1. DCIT, New Delhi Vs. M/s CTI Shipbrokers India Pvt Ltd (Dated: July 14, 2011), ITA No. 84(Del)2011, ITAT-Delhi
Section 36(1)(ii) - Whether the remuneration paid to the director as salary for services rendered, including bonus and commission are not allowable under the provisions of section 36(1)(ii).
Held:
no material or evidence has been brought by the AO to the effect that the commission would have been paid as dividend to the shareholders. It is the Companies Act, 1956, which governs the payment of dividend, containing the limitation and restrictions with regard thereto. The AO cannot user the discretion of the company regarding payment or otherwise of dividend. There is no warrant for the AO to presumption that had the commission being not paid, it would necessarily have been paid as dividend to the shareholders. As such, there is no applicability of section 36(1)(ii).
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2. Shri Jagtar Singh Chawla Vs. ACIT, Rewari (Dated: June 30, 2011), ITA No. 4923/Del./2010, Delhi ITAT
Issue: Whether for the purpose of investing the amount in another house property for claiming exemption u/s 54F, the due date of filing of return is to be considered as per sub-section (4) of section 139.
Held:
Only s. 139 is mentioned in s. 54(2) - Sec. 139 cannot mean only s. 139(1) but means all subsections of s. 139 - Therefore, assessee can fulfil the requirement of s. 54 of depositing the unutilized portion of the capital gain on sale of residential property in notified scheme upto the expiry of time-limit for filing return under s. 139(4).” Thus, the assessee was entitled to exemption of the entire investment upto the date of filing the return u/s 139(4) of the Act.
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3. ITO, New Delhi Vs. M/s Madhav Tech (India) Pvt Ltd (Dated: May 12, 2011), ITA No. 1312/Del/2011, Delhi ITAT
Section 68 – held :
where the assessee has submitted the confirmations and the salary slip of the applicant of share capital, The addition made in this regard is not to be sustained;
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