Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 1183 - AT - Income TaxDisallowance on account of Molasses Reserve Fund - whether Molasses Reserve Fund is in the nature of provision and it is not an actual liability and provision for contingent liability is not allowable as deduction? - Held that: - The first appellate authority followed the order of the coordinate bench of the Tribunal in the assessee’s own case for the asstt. year 1995-96 and allowed the claim of the assesseE. We find no infirmity in the same. Thus this ground of the revenue is dismissed. Disallowance treating the capital subsidy received from Central Government as revenue receipt - whether interest was neither actually incurred nor was there any liability on the assessee to incur the same - Held that:- The first appellate authority at page 20 para 10 considered this issue. He followed the decision of the coordinate bench of the Tribunal in the assessee’s own case for the assessment year 1990-91 and allowed the claim of the assessee. We also observed that the decision of the Tribunal was upheld by the Jurisdictional High Court . Hence we dismiss this ground of the revenue. Deletion on account of depreciation on discarded assets u/s 32 - Held that:- First appellate authority applied the judgment of the Jurisdictional High Court in the case of CIT vs. Oswal Agromills Ltd.[2010 (12) TMI 947 - Delhi High Court] and CIT vs. Yamaha Motors India Pvt. Ltd. [2009 (8) TMI 27 - DELHI HIGH COURT] and allowed the claim of the assessee. No contrary decisions are brought to our notice by the Ld. - Decided against revenue
|