Expenses to maintain relationship in business is allowable and rent received by sub-lessor cannot be treated as income of first lessor


Last updated: 04 June 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and circumstances of the case and in law, the learned CIT(A) erred in upholding the action of the AO in disallowing an ad-hoc amount of Rs. 1,25,000/- towards gift expenses on the alleged ground that the gift expenses are not incurred wholly and exclusively for business purpose On the facts and circumstances of the case and in law, the learned CIT(A) erred in upholding the action of the AO in treating the Leave and License and other agreements entered into by the Appellant with M/s. Minicon Insulated Wires Private Limited (โ€œMiniconโ€) and the Appellant as a sham transaction The learned CIT(A) erred in upholding the action of the AO in assessing the income amounting Rs. 1,59,34,618/- received by Minicon, as income taxable in the hands of the Appellant

Citation :
Sahney Kirkwood Private Limited 27, Kirol, Vidya Vihar (West), Mumbai-400 086 PAN NO: AAACS 5304 A (Appellant) Vs. Additional Commissioner of Income Tax, Range 10(2), Mumbai (Respondent)

You have reached daily limit of 2 Free Judgements. To view this or other Judgements please subscribe to CCI PRO :

GST Plus

Stay updated! Stay ads free

Browse CAclubindia ads free.
Latest updates on WA.
Daily E-Newsletter and much more.

CCI PRO annual subscription :

Original Price : INR 2999/-

Offer Price : INR 1999/-

Duration : 1 year
(Prices Inclusive of GST)


Know More

Note: If you are a PRO member already, please click here to login (for ad free experience)
 

CCI Pro

CS Bijoy
Published in Income Tax
Views : 1935

Comments

CAclubindia's WhatsApp Groups Link


CCI Pro

Follow us