Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1798 - ITAT CHENNAIDamages for remittance of Pension Fund Trust paid - damages paid by the assessee for the delayed payments of contribution is not compensatory but damages in the nature of penalty - HELD THAT:- Furnishing a copy of interest rate declared by Pension Fund accumulation since 1952 to 2014, the AR submitted that since the AO has already decided the nature of this payment i.e., the damages paid by it in assessment year 2011-12, is compensatory in nature, this appeal may be allowed. We heard the rival submissions and find merit in the submissions made by the ld. AR, supra, and hence, do not find any merit in the submission of the Revenue. The appeal grounds of the Revenue are dismissed. MACT provisions to the loss - HELD THAT:- It is clear that the facts and circumstances associated with this is issue neither brought out by the AO nor by the CIT(A). In the facts and circumstances, we deem it fit to remit this issue back to the AO for a fresh examination. The assessee shall lay relevant materials in support of its contention before the AO and comply with the requirements of the AO in accordance with law. AO is free to conduct appropriate enquiry as deemed fit, but he shall furnish adequate opportunity to the assesssee on the material etc to be used against it and decide the matter in accordance with law.
|