Brand Image Expenses - The assessee has provided details of all ...

Revenue Deemed Rs. 8.73 Crores Cruise Trip Expenses Unreasonable Without Investigation; CIT(A) Reasoning Rejected.

August 6, 2021

Case Laws Income Tax AT

Brand Image Expenses - The assessee has provided details of all the dealers who have been given tickets to cruise trips which were not inquired by the revenue to prove any deformation in the information provided. Instead of doing so, the revenue held that the expenses of ₹ 8. 73 crores are unreasonable and excessive which is beyond the purview of the revenue. Since, the fact of incurring of expenses and its genuineness has not been in dispute, we hereby decline to accept the reasoning of the ld. CIT(A) - AT

View Source

← Previous Next →

Brand Image Expenses - The assessee has provided details of all ...

Revenue Deemed Rs. 8.73 Crores Cruise Trip Expenses Unreasonable Without Investigation; CIT(A) Reasoning Rejected.

August 6, 2021

Case Laws Income Tax AT

You may also like:

Disallowance of travelling expenses - AO while disallowing the expenses has noted that the expenses were incurred on account of trip by cruise ship by director and his...

Disallowance of tour and travel expenses - no details were forthcoming from the assessee to substantiate these travel and conveyance expenses and justify that these...

The Lok Sabha passed the Finance Bill 2025 with 35 government amendments, including the abolition of a 6% digital tax on online advertisements. This completes the lower...

The Indian Finance Minister's upcoming FY2025-26 Budget presentation focuses on critical fiscal metrics and consolidation targets. The government aims to reduce fiscal...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

Direct tax collection for 2024-25 fiscal narrowly achieved target, reaching Rs 22.26 lakh crore with 13.57% growth. Despite issuing record refunds of Rs 4,76,743 crore...

Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

The GOI officially refutes claims of proposed GST on UPI transactions over Rs.2,000, confirming no such taxation measure exists. CBDT has eliminated Merchant Discount...

The GoI through DPIIT has revised eligibility criteria for Industrial Entrepreneurs Memorandum (IEM) acknowledgment, increasing investment thresholds for large-scale...

Interest liability - delay in furnishing GSTR-3B return - Liability imposed without any adjudication proceeding u/s 73 or 74 - despite disputing the liability towards...

The AT upheld the penalty imposed by the authorities u/s 8(1) of FERA, 1973 on the appellants Shri Anil Agarwal, Navin Agarwal, and D.P. Agarwal for transferring foreign...

The HC allowed the petition filed u/s 482 CrPC. It set aside the trial court's condition directing the petitioner, accused of fraudulently availing Input Tax Credit...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

Quick Updates: