER OF INCOME TAX VS ARUN THOMAS : (2016) 46 CCH 0084 CochinTrib  Decided On: Feb 03, 2016

3.LOSS  In favour of: Assessee  When principal business of Assessee was that of granting loans and advances and if such company also engaged itself in purchase and sale of shares, then purchase and sale of shares activity would fall under exception to Explanation to s 73.  Kolkata Tribunal  INCOME TAX OFFICER VS VINSAN BROHTERS PVT. LTD. : (2016) 46 CCH 0087 KolTrib  Decided On: Feb 03, 2016

 

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CA.Manish Goyal
R.N.GOYAL & CO
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