Where assessee company had received share premium and filed sufficient evidences such as share allotment details, annual return, details including name, address and PAN of shareholder who had subscribed to its shares and same was not negated by Assessing Officer, merely because Assessing officer felt that share premium received by assessee was high, genuineness of transaction could not be doubted for purpose of section 68
Provisions of section 14A cannot be applied in absence of any exempt income earned in a particular year by assessee
Where assessee had clearly showed commercial expediency and corporate strategy for advancing interest bearing funds as interest free advances to a company wherein assessee had 50 per cent of stake through its 100 per cent subsidiary company, disallowance of part of interest on borrowed funds by Assessing Officer was unjustified
Refer:[2018] 100 taxmann.com 294 (Mumbai - Trib.)
Provisions of section 14A cannot be applied in absence of any exempt income earned in a particular year by assessee
Where assessee had clearly showed commercial expediency and corporate strategy for advancing interest bearing funds as interest free advances to a company wherein assessee had 50 per cent of stake through its 100 per cent subsidiary company, disallowance of part of interest on borrowed funds by Assessing Officer was unjustified
Refer:[2018] 100 taxmann.com 294 (Mumbai - Trib.)
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