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2013 (12) TMI 902 - AT - Income TaxFall in G.P.rate - Held that:- Following CIT Vs. Smt. Poonam Rani [2010 (5) TMI 57 - HIGH COURT OF DELHI] - The AO has not pointed out any particular defect or discrepancy in the account books maintained by the assessee - The CIT(A) was satisfied that the assessee had furnished complete details, including quantitative details in respect of purchase of raw material, manufacture and sale of the finished products - The Assessing Officer had not invoked the provisions of Section 145(3) of the Act - The addition on estimate basis without rejecting the books of accounts was not justified - Decided against Revenue. Disallownace u/s 14A - Held that:- The assessee made an investment in tax free bonds and units and earned tax free dividend income - The partners current capital was non-interest bearing and used for investment in mutual fund - Following assessee's own case for earlier A.Y. 2007-08 and 2008-09 - Nothing was brought on record to prove the nexus between the interest bearing funds and the investment in bonds and mutual funds on which exempted dividend income was earned by the assessee - The disallowance made by the Assessing Officer and sustained by the learned CIT(A) was not justified - Decided in favour of assessee. Depreciation on WEG installed - Held that:- Following assessee's own case for earlier A.Y. 2008-09 - The assessee was eligible for depreciation under section 32 of the Act on the wind mills - The issue was restored for fresh adjudication. Interest on FDR - Held that:- The assessee pledged the FDR as security for export oriented units (EOU) - The FDRs were pledged for commercial expediency of the assessee - Following CIT Vs. Jagdish Prasad M. Joshi [2008 (11) TMI 326 - BOMBAY HIGH COURT] - It is to be considered as business income and eligible for deduction under section 10B of the Act - Decided in favour of assessee.
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