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Deduction from sale proceeds by monetary committee from e-auction sale of mineral stock is allowable U/s. 37(1)
Case Law Details
- Case Name
- M/s. M. Hanumantha Rao Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14 & 2014-15
- Courts
- All ITAT, ITAT Bangalore
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M/s. M. Hanumantha Rao Vs ACIT (ITAT Bangalore)
Deduction @ 15% from sale proceeds by monetary committee from e-auction sale of mineral stock constituted trading receipts and allowable u/s 37(1)
Conclusion: Addition of amount representing 15% of sale proceeds deducted by the Monetary committee from e-auction sale of mineral stock belonging to assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon’ble Supreme Court was justified as the same constituted trading receipts in the hands of assessee, but at the same time it was allowable ...
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