ITAT Mumbai

Share application money is not loan or advance

Ratio Decidendi: Money paid in advance for Share application cannot be treated as loan or advance or Deemed Dividend as under Section 2(22)(e) of the IT Act. CLR Editorial Note: The assessee was a beneficial shareholder of two companies named Kingston Properties P Ltd. (KPPL), New Dimensions Consultants P Ltd (NDCPL) & R. S. Estate Developers P Ltd… Read More

Tags: Advance paymentAllotmentsCITCommonwealth Law ReportsDividendFull Case DocumentGardensITAT MumbaiMumbaiOrder of Australia

Transfer Pricing: Delay payments by Associated Enterprise does not attract notional interest addition

CLR Editorial Notes: There was a delay in payment of credit between an Organization and its Associated Enterprise (AE). The Organization (assessee) raised invoices on its  AE and gave 30 days of credit for the payments. There was a delay by the AE in making the payments beyond the given credit period. The Transfer Pricing Officer… Read More

Tags: BusinessCommonwealth Law ReportsCredit (finance)Financial servicesIndiaInterestITAT MumbaiMumbaiPaymenttransfer pricing

ITAT Mumbai settles dispute regarding dis-allowance of expenses relating to exempt income under section 14A

CLR Editorial Notes: The case is related to a dispute regarding dis-allowance of expenses relating to exempt income under section 14A of the Act. Under the said provisions, the dis-allowance of expenses relating to exempt income is required to be computed as per Rule 8D. The Hon'ble High Court of Bombay had earlier adjudged in… Read More

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