India Infrastructure Finance Company Ltd. vs ACIT
Parties Involved
Facts Summary
The assessee, India Infrastructure Finance Company Ltd., a financial institution wholly owned by the Government of India, filed its return of income for Assessment Year 2016-17 declaring total income of INR 1427,99,77,850/- under normal provisions and profit of INR 12,78,81,80,142/- as declared u/s 115JB of the Act as MAT profit. The case was selected for scrutiny and the assessment was completed with disallowances made by the Assessing Officer. The assessee filed appeals against these disallowances.…
Decision in favour of
Assessee
Legal Issues
- 1. Disallowance of expenses on amortization of premium on HTM securities
- 2. Disallowance of prior period expenses
- 3. Disallowance on account of excess claim of Loan amount written off
- 4. Disallowance of the amount claimed u/s 36(1)(vii) of the Act towards the transfer of special reserve
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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