M/S. PANARC CONSULTING GROUP PVT. LTD.,NEW DELHI vs. ITO, NEW DELHI

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ITA 1411/DEL/2015Status: DisposedITAT Delhi15 January 2020AY 2011-125 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal deleted the disallowance of interest paid on share application money, holding that Section 36(1)(iii) does not restrict such deductions. The issue of consultancy charges was set aside to the Assessing Officer for fresh consideration.

What were the facts?

The assessee claimed deduction for interest paid on share application money and consultancy charges. The revenue authorities disallowed these claims, leading to an appeal by the assessee.

What were the issues?

Whether interest paid on share application money is a deductible expense and whether consultancy charges were properly considered by the revenue authorities.

Which sections of the Income-tax Act were involved?

Section 36(1)(iii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH: ‘SMC’ NEW DELHI

Before: SHRI H. S. SIDHU

per law.

8.

In the result, the appeal filed by the assessee is partly allowed for statistical purposes.

Order pronounced on 15/01/2020.

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