2008, wherein the Assessing Officer made
addition of Rs. 53,81,355/- u/s 68 of the Act on account of
unexplained cash deposits ... 2016
by making addition of Rs. 53,81,355/- u/s 68 of the Act on account
of undisclosed source of income. The assessment order
Cairn Uk Holding Ltd., Ahmedabad vs Dcit (International Taxation), New ... on 9 March, 2017
Page
assessee has claimed deduction u/s 36(1)(viia) of
the Income Tax Act, 1961 of Rs. 16,06,72,355/-. The
Assessing Officer disallowed ... 355 made during
the year in profit & loss account which is the only
condition to be satisfied as per section 36(1)(viia
What is submitted by learned counsel is
that under section 355 of the Companies Act,
nothing in section 349 shall apply to a private
company ... Schedule VI. Thus, this
provision is incorporated in the Act. Section 355
of the Companies Act cannot be made applicable
in such cases
What is
submitted by learned counsel is that under section 355 of the Companies Act,
nothing in section 349 shall apply to a private company ... Schedule VI. Thus, this provision is
incorporated in the Act. Section 355 of the Companies Act cannot be made
applicable in such cases
deleting the addition of
Rs.2,76,79,355/- on account of addition made u/s 68 of the Income Tax
Act."
3. Brief ... account of addition made of
Rs.2,76,79,355/- u/s 68 of the Income Tax Act ."
12. Ld. CIT (A) in this
after claiming exemption of Rs. 84,06,355/- u/s 54 of the I.T.
Act , being investment in residential property Royalton tower DLF city
reasonability of share
premium as the amendments to section 68 and section 56(2) (viib) came into effect
from asst year 2013-14.
Shares were ... share is also hit by the provisions of section 56 (1} of the IT Act ".
Sec 56(1) as it stood
declaring nil
income and claiming loss of Rs. 5,03,355/- . Search under Section
132 of the Act was conducted on 14.09.2017 at
business/residential ... declaring nil income and claiming loss of Rs.5,03,355/-. Notice
under Section 143(2) was issued on 24.09.2019. Notice under
Section
erred in deleting the
penalty of ` 3,93,355/- imposed u/s 271(1)(c) of the Income Tax Act.
2 ITA No. 3820
