{"id":11208,"date":"2020-04-07T11:04:43","date_gmt":"2020-04-07T11:04:43","guid":{"rendered":"http:\/\/itatonline.org\/digest\/vishwas\/set-aside-matters\/"},"modified":"2020-04-10T14:50:19","modified_gmt":"2020-04-10T14:50:19","slug":"set-aside-matters","status":"publish","type":"vishwas","link":"https:\/\/itatonline.org\/digest\/vishwas\/set-aside-matters\/","title":{"rendered":"set aside matters"},"content":{"rendered":"<p>AO made addition U\/s 68 of Rs. 57 crore in various assessment year. CIT(A) confirm the same. Before ITAT appellant took a plea that loan taken in initial years were repaid in subsequent years and out of cash received on such repayment it has taken fresh loans\/ share capital. AO made addition in both the years without giving benefit of telescoping. Once such benefit given the addition will reduce to Rs. 17 crore. ITAT set aside the matter to AO to grant benefit of telescoping after verification of nexus, which is pending as of date. Now assessee wants to opt for VSVS. Whether he has to consider Rs. 57 crore as addition or 17 crore and what will be rate of tax, whether 100% of tax or 50% of tax? Kindly suggest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AO made addition U\/s 68 of Rs. 57 crore in various assessment year. CIT(A) confirm the same. Before ITAT appellant took a plea that loan taken in initial years were repaid in subsequent years and out of cash received on such repayment it has taken fresh loans\/ share capital. AO made addition in both the years without giving benefit of telescoping. Once such benefit given the addition will reduce to Rs. 17 crore. ITAT set aside the matter to AO to grant benefit of telescoping after verification of nexus, which is pending as of date. Now assessee wants to opt for VSVS. Whether he has to consider Rs. 57 crore as addition or 17 crore and what will be rate of tax, whether 100% of tax or 50% of tax? Kindly suggest.<\/p>\n<p><a href=\"https:\/\/itatonline.org\/digest\/vishwas\/set-aside-matters\/\">read more<\/a><\/p>","protected":false},"comment_status":"open","ping_status":"closed","template":"","tags":[],"expertname":[7],"class_list":["post-11208","vishwas","type-vishwas","status-publish","hentry","expertname-ca-rajan-vora"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas\/11208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/vishwas"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11208"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11208"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11208"},{"taxonomy":"expertname","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/expertname?post=11208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}