| Saturday, May 28, 2011 |
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1. [Contribution by P.C.Yadav, Advocate - Supreme Court of India] I. ITO Vs. M/s Kailashpati Overseas Pvt. Ltd. ITA No. 4268 / Del / 2009, Assessment Year 2001 – 2002, ITAT – Delhi Whether when assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden and no addition can be made on the basis of investigation averments, and it is incumbent on the AO to prove that averments of investigation wing applies in the case of the assessee-Held-Yes. In this case the assessee has received share application money from some persons- On the basis of investigation wing report AO reopened the assessment of the impugned years and direct the assessee to produce the share applicants- Assessee could not produce any body- AO made the addition- CIT(A) allowed the appeal of the assessee- Matter reached to the ITAT wherein the AR of the assessee points out that assessee has discharged its initial burden and the ball is in the court of AO to investigate further AR of the assessee relied on the decision of Oasis Hospitality- ITAT dismissed the appeal of the department. (Please click here for judgment)
II. Dish India Micro credit Vs. CIT, 1374/ Del /2010, ITAT – Delhi Assessee a Company constituted under section 25 of the Companies Act and engaged in micro-financing activities means providing loans to the poor community of the society as per the guide lines of the RBI- It applies for registration of 12AA in the prescribed form - CIT referring to the incidental objects of the Company as prescribed in Memorandum of Association of the Company held that the activities of the Company are not charitable- On appeal before the ITAT, the AR of the assessee argued that the CIT has completely over looked the main objects, dissolution clause and restriction of RBI imposed on assessee, and has rejected the application of the assessee in a summary manner- Before ITAT AR of the assessee argued that at the stage of granting 12AA only prima facie conditions are to be looked into-ITAT decided the case in the favour of assessee. (Please click here for judgment)
2. [Contribution by CA. Manoj Gupta, and contributor is available on Mobile No. 9350760606 / email-id: mgupta2803@gmail.com ] A Useful Article on “ MAI Scheme by Ministry of Commerce and Industry” (Please click here for article)
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