Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 1237 - AT - Income TaxTreatment of income under the head income from house property - Held that:- This issue has been decided against the assessee and in favour of the Revenue by the Tribunal for assessment years 1999-2000, 2000-2001 and 2001-2002. Disallowance made u/s 14A of the Act read with rule 8D - Held that:- This issue is no more res integra as the applicability of Rule 8D has been held to be prospective from assessment year 2008-2009 by the decision of the Hon'ble High Court of Bombay in the case of Godrej & Boyce Ltd. Mfg. Co. v. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT]. We, therefore, restore this issue to the file of the A.O. to be decided afresh without applying Rule 8D after giving a reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes. Treatment of premature repayment of sales tax loan at net present value as revenue receipt chargeable for tax - Held that:- Hon'ble High Court of Karnataka in the case of CIT v. McDowell & Co. Ltd. [2014 (11) TMI 272 - KARNATAKA HIGH COURT] has laid down the ratio that where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1) was not applicable. A similar view was taken by the Special Bench of the Tribunal in the case of Sulzer India Ltd. (2012 (8) TMI 203 - ITAT MUMBAI). - Decided in favour of assessee. Denial of deduction claimed u/s 35D - Held that:- The impugned assessment year, i.e., assessment year 2005-2006 is the last assessment year, i.e., the tenth year of claim of deduction, which has been denied since the Steel Unit has been sold by the assessee. On a perusal of section 35D shows that the Act is silent in the case when a unit is sold. Section 35D(5) of the Act refers to the transfer before the expiry of the period of 10 years to another Indian company in a scheme of amalgamation and section 35D(5A) refers to the transfer before the expiry of the period in a scheme of demerger. There is no clause in the section which debars the assessee from claiming the expenses as a write off on sale of the undertaking. We, therefore, do not find any reason for declining the claim of the assessee. - Decided in favour of assessee.
|