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2013 (12) TMI 1368 - ITAT MUMBAIDisallowance of interest free advances - Held that:- CIT (A) has failed to pass a speaking order regarding whether the judgement in case of Reliance Utilities and Power Ltd [2009 (1) TMI 4 - HIGH COURT BOMBAY] is applicable or not - The assessee failed to demonstrate with evidences and details about the nexus between the interest free advances given and the interest free loans taken by the assessee - The issue was restored for adjudication. Profit on sale of shares - Held that:- Profits cannot be taxed twice, one on account of assessee's own offer in the AY 2009-2010; and secondly on account of taxation by the Assessing Officer - CIT (A) needs to take a consistent stand in this regard and is required to pass a speaking order considering the fact that the same income should not be taxed twice - The issue was restored for adjudication.
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