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2020 (11) TMI 139 - AT - Income TaxAddition on account of professional and consultation fees - CIT-A deleted addition - HELD THAT:- CIT (Appeals) has given a categorical finding that the issue had come up in the assessment proceedings for Assessment Year 2007-08 which was decided by the Tribunal [2013 (12) TMI 1353 - ITAT DELHI] and there is no deviation of any facts in the present assessment year as well. The CIT (Appeals) has rightly observed that the assessee availed services to control this group ‘SCHI’ in order to carry out the due diligence and risk analysis with the target hotels. Thus, these expenses are Revenue in nature. Thus, ground No. 1 of the Revenue’s appeal is dismissed. Advertisement and sale promotion expenses - Revenue or capital expenses - HELD THAT:- advertisement and sale promotion expenses are Revenue expenses as held in Assessment Year 2007-08 [2013 (12) TMI 1353 - ITAT DELHI] in assessee’s own case and there is no different facts emerging in present assessment year which are identical to the said assessment year 2007-08. Therefore, ground No. 2 of the Revenue’s appeal is dismissed. Addition on account of loss on waiver of loans - CIT-A deleted addition - HELD THAT:- As evident that in order to safe-guard its financial interest the assessee closed the credit facility for which settlement took place between the assessee and the borrower M/s. GLH. As a result of such a settlement the assessee was able to recover its dues including interest receivable which were discounted at 9.5% to arrive at a NCB and in the said process the assessee incurred a net loss of ₹ 1,33,40,751/-. This loss has been already offered for taxation in the relevant assessment years. CIT (Appeals) has rightly deleted the said addition and there is no need to interfere with the findings of the CIT (Appeals). Ground No. 3 of the Revenue’s appeal is dismissed.
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