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ITAT Deletes Section 69B Addition: Crane Cost Inflation for Loan Facility
Case Law Details
- Case Name
- KVR Infra Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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KVR Infra Vs ACIT (ITAT Mumbai)
Introduction: The case of KVR Infra vs. ACIT (ITAT Mumbai) revolves around the deletion of an addition made under Section 69B of the Income Tax Act concerning the inflated cost of a crane in an agreement. The agreement’s exaggeration was primarily aimed at securing a higher banking loan facility for financing the crane. In this article, we provide a detailed analysis of the case’s background, arguments, and the ITAT’s decision.
Detailed Analysis
1. Background of the Case KVR Infra, a partnership firm engaged in crane hiring, purchased a crane (...
