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        Case ID :
        Income Tax

        The ITAT allowed the appeal of the assessee. Disallowance under...

        Assessee succeeds: s.14A and r.8D disallowances deleted; r.8D(2)(ii)/(iii) confined, s.36(1)(iii) additions removed; commissions and inter-company advances held allowable

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The ITAT allowed the appeal of the assessee. Disallowance under s.14A read with r.8D was deleted as assessee's own funds exceeded investments, permitting presumption investments were from own funds. Payments of commission were held not excessive and allowable. Additions under s.36(1)(iii) in respect of inter-company transactions were deleted as bona fide business dealings, not loans. Suo-moto disallowances made in the return under r.8D(2)(ii) and r.8D(2)(iii) were ordered deleted; r.8D(2)(iii) computations confined to investments yielding exempt income and AO directed to verify calculations. Advances to subsidiary/sister concerns held commercially expedient; AO directed to delete related interest disallowances.
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