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2012 (10) TMI 18 - AT - Income TaxDeduction u/s 80RR - assessee is an individual and is a playback singer - remuneration in foreign currency - denial of deduction on ground that two encashment certificates from Wallstreet Finance Ltd. were not in Form 10H - Held that:- It is observed that RBI, vide its letter dated 31.10.1998 and again vide letter dated 16.06.2006, clarified that in the case of salaries of shipping crew members, the certificate is to be issued in Form 10H against encashment of foreign currency / travelers chaque but in other cases, the certificate should be issued for encashment of foreign currency notes / travelers cheuqes in Form ECF. Walstreet Finance Ltd. an authorised FFMCs issued certificate of Rs 14.34 lacs to the assessee and the said certificate should be accepted as valid to allow deduction to the assessee u/s 80RR. However, the other certificate of Rs.2.4 lacs, is not in the name of the assessee but is in the name of assessee’s son and, therefore, the assessee cannot take benefit for deduction u/s 80RR in respect of same - Decided in favor of assessee restricting the claim of deduction u/s on the basis of the certificate issued by Wallstreet Finance Ltd. Dis-allowance u/s 14A of interest paid to bank on borrowings - nexus of interest payment to the income earned - investment in partnership firm - assessee has neither received interest income, remuneration from the firm and dividend from the companies in which the assessee has used the loan for investment - Held that:- No infirmity found in the order of the Commissioner (Appeals) to confirm the action of the AO in the absence of any documents placed on record. Addition - low withdrawal for household expenses - assessee claimed that his wife’s income from AOP is used for house hold expenses - Held that:- It is observed that there is a withdrawal by way of cheque and no details have been given as to how much amount was contributed by assessee’s wife for household expenses. Further, there is no dispute to the fact that there are no household expenses shown by the assessee in Profit & Loss account filed by him. CIT(A) order of sustaining addition upheld
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