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M/s Shiva Auto Mobiles (Auto Division) Versus Commissioner of Income Tax, Aligarh And Another

2018 (1) TMI 546 - ALLAHABAD HIGH COURT

Revision u/s 263 - addition u/s 14A of the Act with regard to certain shares which had been issued in their favour individually as member of the firm and had not been issued to the firm itself - capital assets in the shape of shares were in the name of the partnership himself - Held that:- One thing which is clear that the assessee was not trading in shares. The business was a different nature and it was to sale motorcycle and its parts. It is admitted to the assessee that the amount which was r .....

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been allowed to them under that head could not have been allowed. It has rightly been disallowed. Insofar as the other aspects are concerned, the Tribunal has recorded that the assessee is a firm and is also assessed as a firm. - Decided against assessee - Income Tax Appeal No. 310 of 2010 - Dated:- 8-1-2018 - Hon'ble Bharati Sapru And Hon'ble Neeraj Tiwari, JJ. For the Appellant : Shakeel Ahmad For the Respondent : C.S.C./Income Tax,Gaurav Mahajan ORDER This appeal under Section 260A o .....

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was justified that the order of the Commissioner of Income Tax, Aligarh was erroneous and prejudicial to the interest of revenue partly? ii. Whether upon the facts and circumstances of the case the Tribunal by its majority judgment, was justified in holding that no due enquiry was completed by the A.O. while allowing salary and interest to the partners ignoring the fact all the three conditions given in the amended Section 184 and 185 were met and the firm had to be assessed in the same status a .....

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judgment was justified the dividend received or receivable on the shares by the partners directly, the profit has not been distributed in accordance with the provisions of the partnership deed in the absence of any evidence for the same and Commissioner of Income Tax had no material what so ever while passing the order under Section 263 of the Act? v. Whether upon the facts and circumstances of the case the Tribunal by its majority judgment was correct in holding that the assessee firm is liabl .....

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Tribunal vide its majority judgment was justified in holding otherwise? The facts of the case are that the appellant's firm was doing the business of sale and purchase of Bajaj two Wheelers, Five Wheelers/Motorcycle. They filed a return for the assessment year 2001-02 declaring an income of ₹ 52,720/-. Subsequently, the case was selected for deeper scrutiny and notice under Section 143(2) (II) of the Act were issued to the appellant. Certain queries were raised by the Assessing Officer .....

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n shares which had been issued in their favour individually as member of the firm and had not been issued to the firm itself. The assessee filed an objection which was rejected by an order dated 31.03.2006. Against this order dated 31.03.2006, the appellant herein filed an appeal and a difference of opinion arose between the Judicial Member and the Accountant Member of the Tribunal. The Judicial Member allowed the appeal setting aside the order of the CIT (Appeals) and restored the assessment or .....

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