KAMAT HOTELS (INDIA) LIMITED,MUMBAI vs. ACIT, MUMBAI

ITA 913/MUM/2024Status: DisposedITAT Mumbai04 November 2024AY 2017-18Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal allowed the assessee's appeal regarding the disallowance of interest expenditure under Section 36(1)(iii). It also set aside the addition made for income from house property to the Assessing Officer for de novo adjudication.

What were the facts?

The assessee company challenged disallowance of interest expenditure and addition for unexplained cash deposits. The revenue challenged the deletion of additions by the CIT(A) and the CIT(A)'s reliance on a remand report.

What were the issues?

Whether interest-free loans to subsidiaries are for business purposes, and whether cash deposits and rental income were correctly treated.

Which sections of the Income-tax Act were involved?

Section 36(1)(iii),Section 68,Section 24

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(6)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, E BENCH, MUMBAI

Per Bench:

1.

This a batch of 3 appeals consisting of cross-appeals for the Assessment Year 2017-2018 and appeal preferred by the ITA No. 913/Mum/2024, ITA 894-Mum-2024 & 1483/Mum/2024 Assessment Year: 2017-2018 & 2018-2

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 36(1)(iii)

All 3,665 judgments and leading authorities on Section 36(1)(iii) →

Recent GST High Court judgments

Search GST case law →