Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 181 - HC - Income TaxAddition on account of sale of scrap in A.Y. 2005-06 - ITAT deleted the addition by holding it to be pertaining to assessment year 2007-08 - Held that:- It was conceded that even in the present case, the rate of tax remained the same in both the assessment years i.e. 2005-06 and 2007-08. Following the above judgment of Commissioner of Income Tax v. Excel Industries Limited [2013 (10) TMI 324 - SUPREME COURT] it must be held that the dispute raised by the revenue is essentially academic. The issue may have some tax effect in that if the department is correct and the amount ought to have been brought to tax two years earlier, there would be loss of interest for two years on the amount of ₹ 31,10,000/-. The department has not raised the claim in that regard. We do not wish to express any opinion as to the right of the department to claim interest.
|