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Tax Publishers 2018 TaxPub(DT) 0130 (Jp-Trib)

 

Mittal Pharma (P) Ltd. v. ITO

 

INCOME TAX ACT, 1961

--Tax deduction at source--Payment of interest to FIsNon-consideration of Form 26A----In case interest paid was disallowed for want of TDS under section 194A, matter was remanded to AO for consideration of Form No.26A as requested by assessee from the payee.--AO disallowed interest paid by assessee to M/s Religare Finvest Ltd. on account of non-deduction of tax under section 194A. Assessee|s case was that request had been made for issuance of Form No. 26A. in case of Religare.Held: Certificate issued by the C.A. in case of M/s Religare Finvest Ltd. would be considered by AO and if found in order, relief would be allowed.

Income Tax Act, 1961 Section 194A

REFERRED :

FAVOUR : Matter remanded.

A.Y. : 2012-13


 

INCOME TAX ACT, 1961

--Business deduction under section 36(1)(iii)--Interest on borrowed capitalInterest-free advances--Commercial expediency and own funds--Where assessee claimed to have made interest-free advanced out of own funds and due to commercial expediency, matter was remanded for verifciation in the interest of justice and equity.--Assessee claimed deduction under section 36(1)(iii). AO made proportionate disallowance on the ground that assessee had made interest free advance to M/s R,a proprietary concern of its director, without any commercial expediency as no business transaction was carried out with M/s. R. and amount was advanced to and received from M/s R because of commercial expediency to meet exigencies of business and further amount was given out of assessee|s own interest free funds.Held: Issue needed a fresh look at the level or AO, therefore, in the interest of justice and equity, the issue was remanded.

Income Tax Act, 1961 Section 36(1)(iii)

REFERRED :

FAVOUR : Matter remanded.

A.Y. : 2012-13



IN THE ITAT JAIPUR BENCH

BHAGCHAND, AM

Mittal Pharma (P) Ltd. v. ITO

ITA No. 734/Jp/2017

23 November, 2017 A.Y. 2012-13

Assessee Allowed

Citations:

Palam Gas Service v. CIT (2017) 394 ITR 300 (SC)

CIT (Central) -I, New Delhi v. Vatika Township Private Limited (2014) 367 ITR 466 (SC)

CIT v. M/s. Alom Extrusions Limited (2009) 319 ITR 306 (SC)

Munjal Sales Corporation v. CIT (2008) 298 ITR 298 (SC)

SA Builders Ltd. v. CIT (2007) 288 ITR 1 (SC)

Gem Granites v. CIT (2004) 271 ITR 322 (SC)

Allied Motors Private Limited v. CIT (1997) 224 ITR 677 (SC)

S. Nagaraj And Ors. v. State Of Karnataka And Anr. 1993 (3) SCALE 548

Keshavan Madhava Menon v. The State Of Bombay C.A. 9 OF 1950, January 22, 1951

M/s Soma TRG Joint Venture v. CIT (2017) 398 ITR 425 (J&K)

CIT, Jalandhar-I, Jalandhar v. M/s Max India Limited (2016) 388 ITR 81 (P&H)

The CIT, Bangalore And The Deputy CIT, Circle-11 (5), Bangalore v. M/S Karnataka State Industrial And Infrastructure Development Corpn. Ltd. ITAT No. 423/2014, November 20, 2015

CIT-I v. Ansal Land Mark Township (P) Ltd. (2015) 377 ITR 635 (Del)

CIT-IV v. Suzlon Energy Ltd.

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