required to repay the
sum borrowed, in 59 Equated Monthly Instalments (EMIs), amounting to
Rs. 7544/- each. The first due date, as stipulated ... failed to adhere to the financial discipline in the payment of the EMIs.
Since, the respondent, failed to regularize the account, a loan recall
Income Tax Act , the assessee had followed Equated Monthly Instalment (in short, EMI) method, as against the Sum of Digits (in short, SOD) Method ... thus satisfied in the reporting of the income by following EMI method, it was not open to the Assessing Officer to reject the return. Thus
into the loan account of RBT, the equated monthly instalments
(EMIs) payable against the loan advanced to RBT.
5. Having held that a prima facie ... case of liability, of the appellant,
to pay the said EMIs during the pendency of proceedings existed, the
learned Arbitral Tribunal has directed the appellant
returning the income for the purpose of income was
only on EMI method. This was so, ever since the
assessee started its business in this ... that
the Assessing Officer had committed a serious error
in ignoring the EMI method, to adopt SOD method.
19. We are in agreement with
loan was payable by Sandeep
Kumar by way of equated monthly instalments (EMI) or Pre-equated
instalments (PEMI) irrespective of the stage of construction ... HDFC Ltd. the principal amount of `20,10,678/- coupled with
EMI, additional interest and incidental charges, amounting
over the possession on account of loss of
interest and payment of EMIs to the bank without getting the
possession whereas Ops kept on asking ... litigation expenses and repay the amount of
EMI/interest paid by the complainant to the bank.
2. Upon notice, Op Nos. 1 to 3 filed
Loan Agreement, the defendant agreed to pay EMI/Pre EMI every
month. As per clause 2.7(b) of the Loan Agreement, the defendant also agreed ... thereby raising the total disbursed
amount. The loan was re-payable in EMIs of Rs.34,114/-. The defendant made
last payment on 14th April
behalf of the assessee that the royalty payments were made to EMI Records Ltd. (EMI for short), an English company, various artists who provided ... appended specimen copies of the agreement entered into between the assessee and EMI, artists, film producers and authors of songs. The various schemes
loan of the part of
the purchase price but that EMIs are exclusively paid
by the husband from his account and the husband also
claims ... taken for a
small portion of the purchase price for which EMIs are
stated to have been paid by the husband.
5.The averment
interest component
of the equated monthly installments (briefly referred to as
"EMI") received by the respondent assessee as tax liability with
consequential penalty ... recovery of tax on one
tenth of the interest component of the EMI from 01.03.2006 and
levy of penalty under Section 76 of the Finance
