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2015 (11) TMI 1011 - AT - Income TaxEntitlement for benefit of section 10B - Held that:- Identical issue was examined by the Hon'ble High Court in earlier assessment year, in which it has been categorically held that the assessee is a manufacturer and is entitled for benefit of section 10B of the Income-tax Act, 1961 - Decided in favour of assessee. Disallowance of interest incurred on investment in shares of foreign companies - CIT(A) deleted the addition - Held that:- CIT(A) has deleted the disallowance made under section 14A of the Act having invoked rule 8D(2) of the Rules on the ground that the assessee was having sufficient surplus fund. Therefore, no disallowance under section 14A of the Act is called for. The Revenue has preferred an appeal against the order of the ld. CIT(A) on different grounds, but deletion of disallowance was not challenged before the Tribunal. Therefore, the order of the ld. CIT(A) has attained the finality and in the instant assessment year, the ld. CIT(A) has simply followed his aforesaid order. Therefore, we are of the view that once the Revenue has accepted the contention of the assessee with regard to the availability of surplus funds for investment in domestic companies, no further disallowance can be made in succeeding years. We accordingly confirm the order of the ld. CIT(A) on this issue. - Decided in favour of assessee. Disallowance under section 35D - CIT(A) deleted the disallowance -Held that:- A similar disallowance was made by the Assessing Officer in assessment year 2009-10, but it was deleted by the ld. CIT(A) and the Assessing Officer in the impugned assessment year has also made disallowance following his earlier order for assessment year 2009-10 and the same was deleted by the ld. CIT(A) following his order for assessment year 2009-10 which attained finality, as the Revenue has not challenged the findings of the ld. CIT(A) in this regard before the Tribunal though an appeal was filed on different grounds. Under these circumstances, we are of the view that the ld. CIT(A) has decided the issue following his earlier order which attained the finality - Decided in favour of assessee. Disallowance payment of bonus - CIT(A) deleted the disallowance - Held that:- Now the Revenue is in appeal before the Tribunal, but could not point out any specific defect in the order of the ld. CIT(A). Since payment of bonus was made in time, no disallowance is called for, as the Assessing Officer has made disallowance without pointing out any defect. - Decided in favour of assessee.
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