Ravi R.S. (Practice) (40 Points)
27 January 2010Hello Tax experts,
in respect of sec 142(1) and 143(2) assessment of a Private ltd co, assessing officer passed assessment order u/s 144 citing non-cooperation by the directors of the company. AO has added loans given by the said directors to the company u/s 68. What could be the possible grounds of appeal before the commissioner (appeals).
Amir
(Learner)
(4016 Points)
Replied 27 January 2010
Dear Ravi,
Since u have mentioned that AO has made assessment u/s 144 on account of non cooperation this means that the genuinty of the transaction was not proved to AO.
U have to prove that the transaction of loan was genuine..
Ways to prove -
1) Borad Resolution
2) Minutes of the Board meeting.
3) Loan was carrying interest.
4) Agreement if any
Ravi R.S.
(Practice)
(40 Points)
Replied 27 January 2010
Dear Amir
Thanks,
is there any case law on this matter.
Amir
(Learner)
(4016 Points)
Replied 27 January 2010
Dear Ravi,
Since the present case involves the question of fact i:e whether the transaction was genuine or not, hence it has to be decided on the basis of facts on each case & any case law will not serve ur purpose.
Reference to case law is made when question of law is involved.
CAclubindia
