ITAT Asr on 2(22)(e)

ITA 148/2011 15-10-2012 Satish Kumar Aggarwal
During the year under consideration the company M/s. Satish Agg Private Limited enagged in lending of money lent money to partnership firm M/s Satish Agg & Co in which partners held more that 20% share. Held by ITAT Asr no addition can be made in hands of firm for money advanced by company to firm.
Cases relied upon:
Bhaumic Colour (Spl Bench of ITAT)
Hiltop (Rajasthan HC) 313 ITR 116
ITA No.331(Asr)/2009 dated 26.08.2009

ITAT Asr on road contractor

ITAT Asr allowed the appeal of assessee who is road contractor holding that nature of business of road contractor is such that earth has to be used hence expenses should be allowed although assessee could not produce the proper evidence supporting the expenses in respect of payments made to truck owners. Moreover the assessee had shown better net profits as compared to last year.
ITA 148/2011 15-10-2012 Satish Kumar Aggarwal