M/S. NIMBARK GEMS,, MUMBAI vs ACIT-16(3),, MUMBAI

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Last updated: 28 November 2020
Quick Summary
The Income Tax Appellate Tribunal (ITAT) heard an appeal from Nimbark Gems regarding a disallowance of cash payments totalling £2,45,250 for factory expenses, representative charges, and foreign travel. The primary argument was that these expenses were capital in nature, not revenue, and therefore Section 40A(3) of the Income Tax Act should not apply. The ITAT noted that this crucial point might have been overlooked by the lower appellate authority and has restored the issue to the Commissioner of Income Tax (Appeals) for a proper adjudication.

Court :
ITAT Mumbai

Brief :
This Assessee’s appeal for A.Y.2009-10 arises from Mumbai’s order of Commissioner of Income Tax (Appeals)-30, in case No.CIT(A)-30/ACIT 19(3)/277/2011-12 dated 30/11/2018, in proceedings u/s.143(3) of the Income Tax Act, 1961 [hereinafter referred to as Act].

Citation :
ITA No. 58/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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