{"id":33993,"date":"2023-04-22T10:47:07","date_gmt":"2023-04-22T05:17:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/infrastructure-logistics-p-ltd-v-jcit-2022-196-itd-153-panajitrib-2\/"},"modified":"2024-08-15T08:54:14","modified_gmt":"2024-08-15T03:24:14","slug":"infrastructure-logistics-p-ltd-v-jcit-2022-196-itd-153-panajitrib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/infrastructure-logistics-p-ltd-v-jcit-2022-196-itd-153-panajitrib-2\/","title":{"rendered":"Infrastructure Logistics (P.) Ltd. v. JCIT (2022) 196 ITD 153\/(2023) 223 TTJ 341 (Panaji)(Trib.)"},"content":{"rendered":"<p><strong>\u00a0<\/strong>Assessee had received advances\/deposits in preceding years from 6 parties, for providing handling services in connection with its business.\u00a0\u00a0 Assessee explained its inability to submit confirmations of aforementioned parties, Assessing Officer held that same were in nature of benefit or perquisite within meaning of section 28(iv) and, accordingly, Assessing Officer made an addition under section 28(iv). Held that\u00a0\u00a0 since cessation of outstanding liability of assessee, i.e., deposits\/advances for providing handling services that were received by assessee in normal course of its business in preceding years, would undisputedly represent cash\/money and was not in nature of benefit or perquisite, provisions of section 28(iv) would not get triggered.\u00a0 (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Advances deposits in preceding year-Failure to file confirmation-Cessation  liability-Provision of section 28(iv) is not applicable. [S. 41(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-33993","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Qh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33993"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33993\/revisions"}],"predecessor-version":[{"id":45155,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33993\/revisions\/45155"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}