2021-TIOL-1440-ITAT-MAD
Sell More Marketing Pvt Ltd Vs ITO
Whether merely because there is no rental payment for current financial year, genuine rental agreement and consequent rent advance paid cannot be considered as diversion of funds for non-business purposes so as to disallow interest expenses paid on loan borrowed for purpose of business - YES: ITAT
- Assessee's appeal allowed: CHENNAI ITAT
2021-TIOL-1439-ITAT-MUM
Ravi Bhushan Trivedi Vs DCIT
Whether short-term capital gains falls under the ambit of 'Securities Transactions' and hence would fall within the scope of 'Limited Scrutiny' - YES: ITAT Whether when borrowed funds had direct nexus with investment made in shares which had yielded short term capital gains, then interest on such borrowing is eligible for deduction u/s 48 - YES: ITAT
- Assessee's appeal partly allowed: MUMBAI ITAT
2021-TIOL-1438-ITAT-AHM
Arvindbhai M Patel Vs DCIT
Whether penalty order framed u/s 271(1)(c) is not on equal footing as penalty initiated u/s 158BFA - YES: ITAT
- Assessee's appeal partly allowed: AHMEDABAD ITAT
