Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (10) TMI 701 - ITAT, DELHIDis-allowance under rule 8D(2)(ii) - the gross interest paid at Rs.1,11,43,922/- Rule 8D is not retrospective and hence it cannot be made applicable in the assessment year 2006-07 as in the present case but still disallowance has to be made by the Assessing Officer on reasonable basis - Hence, matter should go back to the file of the Assessing Officer for a fresh decision on this issue in the light of the judgment of Hon'ble Bombay High Court rendered in the case of Godrej Boyce Mfg. Co. (2010 (8) TMI 77 - BOMBAY HIGH COURT) - Therefore, set aside the order of Ld CIT(A) and restore the matter back to the file of the Assessing Officer for a fresh decision in the light of this judgment of Hon'ble Bombay High Court rendered in the case of Godrej Boyce Mfg. Co. (2010 (8) TMI 77 - BOMBAY HIGH COURT). 5% of the technical know-how fees paid by the assessee to SNIC and Co., Japan - the agreement in question dated 11.5.1973 though initially made for a period of four years is still in operation - The renewal agreement, if any, has not been furnished by the assessee - The fresh terms and conditions applicable to the present asstt. years have not been placed on record, nor the ld. Representative for the assessee was in a position to make any comment thereupon - Further, the assessee has not presented its case with reference to Article 7 and 7.2; and also other articles of the agreement except making a reference to article 2 and 3, and had no occasion to give its explanation and comment thereupon - Therefore, restore this issue to the file of AO for his fresh adjudication after deliberating upon all the articles of the agreement taken together and after providing the assessee an opportunity to give its explanation and comment thereupon, in the light of several decisions of the courts - The assessee appeal allowed for statistical purposes.
|