Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 425 - ITAT CHENNAIRe-opening u/s 147 – Reopening was made after four years from the end of the impugned assessment year despite the original assessment having been completed under Section 143(3) of the Act – Held that:- Re-assessment proceedings initiated were valid, since assessee had failed or not disclosed the facts necessary for the assessment fully and truly before the AO in respect of its claim for deduction under Section 80-IA of the Act and in respect of its claim for expenditure incurred in promoting MRF Pace Foundation – Against the assessee. Disallowance of expenditure incurred in MRF Pace Foundation – Held that:- Expenditure incurred for the said Foundation for training individuals in cricket game could not be held as a business activity of the assessee and therefore, the claim for such allowance was not allowable under Section 37 of the Act - Against the assessee. Disallowance under Section 14A – Held that:- As held in Godrej & Boyce Mfg. Co. Ltd v. DCIT[2010 (8) TMI 77 - BOMBAY HIGH COURT] that Rule 8D is applicable from assessment year 2008-09 – Further In the case of CIT v. Hero Cycles[2009 (11) TMI 33 - PUNJAB AND HARYANA HIGH COURT ] it was held that it could not be taken as a rule that some expenditure was always incurred in respect of the exempt income earned – In this case assessee itself had made a disallowance of Rs. 66,312/- - It can not be said that no expenditure whatsoever was incurred for earning the exempt income – Case was referred back to AO – Allowed for statistical purpose. Amortization of lease charges paid in respect of leasehold lands - It has already been held against assessee by this Tribunal – Against the assessee.
|