Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (2) TMI 656 - MADRAS HIGH COURTAddition on account of receivable interest on amounts advanced to the subsidiary company - HELD THAT:- In the instant case, the Tribunal, after careful analysis of the materials available on record found that no fresh loan was given by the assessee to its sister concern during the relevant assessment year and moreover, similar claim of allowance of interest paid on borrowings as interest referable to the advances given to its subsidiary company was allowed during the earlier assessment years, and the same remains unchallenged till date. In our considered opinion, such finding given by the Tribunal based on valid materials, does not warrant interference. Payment of incentives to Dock Labour Board workers - HELD THAT:- The first appellate authority as well as the Tribunal found that there is no breach of law in making payments which were essentially incidental to the carrying of the appellant's business with a view to earning profits, and such finding given by both the authorities, after wading through the materials available on record, in our considered opinion, needs no interference. Expenditure as loose tools written off - HELD THAT:- The reasoning of the CIT (Appeals), which was confirmed by the Tribunal, was based on appreciation of the materials on record, which revealed that the assessee had not sold such tools and if and when such tools are sold, the same would be brought into the profit and loss account. Such finding, based on appreciation of facts, in our considered opinion, warrants no interference. Hence, this substantial question of law needs no consideration. Addition on interest/clearing and handling receipts, stevedoring receipts, agency fees, service charges - HELD THAT:- The Tribunal had consistently held the above issue in favour of the assessee and the Revenue had accepted the earlier order and counsel for the Revenue had not produced any material or evidence before us to take a different view. When a consistent view has been taken by the Tribunal, there is no error or infirmity in the order of the Tribunal and it does not require interference and hence no substantial question of law arises for consideration. In the result, finding no substantial question of law arising for our consideration, these appeals are dismissed. No costs.
|