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2016 (10) TMI 319 - AT - Income TaxChange in system of accounting - bonafide change - Held that:- As decided in assessee’s own case for AY 2002-03 wherein the Tribunal, following the decision in the case of Kishan Discretionary Family Trust vs. ACIT [2007 (11) TMI 622 - ITAT AHMEDABAD] held that the assessee has right to adopt the changed system of accounting and by changing the system of accounting from mercantile to cash was a bona fide change. Respectfully following ITAT judgment in assessee’s own case [2013 (2) TMI 787 - ITAT AHMEDABAD] we uphold the order of the ld. CIT(A) in this regard. Addition made u/s 14A out of interest expenses and administrative expenses - Held that:- We have heard the rival contentions, perused the material available on record and gone through the orders of the authorities below. It emerges from the record that the assessee has placed on record a revised working of the interest expenses of Nirman Soaps & Detergents Pvt Ltd and Navin Detergent Pvt Ltd, which requires to be verified at the Assessing Officer’s level alongwith other relevant facts and circumstances of the case alongwith the case law relied by the assessee in the case of UTI Bank Ltd (2013 (8) TMI 238 - GUJARAT HIGH COURT). Therefore, in the interest of substantial justice, we set aside this issue to the file of the ld. Assessing Officer with a direction to decide the same afresh in accordance with law, after providing due opportunity of being heard to the assessee. Thus, these grounds are allowed for statistical purposes.
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