2023-TIOL-268-ITAT-DEL

ACIT Vs India Bulls Power Ltd

Whether interest expenditure incurred by assessee in relation to investments which gave rise to income not forming part of total income, cannot be disallowed under Rule 8D - YES: ITAT

- Revenue's appeal dismissed: DELHI ITAT

2023-TIOL-267-ITAT-DEL

Aroma Aromatics And Flavours Vs CIT

Whether employees' contribution retains its character as deemed income by virtue of Sec 2(24)(x), unless conditions spelt by Explanation to Sec 36(1)(va) are satisfied i.e. depositing such amount deducted from employee on or before due date - YES: ITAT

- Assessee's appeal dismissed: DELHI ITAT

2023-TIOL-266-ITAT-MUM

Adhiraj Constructions Pvt Ltd Vs ACIT

Whether capital receipts are deemed to be revenue receipts by legal fiction, if assessee fails to prove nature and source of cash credits - YES: ITAT

- Revenue's appeal dismissed: MUMBAI ITAT

2023-TIOL-265-ITAT-AHM

Aaryavart Impex Pvt Ltd Vs ACIT

Whether genuineness of transaction of sale and purchases of jewellery cannot be doubted merely for reason that purchases and sales were made on same date but at different price - YES: ITAT Whether revenue can pick and choose certain transactions which are giving rise to the loss to the assessee as a colourable device adopted by it in order to bring down its profit - YES: ITAT Whether suspicion or doubt howsoever strong cannot take place of the evidence and cannot be made basis of drawing inference against the assessee - YES: ITAT

- Assessee's appeal allowed: AHMEDABAD ITAT