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2018 (9) TMI 1306 - AT - Income TaxDisallowance of financial charges - genuineness of claim - Held that:- On perusal of the documents filed by the assessee, we are of the view that the assessee established the fact that it incurred the financial charges during the course of its business, which are genuine. Moreover, in its own case (formerly known as M/s Global Forgings Ltd. similar issue came up for consideration before the Tribunal and the Tribunal dismissed the appeal of the revenue wherein held only reason for the disallowance made by the Assessing Officer was that the assessee has incurred the expenditure, while discounting the bills from outside parties and providing goods to its sister concerns on credit basis. In our view, the conclusion. drawn by the Assessing Officer is based on mere presumptions and surmises, rather than evidence - decided in favour of assessee
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