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Messages - ddshah

#16
Discussion / Re: Section 14A
February 12, 2008, 12:00:16 AM
This issue is pending before Special Bench in the case of M/s Acquarius Travels (P) Ltd. - ITA No.260/Del/2002 A.Y. 1998 – 99
#17
Discussion / deduction of interest expense - s. 14A
August 30, 2007, 12:35:52 AM
There are certain High Court decisions on the issue that in case if the interest is not allowed as deduciton, the same could be added to the cost of acquisition. This could have been useful in cases where the interest paid on borrowings used for investment in shares is disallowed due to s. 14A.

However, there are 2 decisions on the issue, i.e. Macintosh Finance Estates Ltd v. ACIT [12 SOT 324] (Mum) and Mohanlal M.Shah v.Dy,CIT [105 ITD 669] (Mum). Both these decisions hold that the interest so disallowed cannot be added to the cost of acquisition.

1.  Is there any decision in favour subsequent to these decisions.
2.  What would be the position in law for s. 14A for AY 1998-99 where the dividend is taxable upto 1.6.1997. Can it be said that the income is not such ' which does not form part of the total income' (as income for part of the year forms part of the total income). In such case, can we claim that s. 14A is not applicable?
#18
Discussion / re: 143(2) in Block proceedings
August 24, 2007, 01:05:35 AM
Is notice u/s. 143(2) required to be issued in Block proceedings.

Is there any decision in favour after considering the negative decision of Special Bench in Naval Kishore and recent Gauhati High Court decision saying that the notice is mandatory.
#19
Discussion / re: Bad Debts Deduction
August 24, 2007, 01:03:34 AM
As regards the deduction of bad debts, is it allowable by merely writting off the same in books or whether the assessee has to prove that the debts have become bad.

Is Oman international accepted after the Madras High Court decision. Any decision considering and following Oman International after considering the favourable decision of Delhi High Court in morgan Stanley and adverse decision of Madras  Court?