Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 648 - AT - Income TaxDisallowance towards payment of leave encashment as per actuarial valuation - HELD THAT:- As decided in M/S. S.R. BATLIBOI & CO. VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-54, KOLKATA. [2012 (3) TMI 585 - ITAT KOLKATA] Restore the matter back to the file of Assessing Officer for adjudication as per the decision of Hon’ble Apex Court in the case of M/s. Exide Industries Ltd. [2009 (5) TMI 894 - SC ORDER] . This ground of appeal of assessee is allowed for statistical purposes. Disallowance towards actual loss in respect of quantity loss and quality deterioration claimed by the respective parties - HELD THAT:- During the hearing before us, when we asked the Ld. AR for supporting evidence/material for submitting that any evidence to support its claim that the liability is an ascertained liability as per the expert report etc. the Ld. AR submitted that the assessee has paid the amount of liability in respect of the claims by buyer for weight loss as well as for deterioration of quality following the prescribed formalities in vogue in the jute trade against provision of such liability and there is a system of assessment of such liability year after year. Finally has written back the said liability it was brought to our notice that in the accounts for the financial year 2017-18, huge liability has been written back in accounts. The related adjustments documents were not produced before the authorities below during the adjudication and need to be considered while adjudicating the issue. Therefore, we remand the matter back to the file of the AO to adjudicate the remaining claim after going through the documents produced by the assessee. This ground of appeal of assessee is allowed for statistical purposes. Interest earned on application of grants received from Govt. of India for upgradation of Jute Technology - HELD THAT:- AO is directed to examine whether the assessee’s case falls in the ratio laid down by the Tribunal in the case of West Bengal State Electricity Distribution Co. Ltd. [2020 (1) TMI 84 - ITAT KOLKATA] and if assessee’s claim falls in the ratio decidendi, then it should be allowed or it should be added in the hands of the assessee as interest income. Therefore we set aside the impugned order of the ld CIT(A) and remand this issue back to the file of AO for de-novo assessment
|