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2018 (3) TMI 1626 - HC - Income TaxAdditions u/s 41(1) - additions in the years of transfer to the Reserve Fund of the excess provisions made for establishment and other expenses in earlier years - withdrawal of exemption by insertion of section 80P(4) by Finance Act, 2006 w.e.f 1-4-07. - ITAT confirmed the additions - assessee contended that this exemption of income and entries already made are only to rectify the book entry - His further contention that for different assessment years 2003-04, 2004-05, 2005-06 & 2006-07, the entries could not have been made as on 31.3.2006 and the same has been made for the A.Y. 2007-08. Held that:- case is covered by provisions of Section 41(1) - in our considered opinion, at the relevant time, the said contention would have been valid because the total income was exempted but when the entries were made in the books of account, the said income was not totally exempted. In that view of the matter, the view taken by all the authorities is required to be upheld. - Decided against the assessee.
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