Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (1) TMI 1364 - HC - Income TaxAddition u/s 40A - deduction towards contribution made by assessee to various clubs meant for the staff and their family members - Held that:- This Court in the case of Gujarat State Export Corporation Ltd. [1993 (9) TMI 52 - GUJARAT HIGH COURT] has held that payment of surtax was not an allowable deduction and that by paying the entrance fee to the sports club the assessee had no intention to acquire any capital asset or take advantage for the enduring benefit of the business and that by common sense standards, it could be stated that it was for running the business or for bettering the conduct of its business and therefore, the amount paid as entrance fee was deductible. In view of the said decision, we find that the question raised is required to be answered in favour of the assessee. Nature of receipt - subsidy in the form of Sales Tax Exemption as 'capital receipt' or 'revenue receipt - Held that:- When one High Court has examined the scheme and in the case of this very assessee held that, the sales tax waiver benefits were in the nature of capital receipts, no further question of law would arise Addition u/s. 145A - difference between the closing balance and the opening balance of CENVAT credit - Held that:- The Tribunal by the impugned judgment while rejecting Revenue's appeal and confirming the view of the Commissioner of Income Tax relied on its earlier decision in case of this very assessee for earlier Assessment Years. In such decision, the Tribunal had referred to and relied upon the decision of this Court in case of CIT v/s. Mahalaxmi Glass Works Pvt. Ltd. [2009 (4) TMI 182 - BOMBAY HIGH COURT] and CIT v/s. Mahavir Alluminium Ltd. [2007 (11) TMI 41 - HIGH COURT OF DELHI] - Revenue appeal dismissed.
|