Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1083 - HC - Income TaxTrading addition - rejection of books of accounts - Held that:- In view of the observations made by the Tribunal with regard to section 145(3), unless the books of accounts which have been found not genuine and the reasons for rejecting the books of account are just and proper, the view taken by the Tribunal is required to be upheld. In that view of the matter, the issue is answered in favour of the assessee. Eligibility to benefit of section 80-IA - Held that:- As decided in CIT v. Bhawani Forge P. Ltd. [2014 (12) TMI 932 - GUJARAT HIGH COURT] Tribunal after considering the material on record has rightly held that the assessee has satisfied all the conditions in order to avail benefit of section 80-IA of the Income-tax Act. Apart from that, learned advocate for the appellant-Revenue is not in a position to show how the findings of the Tribunal are bad in law and on facts. - Decided in favour of the assessee. Loan as advanced by the family members - Held that:- We are convinced with the arguments of the learned authorised representative as to prevailing market rate for the loans of permanent in nature and long-term loans is between 18 per cent. to 24 per cent. whereas the cases compared by the Assessing Officer are pertaining to the loans of temporary in nature. Also the assessee has advanced the money for the purpose of business needs, is not under dispute. Therefore, in such circumstances and facts of the case, the Assessing Officer is not justified in considering the said payment of interest as excessive or unreasonable and the same is directed to be deleted. - Decided in favour of the assessee. Allowance of expenses of insurance relating to earlier year - Decided in favour of the assessee.
|