Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 787 - AT - Income TaxDisallowing of finance charges - taxpayer as well as its group companies had taken recourse to accommodation entries only - HELD THAT:- We find no merit in Revenue’s foregoing arguments challenging lack of bonafides on assessee’s part in raising the impugned finance charges claim. It has already come on record that this tribunal’s co-ordinate bench’s decision(s) in assessee’s very group concern’s appeals has already declined Revenue’s very argument in the order dt.26-11-2014. Learned co-ordinate bench rather gave a categorical finding that the said group entity had duly supported the impugned financial charges by banks and other institutes’ certificates. We thus find no reason to adopt a different approach in instant lis raising the very aspect of suspicious circumstances. The CIT(A)’s action affirming the impugned finance charges disallowance stands reversed therefore. Assessee’s appeal is allowed.
|