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1 - 10 of 13 (0.25 seconds)Section 69C in The Income Tax Act, 1961 [Entire Act]
Section 69 in The Income Tax Act, 1961 [Entire Act]
Section 68 in The Income Tax Act, 1961 [Entire Act]
Section 132B in The Income Tax Act, 1961 [Entire Act]
Section 158BB in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax ... vs Lata Mangeshkar Medical Foundation on 29 April, 2019
CIT v. Lata Mangeshker (1974) 97 ITR 696 (Bom.)
Without prejudice to the above, it may be specifically pointed out that these
interests are disallowed invoking the provisions of section 69C. The provisions
of section 69C envisages the existence of the expenditure having been
incurred. The moment the interest expenses are added invoking the
provisions of section 69C it is established that the Assessing Officer is satisfied
that these represent the expenditure incurred by the assessee which is not
recorded in the books of account. Thus, position in law would be that the
alleged unexplained credits are also accepted to be genuine by the Assessing
Officer then only the question of payment of interest would arise. It is not
that the expenditure is claimed and therefore disallowed.
Acit Circle 2(1), Gwalior vs M/S Gahoi Dal & Oil Mills P Ltd, Gwalior on 8 June, 2018
k) Our case is further supported by the Ahmedabad Tribunal decision in the
case ACIT vs. Prabhat Oil Mill (1995) 52 TTJ 533 in which also it was held
that mere entries in the account of a third party is not sufficient to prove
that the assessee had made sales outside books of account. The
Ahmedabad Tribunal has relied on the Bombay decision in Addl.
Section 131 in The Income Tax Act, 1961 [Entire Act]
Ram Avatar Bansal, New Delhi vs Ito, New Delhi on 2 February, 2017
ii. Ajpalsingh Ram Avatar v. ITO (1991) 39 TTJ (Del) 544 (ITAT Delhi
bench)
iii.