Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 890 - ITAT JAIPURDisallowance u/s. 43B - Held that:- AO has erroneously or inadvertently overlooked the accounting treatment given by the appellant, (i.e. remittance of interest entries of earlier years), which has increase the book profit of the appellant in notional manner, and ignored the reversal entire made in this regard to nullify such effect. Accordingly the claim of the appellant in this regard is found justified and the AO is directed to reduce the book profit of the appellant to the extent of ₹ 39467254/-. Consequently this ground of appeal is upheld.'' Since the ld. CIT(A) has given detailed account of the nature of the entries, its effect on book profits and as to how the action of the AO was not justified, therefore, no interference is called for in ld. CIT(A)'s order. PF and ESI contribution of the employees - Held that:- As the assessee had actually paid the PF & ESI contributions before due date of filing of the return which has not been disputed by the ld. DR at the time of hearing. - Decided in favour of the assessee. Disallowance on vehicle and telephone expenses - Held that:- We have found that the assessee has paid FBT tax thereon. Besides, this issue stands decided in favour of the assessee by the Hon'ble Gujarat High Court in the case of Sayaji Iron and Engg. Co.vs CIT [2001 (7) TMI 70 - GUJARAT High Court] holding as the Tribunal was wrong while disallowing 1/6th of the total car expenditure and depreciation claimed by the assessee on account of the personal use of the cars which were used by the directors. We, therefore, answer the question in the negative, i.e., in favour of the assessee and against the Revenue.
|