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2014 (10) TMI 106 - HC - Income TaxAdmission of review petition – head office expenses u/s 37(1) or u/s 44C – Held that:- As decided in Commissioner of Income-Tax Versus Deutsche Bank AG [2003 (7) TMI 6 - BOMBAY High Court], the Court has refused to entertain the issue and the review petition by the revenue cannot be admitted as it has already been decided that assessee was governed by the DTAA entered into between Germany and India - the deduction in respect of head office expenses allowable would not be less than what is allowable under the Indian Income Tax Act - the head 'office expenses' was deductable u/s 37 of the Act – the DTAA continues to be in force for the AY 1994-95 also – decided against revenue. Bad debts written off u/s 36(1)(vii) and 36(2) – Held that:- CIT(A) and Tribunal was rightly of the view that the advance was given by the assessee to its associate company was in the course of its banking business - the advance made to the associate company was lost only on account of security scam in AY 1993-94 which resulted in the market crashing and consequent losses of the associate company - when the assessee advanced money to its associate company, it could not have foreseen that it would not be recoverable - in any banking business, there are a lot of considerations involved in making advances and merely expressing doubt about the genuineness of the advance is not sufficient to take away discretion of the bankers to make advance – Decided against revenue. Buy back transactions in UTI units – Held that:- The appeal was admitted to the court for adjudication.
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