said to be linked when these
transactions emanate from a common source being an order or a contract or an
agreement or an arrangement ... terms of these
transactions are substantially flowing from the said common source. For example, a
master purchase order is issued stating the various terms
closely linked
transactions as the aforesaid transactions emanate from a common source i.e.
manufacture and supply of electronic components by the assessee. He held ... closely linked transactions because the
aforesaid transactions emanate from a common source i.e. manufacture and supply of
electronic components by the assessee
source of source, he
noted that certain subscribers have sourced their fund for making
investment into the share capital of assessee from certain common
sources
highlighted in the bank statement
6). Explanation along with evidence of source of source of the funds of the share applicant
Companies.
7). Audited Accounts ... source of funds from
which this company had made the share application are also available in the paper book. One
of the common directors
share application money was received in
earlier year, the assessee submitted the source of funds, ITR acknowledgment, Annual
Accounts ... associate company of the assessee having common shareholders. Lalit Kr Kothari
is a common Director in both these companies. M/s Regard
alleged liability of the Appellant Company to
deduct tax at source under section 195 of the said Act in respect
of remittance of share ... invalid,
unreasonable and/or otherwise perverse."
There is a single and common issue in all the grounds of appeal, so all the
grounds
Page 4 of 61
3. The first common issu e in these cro ss appeals (in ITA
No.1262/Kol/2010 of revenue ... reason of non-
deduction of TDS u/s. 195 of the Act. According to AO, these p aymen ts are in
the nature of fees
company as per ROC. Hence, the AO had opined that where source of
money is from a 'struck off' company and other ... well connected with
entry operators and identified shell entities by common directors, such source cannot
be accepted as genuine and bonafide. Considering the above fact
Company is duly available in the paper
book. The details of source of funds from which this company had made the
share application are also ... filed in the paper book. And it is a
group entity with common share holders who all are income tax assessee's and
their
relate to incomes derived from all business sources and segments.
It is practically impossible to segregate common business overheads and
correlate the same with ... particular source of income at present proceedings.
Section 14A was introduced in the I.T. Act, 1961 which clarified the legislative
intent that where exemption
