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Case Law Details

Case Name : ACIT Vs Veera Associates (ITAT Visakhapatnam)
Related Assessment Year : 2007-08
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ACIT  Vs Veera Associates (ITAT Visakhapatnam)

In the instant case, the expenditure debited to P&L account towards the conversion expenses is reimbursement of expenditure, which is supported by the agreement entered into by the assessee. The A.O. made addition u/s 40(a)(ia) of the Act but not given any reasoning. The Ld. CIT(A) held that the same is reimbursement of expenses. M/s. Aditya Spinners Limited has admitted the entire amount of reimbursement of expenses as well as conversion charges as income in their hands a

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