Home Highlights February 2014 Year 2014 This

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1. Deemed dividend u/s 2(22)(e) - AO failed to appreciate that term ‘deposit’ cannot means ‘loan’ or ‘advance’ - these amounts are in nature of Inter Corporate Deposits...

2. Deposit - the inter­corporate deposit/loan, i.e., a loan advanced/deposit made by a company with another company registered under the provisions of the Companies Act,...

3. Inter-corporate deposit is not in the nature of loan or advance within the meaning of section 2(7) and therefore, not chargeable to the interest-tax under section 5 - HC

4. Levy of GST - time of supply - Mobilization Advance received - On reading the Receipt voucher no RTGS 223033 dated 8-2-21, the recipient deducted TDS under Section 51...

5. Disallowance of Interest u/s 36(1)(iii) - interest free loan to related parties - the amount appearing as security deposit is not in the nature of any amount advanced as...

6. Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

7. Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

8. Disallowance of amount of interest on the amount advanced as interest-free advance & loans - Assessee on one hand is advancing interest free loans and advances to his...

9. Levy of GST - Services of Membership Association - amounts collected from its members for setting up the 'Sinking Fund'/ Corpus Fund - supply of goods or services or...

10. This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...

11. Construction services – nature of receipt - advance or loan - the appellant’s, have made out a prima facie case for waiver of the pre-deposit of amounts involved - AT

12. Deemed dividend u/s 2(22)(e) - advances being compensation for personal guarantees - as long as it is in nature of loans or advances, and other pre-conditions for...

13. Disallowance of Interest Expenses related to Interest free Advance/loan given to its subsidiary company - The loan advanced to subsidiary company is financed from...

14. Additions made on notional interest on loans & advances - AO has completely erred in imputing notional interest on loans & advances. As the argument of the assessee that...

15. TP Adjustment - associated enterprises (AEs) - Business advances cannot be construed as loan advanced to the assessee company. Once the same is excluded and the loans...