provide a robust and
technologically intensive centralized system offering Electronic Clearing
Services (ECS), Electronic Funds Transfer (EFT) and National Electronic
Fund Transfer (NEFT) services covering ... provide a robust and
technologically intensive centralized system offering Electronic Clearing
Services (ECS), Electronic Funds Transfer (EFT) and National Electronic
Fund Transfer (NEFT) services covering
1381/Mum/2017 & 564/Mum/2018
which was in need of funds and, therefore, it has to be understood as a loan
transaction ... quarter on reducing balance
through account payee cheque or by electronic fund transfer (EFT) subject
to TDS as per Income Tax Act , as applicable
Skol Breweries Ltd, Mumbai vs Assessee on 29 July, 2011
IN THE INCOME TAX APPELLATE
purchases were
capitalized. The payments were made through cheques/Electronic Fund
Transfer and accordingly depreciation was claimed. The AO rejecting the
contention ... question. Further, the assessee has made the payments through
cheque/electronic funds transfer and had made entries in the books of account.
The details
Report Generation charges in Syspro, customizing Syspro so as to
enable Electronic Fund Transfer facility etc. These were claimed to be
reimbursement of expenses, which
Report Generation charges in Syspro, customizing Syspro so as to enable
Electronic Fund Transfer facility etc. These were claimed to be reimbursement
of expenses, which
through Cash
Deposit and Rs. 1,35,93,853/- through electronic fund transfer)
proposed u/s.69 A of the Income-tax Act on account
payments to the said parties were made through account payee
cheques/electronic fund transfer and the amount is received from the
sales parties to account ... payee cheques/electronic fund transfer. The
assessee also furnished before the AO statement reflecting purchase of
the items and corresponding sales and the bank statements
channels by account payee cheques/demand
drafts/electronic transfer. The evidence furnished clearly
reveals the source of funds, in f act the source of source
period Nov, 2011 to April
2012 reveals fund transfer credits totaling Rs. 21.60 crores out of
which funds amounting to Rs. 16.19 crores was received ... transferred funds of Rs. 16.19 crores to the account of Assessee; and
M/s Sony Mony Electronics Ltd has received fund transfers
