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2015 (6) TMI 518 - AT - Income TaxDisallowance of provision for trade guarantee - Held that:- Identically, the Tribunal has placed reliance upon the decision of the Tribunal for the assessment year 2004-05, wherein a detailed deliberation has been made on identical facts / issue. In the absence of any contrary material or any case law cited by the Revenue against the assessee, on the reasoning contained in the aforesaid order / earlier order of the Tribunal, we allow this ground of the assessee. Disallowance of deduction u/s 80IA - Held that:- As no claim was made by the assessee u/s 80IA of the Act and admission by the learned D.R. that no such claim was made, there is no question of making any addition / disallowance. Disallowance of professional fee - Held that:- The assessee is in the business of power generation for the last about 50 years, therefore, how these can be treated as pre-operative expenses. More specifically when the Assessing Officer himself has observed that the amount was paid to the consultant in connection with feasibility report on power generation, as is evident from the assessment order. Power generation is not the new business of the assessee. It is evident that the assessee disclosed income to the tune of ₹ 270,38,23,066=24, from sales, services and operation, etc. The assessee rendered services to the extent of ₹ 95,02,33,220, the nature of business shown by the assessee is manufacturing / trading in diesel engine, trading in engineering goods and other engineering services. Thus, it can be concluded that it is not the new business of the assessee. - Decided in favour of assessee. Addition for provision of trade guarantee to book profit computed u/s 115JB - Held that:- actuarial valuation report was not filed by the assessee before the Assessing Officer. Therefore, we remand this issue to the file of the Assessing Officer to examine the claim of the assessee and decide in accordance with law. The assessee be given opportunity of being heard with further liberty to furnish evidence, if any, in support of its claim. - Decided in favour of assessee for statistical purposes.
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