Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 592 - GUJARAT HIGH COURTNotices issued u/s 143(2) and 142(1) – Mere intimation u/s 143(1)(a) could not be equated with an Assessment Order or not - Held that:- The assessee had set off this loss against its business income of this year - For the purpose of purchasing the units, the assessee had taken a loan of ₹ 15 crores from its sister concern M/s. Deepak Fertilizers & Petrochemicals Corporation Ltd.- On this loan, an interest of ₹ 21,83,698/- was paid to the sister concern - The assessee was the owner of the Unit only for One month and seven days and the total amount of dividend received from the UTI amounted to ₹ 1,82,23,200 - following the decision in DEEPAK NITRITE LIMITED Versus COMMISSIONER OF INCOME-TAX [2008 (5) TMI 233 - GUJARAT HIGH COURT] – mere intimation u/s 143(1)(a) could not be equated with an Assessment Order - for the reasons stated in his order the claim of loss 'is not acceptable and the same is ignored in the computation of income - Decided against revenue.
|