TMF Holdings Ltd. Vs. Commissioner of Income-Tax

Parties Involved

Facts Summary

TMF Holdings Ltd. filed an appeal against the order passed by NFAC, Delhi for the quantum of assessment order passed u/s.143(3) for A.Y.2015-16. The assessee challenged the disallowance of provisions for Bhavishya Kalyan Yojana, Medicare, interest on perpetual debentures, short grant of credit for tax deducted at source, and levy of interest u/s.234D. The Tribunal allowed the appeal in part, allowing the disallowance of interest on perpetual debentures as a deductible expenditure under section 36(1)(iii) of the Act.…

Legal Issues

• 1. Disallowance of provision for Bhavishya Kalyan Yojana and Medicare
• 2. Disallowance of interest on perpetual debentures
• 3. Short grant of credit for tax deducted at source
• 4. Levy of interest u/s.234D

Judgment Outcome

Decided in favour of Assessee.

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