2023 (12) TMI 348

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....with Mr Ashvini Kumar and Mr Rishabh Nangia, Advs. For the Respondent Through: None. RAJIV SHAKDHER, J. (ORAL): CM No.59054/2023 [Application filed on behalf of the appellant seeking condonation of delay of 448 days in re-filing the appeal] 1. This is an application moved on behalf of the appellant/revenue seeking condonation of delay in re-filing the appeal. 1.1 According to the ap....

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.... The Commissioner of Income Tax Appeals [in short, "CIT(A)] deleted the addition; a view which has been sustained by the Tribunal. 9. Mr Puneet Rai, learned senior standing counsel, who appears on behalf of appellant/revenue, says that the deletion of the addition concerning the amount said to have been spent by the respondent/assessee towards supervisory and risk management, was flawed. 9.1....

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..../assessee claimed Rs. 4,33,06,842/- as expenses against brokerage income amounting to Rs. 5,58,09,177/-. 13. It is not in dispute that the appellant/revenue has treated the amounts received by the respondent/assessee's sister concerns as revenue receipts. Furthermore, it is also not in dispute that rate of tax levied on the amounts received by the respondent/assessee's sister concerns is the sa....

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....gement charges were not linked to its business, is untenable. 16.1. The submission of Mr Rai is founded on the rationale that while the said expenses were incurred for prospective clients it did not result in the respondent/assessee earning a matching income. 17. According to us, this argument is flawed. The fact that the expenses were incurred for prospective clients should be good enough f....