JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

COMMISSIONER OF INCOME TAX

disallowed in view of the express provisions of Section 14A. It is submitted by the Revenue that the deduction when allowed under Chapter VIA results in exclusion of the said income from the total income, which is taxable. Therefore, in fairness the expenses incurred by the assessee to earn the said income should be excluded and not allowed. The contention

M/S. RELIGARE ENTERPRISE LTD.,NOIDA vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purposes

b) Disallowance under section 14A of the Act read with Rule 8D of the Rules should, in any case, be directed to be restricted to actual expenditure incurred and claimed as deduction; (c) Depreciation should not be considered while considering the expenditure incurred [refer Special Bench decision in the case of Vishnu Anant Mahajan v. ACIT

CIT-7

b) Top Cat; (c) Sports Cat; (d) Meow Zindagi; (e) Meow Matinee; (f) Mama Meow; (g) Tutu Meow Meow Further, during the financial year 2007-08 the Assessee company has purchased only the new plant and machinery and used the same in the production of programs on which additional depreciation has been claimed by it" Assessment order 6. However

RISHI GOYAL,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the assessee is partly allowed

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

35B, 1st Floor Lajpat Nagar-2 New Delhi-110024 PAN:AALPG 5610P (Appellant) (Respondent) Assessee by Shri Sandeep Khandelwal, CA Respondent by Shri Vivek Vardhan, Sr. DR Date of Hearing 21/05/2024 Date of Pronouncement 26/06/2024 O R D E R PER S.RIFAUR RAHMAN, AM: 1. This appeal has been filed by the Assessee against the order of Learned Commissioner