Tribunal

3. Sec 68: No addition could be made under section 68, where assessee-company issued its shares at premium to subscribing company and subscribing company had explained that shares were taken on premium out of loan taken from NBFCs and had given immediate source; and had also given documents and confirmations from NBFC companies confirming loan out of borrowings.

[Prime Comfort Products (P.) Ltd. v. ACIT, Circle-20(1) - ITA No.267/Del/2019 - Date: 04.10.2019 - Delhi ITAT]

4. Sec 2(22)(e) : Where assessee received loan from two companies which were substantially involved in business of money lending, proviso (ii) to section 2(22)(e) would apply to assessee's case and addition of deemed dividend made to assessee's income was to be deleted

[Mohan Bhagwatprasad Agrawal v. DCIT, Circle- 4 (2) – ITA No.29/Ahd/2019 – Date: 12.04.2019 - Ahmedabad ITAT]

Case law before Hon’ble Income Tax Appellate Tribunal

[2022] 136 taxmann.com 128 (Ahmedabad - Trib.) 

IN THE ITAT AHMEDABAD BENCH 'C'

ACIT  V/S  Armee Infotech

INCOME TAX : Funds given by assessee as donation to political parties and charitable Institutions (donees) under section 80GGC could not have been disallowed treating same as bogus on ground that donees failed to use it for object which had been made eligible to receive donation as Act nowhere puts obligation upon donor to ensure how funds are utilized by donee towards their objects.

Coram: Rajpal Yadav, VICE-PRESIDENT & Waseem Ahmed, ACCOUNTANT MEMBER

Counsel: Mukesh Kumar Sharma, Sr. DR for the Appellant. Hardik V. Vora, Adv. for the Respondent.

Case law before Hon’ble Central Administrative Tribunal

For Service matter:

Preethi L. Rao V/S Union of India & Ors.

CAT, Ahmedabad OA No. 410/2022

The Central Administrative Tribunal, Ahmedabad Bench, held that the applicant’s request for inter-charge transfer from Gujarat to Karnataka, made after completion of 10 years of service, could not be defeated by subsequent CBDT instructions dated 22.12.2020 restricting transfers to loan basis. Since her request was submitted prior to the issuance of the circular and her hardship was comparable to other exceptional cases where transfer was granted, the Tribunal directed the respondents to reconsider her representation dated 11.02.2020 under the earlier regime within 12 weeks.

Coram: Hon’ble Shri Justice Rameshwar Vyas, Member (J) & Hon’ble Dr. A. K. Dubey, Member (A)

Counsel: Adv. Hardik V Vora for the Applicant. Adv. Chirayu Mehta for the Respondent.
 
     
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