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2021 (9) TMI 406 - ITAT MUMBAIDisallowance u/s 14A r.w.r. 8D - whether investments were made out of interest free funds available with the assessee? - HELD THAT:- Interest free funds as available with the assessee were more than the investment made in the joint venture entities, remain uncontroverted before us. In such a situation, the ratio of binding judicial pronouncement was squarely applicable to the fact of the case. Therefore, no fault could be found in the impugned order, in this regard. The ground raised by the revenue stand dismissed. Estimation of income - Bogus purchases - HELD THAT:- As the assessee was engaged in civil construction which would require consumption of various material. The assessee could produce copies of invoices, delivery Challans as well as material inward register. The payment to the supplier was through banking channels. Therefore, it was a fit case for estimation of addition to plug the leakage of revenue. The estimation of 12.5% as made by Ld. CIT(A), in our considered opinion, was quite fair & reasonable on the given factual matrix. Finding no reason to interfere in the same, we dismiss the ground raised by the revenue.
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