Baring PE Partners: Income Tax Appeal Ruling

Quick Summary

This case involves Baring Private Equity Partners (India) Pvt. Ltd. and their appeal against an income tax order for the assessment year 2013-14. The core issue revolves around how interest income from Non-Convertible Debentures (NCDs) subscribed to in Muthoot Finance Ltd. should be treated. Although the assessee opted to receive the interest upon maturity of the NCDs, they had recognised this interest income in their Profit & Loss account for the current year. The Assessing Officer added this amount back to the assessee's income, leading to the present appeal.

Court :
ITAT Delhi

Brief :
Aggrieved by the order dated 29/9/2017 passed by the learned Commissioner of Income Tax (Appeals)-44, New Delhi (“the Ld. CIT(A)”) in appeal No. 88/2016-17/CIT (A)-44, for the assessment year 2013-14, in the case of M/s Barring Pvt. Ltd partners (India) Private Limited, assessee preferred this appeal.

Citation :
ITA No.- 6713 /Del/2017

Daily Limit Reached