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2018 (5) TMI 1165 - HC - Income TaxTransfer Pricing Adjustment - interest on loan to Sun Pharma Global Inc (AE) at London Inter Bank Offer Rate (LIBOR) Plus 2% Rate which is almost equal to the Prime Landing Rate or American Bank lending rate - Held that:- We notice that the amount involved is merely ₹ 40,000/-. Looking to the smallness of claim, the question is not considered. Addition u/s 14A - Held that:- CIT (A) gave partial relief but made disallowance under section 14A of the Act. In further appeals by the Revenue as well as by the assessee, the Tribunal uphold applicability of section 14A of the Act but provided that Rule 8D formally may be applied. In that view of the matter, this question does not arise at the hands of the Revenue. We make it clear that we have already admitted Revenue's contention regarding non-applicability of section 37 of the Act. Such question would not be influenced by non-entertaining this question. Disallowance of provision for leave encashment u/s. 43B - Revenue contends that in view of section 43B of the Act, such provision would not be allowable deduction - assessee relies on the judgement of Exide Industries Ltd and another v. Union of India and others [2007 (6) TMI 175 - CALCUTTA High Court] and the Tribunal, by the impugned judgement, noted that the SLP against such judgement is pending before the Supreme Court - Held that:- We recognize the genuine difficulty in view of sub-section (6) of section 153 now amended. Mere admission of this question in this Tax Appeal will also not solving the issue since this would give rise to chain of proceedings out of the order that the Assessing Officer may be compelled to pass within the statutory time frame. This issue is placed before the CIT (A) who would dispose of the proceedings once the judgement of the Supreme Court in the Revenue's appeal against such judgement of Calcutta High Court is rendered. This question is disposed of accordingly.
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