Bogus loss - when ultimate buyer and the seller operate from the ...

Court Denies Tax Loss Claim: Same Premises for Buyer and Seller Not Justified as "Ease of Business.

August 29, 2019

Case Laws Income Tax AT

Bogus loss - when ultimate buyer and the seller operate from the same premises, why is the assessee roped in every time, and every time that happens, assessee incurs a loss - the “ease of business” for every connected party operating from the same premises is too vague an explanation to merit judicial approval - loss not allowable

View Source

← Previous Next →

Bogus loss - when ultimate buyer and the seller operate from the ...

Court Denies Tax Loss Claim: Same Premises for Buyer and Seller Not Justified as "Ease of Business.

August 29, 2019

Case Laws Income Tax AT

You may also like:

No deduction of tax shall be made u/s 194Q of the IT Act 1961 by a buyer on purchase of goods from an International Financial Services Centre Unit seller, subject to...

CENVAT Credit - place of removal for the GTA Services provided under a F.O.R sale contract - The High Court determined that in an F.O.R sale, where ownership remains...

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the...

Nature of loss - capital loss or business loss - company in liquidation - assesssee claimed the same as business loss - Tribunal allowed the same as capital loss -...

Jurisdiction - power of respondent to seal the business premises - proper authorization - access to the business premises was not denied by the petitioner - Revenue...

Valuation of imported goods - related parties u/s 14 - there should be two way interest between the buyer and seller was insufficient as the statutory requirement of...

Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

Input Tax Credit - purchases made from the seller who had discharged its tax liability but the preceding seller has not discharged its liability under the Act - If the...

The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at...

SC held that the buyer's conduct in encashing refund drafts demonstrated unwillingness to perform the agreement to sell. The seller's prior cancellation letter...

A Unit of International Financial Services Centre shall not be considered as 'buyer' for TCS u/s 206C(1H) of the Income Tax Act, 1961, subject to conditions - the buyer...

Loss from mutilated currency notes claimed as business loss/business expenditure in computation of taxable total income - AO to allow the loss to the extent of 20%

Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

Quick Updates: