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2019 (7) TMI 1565 - AT - Income TaxInterest income - “Income from Other Sources” OR “Business Income” - HELD THAT:- Tribunal while allowing the interest income as Business Income followed the decision of Jaipur Bench in Infrastructure Development Company of Rajasthan Ltd. Vs. DCIT. [2016 (9) TMI 957 - ITAT JAIPUR], Indian Oil Panipat Power Consortium vs. ITO [2013 (10) TMI 982 - GUJARAT HIGH COURT], CIT vs. Facor Power Ltd. [2016 (1) TMI 461 - DELHI HIGH COURT]. Therefore, considering the decision of Tribunal in assessee’s own case for Assessment Year 2011-12 and respectfully following the same, Ground No.1 to 3 of appeal are allowed. Deduction u/s 37 - HELD THAT:- We have noted that out of total claim CIT(A) has already allowed the claim of Audit Fees, Tax Audit Fees and Director’s Fees and remaining was not allowed. The remaining expenditure consist Legal and Consultation Fees Travelling and Conveyance fees, Rates & Taxes, Bank Commission and Fees for other services. Considering the nature of expenses incurred by assessee as narrated above all the expenses are necessary for corporate entity, therefore, all the expenses are allowed
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