Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 1355 - AT - Income TaxValidity of assessment u/s 92CA - period of limitation as prescribed u/s 92CA(3A) r.w.s. 153 - HELD THAT:-The order passed by the Transfer Pricing Officer is barred by limitation and therefore, the transfer pricing adjustments made in the Final Assessment Order, dated 26.02.2015 are deleted. As respectfully following the above decision of the Tribunal [2022 (10) TMI 255 - ITAT MUMBAI] preferred by the assessee for the Assessment Year 2011-12, in the case of the Appellant, Additional Ground No. 1 raised by the Assessee in the present appeal is allowed. Disallowance u/s 14A r.w.r 8D - addition to suo-moto disallowance offered by the Assessee - HELD THAT:- The Assessing Officer is directed to verify the investment which yielded exempt income during the year and re-compute disallowance under Section 14A read with Rule 8D(2)(iii) of the Rules by taking into consideration only the investments which yielded exempt income during the previous year for the purpose of calculating Average Value of Investment. Disallowance of deduction for foreign exchange loss on revaluation of shareholders deposits - HELD THAT:- Ground raised by the Assessee is dismissed since, admittedly, the very basis on which the Assessee had set up this alternative/without prejudice claim does not survive. Further, in our view the two pleas set up by the Assessee are not alternative but mutually destructive. While preparing return of income the Assessee has treated the exchange loss on revaluation of Shareholders‟ Deposits as capital in nature, during the assessment proceedings the Assessee has claimed the same to be Revenue in nature while retaining the stand that the exchange gain on revaluation of Shareholders‟ Deposits in earlier years is capital in nature. While there is no bar on taking any inconsistent or alternative pleas, mutually repugnant and contradictory pleas which are destructive of each other cannot be permitted to be urged simultaneously. Computing the amount of MAT credit to be carried forward without including surcharge and cess - HELD THAT:- As considered the rival submissions. Assessing Officer is directed to re-computed the amount of MAT Credit to be carried forward, after including surcharge and cess as per law. Disallowance of interest u/s 36(1)(iii) - Assessee was holding investment in overseas entities - HELD THAT:- As decided in assessee own case [2022 (10) TMI 255 - ITAT MUMBAI] loans and advances given by the assessee company to its subsidiary company was raised for the assessment year 1989 -90 and it was decided in favour of the assessee. In the present case, we are concerned with the assessment years 1998-99 to 2002-03. The Tribunal has consistently applied the ratio of its decision rendered for assessment years 1989-90 and assessment year 1997-98. We do not find that there is any change in the factual position. Decided in favour of assessee. TDS u/s 194H - Disallowance being credit card commission paid without deducting tax at source - effect of amendment - HED THAT:- As decided in assessee own case [2022 (10) TMI 255 - ITAT MUMBAI] commission to bank on payments received from customers who had made purchases through credit cards is not liable to TDS under section 194H of the Act . Also the second proviso to Section 40(a)(ia) of the Act being beneficial to the assessee and declaratory/curative in nature, must be given retrospective effect. Decided against revenue.
|