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2010 (1) TMI 921 - AT - Income TaxAddition of income - Arms length price - Deduction u/s 35D - Held that: assessee has not charged interest on fees receivable by it from WSN and whereas it has charged interest on a loan granted to NCWL, the rate of interest charged was at 2.262 per cent per annum - assessee has not charged interest on fees receivable by it from WSN and whereas it has charged interest on a loan granted to NCWL, the rate of interest charged was at 2.262 per cent per annum - Decided in favor of the assessee Regarding amortization u/s 35D - incurring of the expenditure was for the purpose of raising capital by way of public issue and as the public issue got aborted - As there is no controversy on the issue whether the assessee has incurred this expenditure or not and as the nature of expenditure reflect that they are revenue in nature and as the assessee has not got any enduring benefit - Decided in favor of the assessee Regarding disallowance of expenditure of Rs. 1,92,27,929 - Held that: assessee in his paper book, has submitted minute details of the expenditure incurred, statement of accounts, copy of invoices, etc - ssessee admits that some of the vouchers are self-made vouchers, there can be an element of personal expenditure as well as inflation of expenditure - AO is directed to restrict the same to 10 per cent - Appeal is partly allowed
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