Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
ITAT upheld the applicability of deemed dividend under section 2(22)(e) where a shareholder had the requisite shareholding, a debit balance appeared in the company's books, and the company had sufficient accumulated profits; the short duration of the debit balance did not alter its character as a shareholder advance or loan. On computation, however, the Tribunal held that the net debit balance could not be determined by ignoring accrued interest on day-to-day credit balances, and the assessee had to be given a reasonable opportunity to have that adjustment considered. The matter was therefore remanded for recomputation of the amount assessable as deemed dividend.
ITAT upheld the applicability of deemed dividend under section 2(22)(e) where a shareholder had the requisite shareholding, a debit balance appeared in the company's books, and the company had sufficient accumulated profits; the short duration of the debit balance did not alter its character as a shareholder advance or loan. On computation, however, the Tribunal held that the net debit balance could not be determined by ignoring accrued interest on day-to-day credit balances, and the assessee had to be given a reasonable opportunity to have that adjustment considered. The matter was therefore remanded for recomputation of the amount assessable as deemed dividend.
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