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2022 (8) TMI 860 - AT - Income TaxRevision u/s 263 - assessee claimed expenses of the subsidiary entities who were independent companies with separate legal status and also assessable to income tax in their own status, thus when the resulting income was likely to arise in the hands of subsidiary companies, the claim of expenses would not be allowable to the assessee - HELD THAT:- We would confirm the revision order, however, with certain modifications since the earlier order of the Tribunal for AY 2009-10 [2014 (7) TMI 1219 - ITAT CHENNAI] as available to Ld. AO was not considered while framing the assessment for this year. Further, fresh adjudication has been done by the bench for AYs 2011-12, 2012- 13 & 2014-15 in its latest order which would have material bearing on the assessment. In terms of latest order dated 14.03.2022, Ld. AO is directed to disallow incubation expenses, if any, as incurred by the assessee. The income would be assessed as ‘Income from other sources’ against which related expenditure would be allowable in terms of Sec.57(iii). The Ld. AO is directed to reframe the assessment on above lines.
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