Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 1036 - AT - Income TaxDisallowance u/s 14A - Held that:- We find the Tribunal in assessee’s own case for A.Y. 2009-10 had restricted such disallowance to ₹ 76,951/- which includes ₹ 26,951/- towards Demat charges. Since the facts of the impugned assessment year are identical to the facts decided by the Tribunal in case of the assessee for different assessment years, therefore, respectfully following the decision of the Tribunal as well as the order of the AO for A.Yrs. 2005-06 and 2006-07, we restrict such disallowance to ₹ 50,000/-. We accordingly set aside the order of the CIT(A) and direct the AO to sustain addition of ₹ 50,000/- u/s. 14A. Taxability of interest on Non Performing Assets - whether provisions of RBI Act cannot override the provision of Sec.145 of I.T ACT? - Held that:- We find the issue of taxability of interest on Non Performing Assets has been decided in favour of the assessee by the order of the Tribunal in assessee’s own case for A.Y. 2007-08 Disallowance u/s.43B - Held that:- Disallowance u/s.43B cannot be made on account of delayed payment of Employees’ contribution to PF and ESI, if the same has been deposited before the due date of filing of the return u/s.139(1) of the I.T. Act. Since the assessee in the instant case has admittedly deposited the Employees’ contribution to PF before the due date of filing of the return u/s.139(1) of the I.T. Act, therefore, we do not find any infirmity in the order of the CIT(A) deleting the addition made by the AO
|