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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Addition u/s 40A(2)(a) - trade discount allowed by the assessee ...

Case Laws     Income Tax

May 3, 2016

Addition u/s 40A(2)(a) - trade discount allowed by the assessee to its sister concerns - discount allowed to sister concerns were not unreasonable and cannot be excessive having regard to the market rate - AT

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  2. Deemed dividend addition u/s.2(22)(e) - advances given to sister concern without interest - Transactions were purely out of trading transactions between the two concerns...

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  4. Addition u/s 40A(2)(a)(b) on the ground that the assessee had allowed discount @ 3% tosister concern - It is not disputed that the assessee has neither claimed any...

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  7. Payment to sister concerns - Addition u/s 40A(2)(b) - license fee, programme amortization-payment - AO has failed to substantiate the allegation that the assessee has...

  8. Disallowance u/s.40A(2)(b) being paid by the assessee to the Excise Department on behalf of its sister concern - The assessee route collection and payment of excise duty...

  9. 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...

  10. Addition u/s 40A (2) (b) - exponential increase in the Directors’ remuneration - CBDT Circular clearly states that no disallowance is to be made u/s 40A (2) in respect...

  11. Estimation of Profit/Section 40A(2)(b) - JV entered - sub-contracting - AO had formed a view that the assessee JV had suppressed its profit by making excessive payment...

  12. Addition u/s 40A(2) - disallowance of interest claim of 9% - ITAT has rightly concluded that the provisions like Section 40A are meant to check evasion of tax through...

  13. 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...

  14. Revision u/s 263 - Expenditure incurred on payments to sister concerns u/s 40A(2)(b) - Inaction on the part of the AO has caused prejudice to the Revenue as contemplated...

  15. 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...

 

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