TaxTMI 
TaxTMI 
2020 (6) TMI 149
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....its application dated 04-07-2019 and Shri Neelesh Khandelwal, the ld. AR submits that the assessee is not interested to prosecute additional ground No. 1 and prayed to dismiss the same as not pressed. Accordingly, the additional ground No. 1 raised by the assessee is dismissed as not pressed. Therefore, the main ground Nos. 1 and 2 and additional ground No. 2 remains for our adjudication. 3. The ground No. 1 raised by the assessee challenging the action of CIT(A) in restricting the disallowance to Rs. 42,83,924/- against Rs. 70,57,756/- made by the AO on account of provisions of section 17(2) of the Act r.w.r. 3(7)(i) of the Income Tax Rules in the facts and circumstances of the case. 4. Heard both parties and perused the materials av....
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....ere are more than 1000 entries in the above said ledger accounts clearly shows the business transactions between EPIL and M/s. S & N Enterprises and the invocation of section 17(2) r.w.r. 3(7)(i) treating the same as advances is bad in law. 5. Shri Ajay Dhoke, the ld. DR submits that the provisions of section 7(2)(3) may be considered and no arguments with regard to computation of interest were advanced. 6. Heard both parties and perused the materials available on record. The AO treated maximum outstanding monthly balances in the account of assessee as interest free advances from EPIL and computed the interest as per rate charged by the Stage Bank of India. The contention of ld. AR is that it is a current account between M/s. S & N....
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....nges from time to time as and when required in the best interest of the company. In today‟s challenging business atmosphere, rigid stands with respect to collections adversely affects the business of any company. This flexible policy is adopted in case of all distributors and not only for the assessee. In fact in some other cases, credit beyond agreed period have also been allowed y the company, since it is a business decision taken in the best interest of the company‟s business. As already informed to you, an amount of Rs. 1,95,13,801/- was outstanding payable to creditor M/s. Vilaskumar Subhashcand & Co. against a purchase of Rs. 2,26,42,116/- during the year under consideration. Hence just because certain amounts are outstand....
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....nath Mane, the assessee therein on different dates for transfer of their 12.5% area of the developed land in advance at a predetermined price. In turn, Ashok Raghunath Mane agreed to transfer 50% of such developed lands to the Agarwal brothers wherein Narendra Bhimsen Agarwal, the assessee herein is one of amongst them at a price of Rs. 335/- per sq. ft. and claimed Rs. 1.51 crores as sale consideration from Agarwal brothers. This Tribunal held the transaction between Ashok Raghunath Mane and Shri Narendra Bhimsen Agarwal as ingenuine, it was an attempt by the Ashok Raghunath Mane to divert profit to Agarwal and upheld the addition made and confirmed by the AO and CIT(A) therein in the hands of Ashok Raghunath Mane. In order to come to such....