Case Law Details
ACIT Vs Noida Cyber Park Pvt. Ltd. (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT) Delhi’s verdict in the case of ACIT vs Noida Cyber Park Pvt. Ltd. has shed light on the critical aspects of disallowances under Section 40A(2)(a) of the Income Tax Act, 1961. This detailed analysis explores the tribunal’s stance on the requirement for a fair market value assessment in disallowances and its implications.
Background of the Case: Noida Cyber Park Pvt. Ltd., engaged in the development of technology parks, faced scrutiny from the Assessing Officer (AO) regarding various financial transactions. The disputes revolved around the applicability of Section 50C, loans to related parties, travel expenses, and ad hoc disallowances under Section 40A(2)(a).
Key Legal Issues and Tribunal’s Decision:
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