Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 1277 - HC - Income TaxDisallowance of the provision - Whether Tribunal erred in holding that the Appellant had failed to demonstrate either before the lower authorities or before it that the liability had accrued during the year, arrived at a finding that was contrary to the material placed on record and thus perverse? - HELD THAT:- As assessee had produced a comparative statement showing the sales in which erection is pending, the corresponding provisioning, the actual expenses incurred in the next year for financial years 2005-06 to 2011-12 and ledger account extracts of the provisions for erection and commissioning, which evidences reversals as on the last day of financial year. However, the CIT(Appeals) has not taken note of the aforesaid material produced by the assessee. Tribunal has held that the assessee has failed to demonstrate either before the CIT (A) or before the tribunal that liability has accrued during the year and the fact that the substantial provision was reversed in subsequent years. The aforesaid finding is contrary to the material available on record. Therefore, in the facts of the case, the material produced by the assessee before the Commissioner of Income Tax (Appeals) as well as the tribunal needs factual adjudication - Remit the matter to the Commissioner of Income Tax (Appeals) to adjudicate the aforesaid issue afresh in the light of materials produced by the assessee and in view of law laid down in CALCUTTA CO. LTD. [1959 (5) TMI 3 - SUPREME COURT], BHARAT EARTH MOVERS [2000 (8) TMI 4 - SUPREME COURT] and ROTORN CONTROLS INDIA PVT. LTD. [2009 (5) TMI 16 - SUPREME COURT]
|