Dismissing the appeal of the revenue the Court held that the disallowance made by the assessee is reasonable hence the order of the Tribunal is affirmed. Relied on CIT v. Calcutta Knitewears (2014) 6 SCC 444. Referred ITO v. Daga Capital Management Capital Pvt. Ltd. (2009) 117 ITD 169 (SB) (Trib). (AY. 2006 -07)
CIT v. Sociedade De Fomento Industrial Pvt. Ltd. (No. 1) (2020) 429 ITR 207 / 276 Taxman 90 / 196 DTR 377 / (2021) 318 CTR 38 (Bom.)(HC) Editorial : Notice issued in SLP filed against order of High Court , CIT v. Sociedade De Fomento Industrial Pvt. Ltd ( 2021 ) 281 Taxman 297/ 283 Taxman 1 / 283 Taxman 6( SC), SLP dismissed ,CIT v. Sociedade De Fomento Industrial Pvt. Ltd. (2022)443 ITR 34 / 211 DTR 305/ 325 CTR 507 (SC)
S. 14A : Disallowance of expenditure-Exempt income-Tribunal justified in deleting the addition made by the Assessing Office. [s. 10(38), R. 8D]