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2014 (12) TMI 551 - BOMBAY HIGH COURTTribunal refused to remand proceedings back to the AO – Substantial question of law arises or not - Held that:- If the Tribunal had the authority and had directed the AO to allow the claim for deduction of expenses simply because bifurcation or deployment of funds by the Bank concerned in India or at Branches in India or abroad had not been provided throughout, then, the remand cannot be directed to rectify the defects or to get over the lacunas in the proceedings initiated by the AO - Precisely that has been done in the present case and the Tribunal's refusal to remand the proceedings does not raise a substantial question of law. Netting off interest received u/s 244A - Interest on refund of taxes paid received by assessee – Held that:- The Assessee sought to set off the interest paid against the interest received and offered the net interest received to tax - in the case of the Assessee simply because the exercise carried out by it does not result in loss of revenue and there could not be any prohibition for the same, allowed it - assessee claimed that this was business expenditure and this should have been allowed - the Tribunal in permitting this exercise not violated any of the provisions of the Income Tax Act, 1961 - the Tribunal has followed the similar exercise in the case of very Assessee on the prior occasion as well – thus, as such no substantial question of law. Securities treated as stock in trade instead of investment – Same principle also followed for earlier assessment years - Held that:- The order passed during the prior assessment year has not been reversed or interfered with by this Court – the similar issue has been decided in Commissioner of Income Tax v/s Bank of Baroda [2003 (3) TMI 80 - BOMBAY High Court] – also in the present issue, no substantial question of law arises for consideration – Decided against revenue.
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