Tuesday, September 28, 2021

AO can’t disallow entire dep. and incidental expense if car was purchased by Co. in name of director: ITAT

INCOME TAX : Where assessee company was not a shareholder in company from which it had received loan, such loan amount could not be treated as deemed dividend under section 2(22)(e) in hands of assessee merely because there were common shareholders in payer and payee company

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316040/ao-can’t-disallow-entire-dep-and-incidental-expense-if-car-was-purchased-by-co-in-name-of-director-itat.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...