https://www.taxtmi.com/caselaws?id=448397 ITAT Delhi dismissed revenue's appeal regarding capital gains addition under section 50C for leased property, following coordinate bench precedent that section 50C applies only to land/building transfers, not lease premiums. The tribunal upheld CIT(A)'s deletion of interest disallowance on subsidiary loans, finding business expediency established for project development. However, ITAT restored traveling expenses disallowance to AO for fresh consideration, noting CIT(A)'s contradictory reasoning in making ad hoc 25% disallowance despite accepting audited financials. The tribunal also restored related party advance disallowance to CIT(A) for rehearing and upheld deletion of excessive remuneration disallowance under section 40A(2)(a), finding AO's arbitrary 70% allowance without fair market value determination unjustified. en-us Mon, 15 Jan 2024 00:00:00 +0530 Wed, 17 Jan 2024 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448397 ITAT Delhi dismissed revenue's appeal regarding capital gains addition under section 50C for leased property, following coordinate bench precedent that section 50C applies only to land/building transfers, not lease premiums. The tribunal upheld CIT(A)'s deletion of interest disallowance on subsidiary loans, finding business expediency established for project development. However, ITAT restored traveling expenses disallowance to AO for fresh consideration, noting CIT(A)'s contradictory reasoning in making ad hoc 25% disallowance despite accepting audited financials. The tribunal also restored related party advance disallowance to CIT(A) for rehearing and upheld deletion of excessive remuneration disallowance under section 40A(2)(a), finding AO's arbitrary 70% allowance without fair market value determination unjustified. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448397