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2016 (7) TMI 1250 - GUJARAT HIGH COURT
Disallowance of Prior Period expenditure - ITAT deleted addition - Held that:- Firstly, the expenditure of ₹ 67.88lacs is a fraction of the total income of the assessee company declared at ₹ 105.88 crores. Further, even the Revenue does not dispute that the company would be taxed at the same rate in the present assessment year or during earlier year. It is also not disputed that prior period income was declared by the assessee during the current year which is also accepted by the Revenue. No question of law therefore, arises.
Interest charged under section 234B, 234C and 234D - Held that:- Interest which would apply once the assessee's tax liability is ascertained. The Tribunal has merely made such interest consequential. No question of law arises.