Merely because, the assessee had leasing out the land to its ...

Leasing Land for RMC Plant Doesn't Imply Assessee Allowed Sister Concern to Use Property for Own Benefit.

January 7, 2015

Case Laws Income Tax AT

Merely because, the assessee had leasing out the land to its sister concern for establishing RMC Plant with the understanding that the RMC would be supplied to it at concessional rates and on priority basis, does not establish that the assessee had allowed sister concern to use its property for its benefit - AT

View Source

← Previous Next →

Merely because, the assessee had leasing out the land to its ...

Leasing Land for RMC Plant Doesn't Imply Assessee Allowed Sister Concern to Use Property for Own Benefit.

January 7, 2015

Case Laws Income Tax AT

You may also like:

Exemption from payment of sales tax - poultry farm on leased land - exemption was rejected on the ground that the assessee was not the owner of the land where the farm...

Disallowance u/s 36(1)(iii) - interest expenses - The only plea of the assessee is that the assessee had mortgaged its property to avail bank loans for the sister...

Nature of expenditure on construction of building on leasehold land - the lessor does not own the building and the assessee cannot own the same as capital asset since...

Computation of lease rental - addition of notional rent on the plant and machinery leased to sister concerns - this is not the case of the AO that higher amount of lease...

Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...

Assessee failed to substantiate the difference between purchases shown in its Profit and Loss Account and TCS reflected in Form 26AS. Sample bills showed invoices raised...

Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

Nature of expenses - land registration charges - land taken over rent / lease - revenue or capital expenditure - The assessee cannot enjoy that property forever under a...

Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

Reimbursement of salary expenses of employees to the sister concern, who were deputed by the sister concern to the assessee does not require deduction of tax at source.

Commitment charges/guarantee commission - if the property of the sister concern of the assessee is pledged for the business purpose of the assessee, the sister concern...

Refund of excess paid duty - The contention of the revenue that since the duty was based on sale value of their sister concern is absolutely incorrect for the reason...

Interest expense - The borrowed amount in question was not utilized by the assessee in its own business, but had been advanced as interest-free loan to its...

Indexed cost of acquisition disallowed based on DVO report u/s 142A. Assessee's valuer determined cost at Rs. 89,800 per sq. yard, DVO at Rs. 72,000 per sq. meter....

Quick Updates: