Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1030 - AT - Income TaxAddition u/s 36(1)(iii) - Held that:- After perusing the record before us including balance sheet and loan & advances, we observe that assessee’s own funds in the form of share capital and reserves are ₹ 2.81 crores whereas the advances to the staff were only to the tune of ₹ 57.58lacs and therefore there is no justification for the AO to make the addition u/s 36(1)(iii) of the Act as no disallowance is required to be made on this count. Case of the assessee is squarely covered by the decisions in the case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT) and Reliance Utilities & Power Ltd (2009 (1) TMI 4 - BOMBAY HIGH COURT). - Decided in favour of assessee.
|