TMI Blog2012 (10) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. - I.T.A. No.253 of 2003 - - - Dated:- 17-5-2012 - Kalyan Jyoti Sengupta And Joymalya Bagchi, JJ. JUDGEMENT Per : K J Sengupta, J : The above appeal was admitted by an order dated 1st January, 2003 on the following substantial questions of law: (i) Whether on a proper interpretation of Section 80-O of the I.T.Act the Tribunal was justified in confirming the action of the Assessing Officer in restricting the deduction under the said provision to Rs.12,59,063/- by deducting foreign travel expenses of Rs.4,22,000/- from the net amount of Rs.29,40,126/- received by the appellant/petitioner in convertible foreign exchange in India towards fees for Management Services rendered by the appellant/petitioner outside India? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant/petitioner in I.T.R. 498? (iv) Whether on a proper interpretation of the provisions of section 43-B read with sections 36(1)(va) and 2(24)(x) of the I.T. Act and the object and/or purpose for which section 43-B has been inserted in the I.T. Act and the principles of law laid down by this Hon ble Court the Tribunal was justified in upholding the disallowance of contributions of Rs.1,54,572/- being the employees share and employer s share to the Family Pension Fund on the ground of delay in depositing the said contribution for the months of April and July, 1995? The aforesaid appeal was admitted for hearing impugning judgment and order of the learned Income Tax Appellate Tribunal, D Bench, Kolkata in relation to assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts with value of the said unsold stock inclusive of the said two duties. For the assessment years 1996-97 relevant previous years being the financial year 1995-96 the appellant duly filed returns claiming amongst other deduction under Section 80-O of the I.T. Act on the grounds that the appellant received in convertible foreign exchange in India towards fees for management service rendered outside India. The appellant also claimed amongst other deduction of Central Excise Duty and Customs Duty amounting to Rs.26,31,619/- being the difference between the levy of Customs Duty and Central Excise Duty on closing stock and opening stock of finished goods, remaining unsold, work in progress and raw materials. The appellant also claimed de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Family Pension Fund under Section 43B of the Act. Not being satisfied with the order of the Commissioner of Income Tax (Appeals) the appellant approached the learned Tribunal. By the impugned judgment and order the learned Tribunal upheld disallowance made in respect of deduction under Section 80-O of the I.T. Act and the same was allowed. The learned Tribunal also upheld disallowance of the aforesaid sum of Rs.26,31,619/- being the amount of Central Excise Duty and Customs Duty relatable to closing stock of raw materials, work in progress and finished goods which was actually paid by the petitioners during relevant previous year and claim deductible as per the provisions of Section 43B of the I.T. Act on the ground and the same wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t following the decision of Delhi Tribunal reported in 81 ITD. The ground No.6 before the learned Tribunal related to inclusion of a sum of Rs.37,67,32,378/- representing the Excise Duty within the ambit of total turnover in the ratio of export turnover to total turnover for the purpose of computation of deduction under Section 80HHC. This issue was decided against the assessee following the decision of this Court in case of CIT v. Chloride India Ltd. reported in ITR 131 of 1995. Dr. Pal, learned Senior Counsel, in spite of aforesaid recording of the learned Tribunal, urges that the decision by the learned Tribunal in earlier case has already been taken to the Supreme Court and the matter is pending before the Hon ble Supreme C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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