2022 (7) TMI 442

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anding Counsel. Respondent Through: Ms.Kavita Jha, Advocate with Mr.Udit Naresh and Mr.Himanshu Aggarwal, Advocates. J U D G M E N T MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the Order dated 30th June, 2021 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 3736/Del/2016 for the Assessment Year 2009-10. 2. Learned counsel for the Appellant states....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sideration, the assessee had provided the details vis-à-vis name of its employees as well as justification/ purpose of travel. It was further held by both the authorities below that the assessing officer arbitrarily made an addition on an estimated basis @ of 20% of the total travelling expenditure which includes domestic as well as foreign travel and conveyance of the employees. Both the C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the purposes of business of real estate and infrastructural development. Both the appellate authorities also observed that the assessee duly demonstrated that the funds borrowed had been deployed/invested for various business projects of the assessee such as Rs.10 crores utilized for furnishing bank guarantee for bidding for lease hold rights from Rail Land Development Authority, Rs.25.50 crores f....