Case Law Details
Case Name : DCIT Vs Firstsource Solutions Ltd. (ITAT Mumbai)
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All ITAT ITAT Mumbai
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DCIT Vs Firstsource Solutions Ltd. (ITAT Mumbai)
Assessee held own funds of Rs. 23,580 lakhs, whereas investment in subsidiaries stood at Rs. 1,576 lakhs. Presumption in such case would be that assessee had used only its own funds for making investments. Further, there was commercial expediency in making said investments, hence no disallowance was called for.
FULL TEXT OF THE ITAT JUDGMENT
These cross appeals are directed against the orders passed by Ld CIT(A)-5, Mumbai and
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