https://www.taxtmi.com/caselaws?id=258590 The ITAT ruled in favor of the assessee in part, directing the deletion of the addition of Rs. 1,25,000 received as sponsorship contributions, stating they were not taxable income but meant to cover event expenses. However, the ITAT upheld the assessment of Rs. 11,87,657 for complimentary liquors received, considering them as income due to a profit-making intention. The assessment of interest income of Rs. 7,08,931 was confirmed based on a Supreme Court precedent. The assessee's appeal was partially allowed, while the revenue's appeal was dismissed. en-us Fri, 13 Mar 2015 00:00:00 +0530 Tue, 18 Aug 2015 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258590 The ITAT ruled in favor of the assessee in part, directing the deletion of the addition of Rs. 1,25,000 received as sponsorship contributions, stating they were not taxable income but meant to cover event expenses. However, the ITAT upheld the assessment of Rs. 11,87,657 for complimentary liquors received, considering them as income due to a profit-making intention. The assessment of interest income of Rs. 7,08,931 was confirmed based on a Supreme Court precedent. The assessee's appeal was partially allowed, while the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258590