Notional Rent from Sister Concerns Taxable as ‘Other Sources’: ITAT Mumbai

Procter & Gamble Home Products Ltd. Vs ACIT (ITAT Mumbai) The Income Tax Appellate Tribunal partly allowed appeals filed by Procter & Gamble Home Products Ltd. for Assessment Years 2007-08 and 2008-09 against orders passed by the Commissioner of Income Tax (Appeals). The disputes involved ad-hoc disallowance of professional fees, trade incentive expenses treated as capital expenditure, taxation of notional rental income from shared premises, disallowance of related expenses, and transfer pricing adjustments. The assessee did not press the transfer pricing grounds during hearing, and th...