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The Principal Commissioner of Income Tax-2 Versus Gujarat Mineral Development Corporation Ltd.

2015 (11) TMI 189 - GUJARAT HIGH COURT

Disallowance on account of expenses towards salary and other perquisites of staff - ITAT deleted addition - Held that:- This court is prima facie of the opinion that if any staff is deployed at the residence of the Chairman for the purpose of looking after the basic requirements such as, cleaning of the house, attending to official guests, receiving telephones and such other sundry expenses, the same would fall within the description expended wholly for the purpose of business. However, the amou .....

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easons stated in the above tax appeal, this appeal is also not entertained qua the said question. - Tax Appeal No. 603 of 2015 - Dated:- 15-9-2015 - Harsha Devani And A G Uraizee, JJ For the Petitioner : Mrs Mauna M Bhatt, Adv For the Respondent : Mr Saurabh Soparkar, Sr. Adv. with Mr B S Soparkar ORDER ( Per : Honourable Ms. Justice Harsha Devani ) 1. The appellant - revenue has challenged the order dated 29.01.2015 made by the Income Tax Appellate Tribunal, Ahmedabad Bench "A" in I .....

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n? [2] Whether the Appellate Tribunal has substantially erred in law and on facts in deleting the disallowance made under section 14A of the Act of ₹ 4,42,476/- on account of interest expenses?" 2. The assessment year is 2004-05. The assessee Company is engaged in the business of mining of minerals at various places in the State of Gujarat. The assessee filed its return of income on 13.11.2003 disclosing therein total income of ₹ 81,02,62,417/-. The return was processed under se .....

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red in respect of salary and other perquisites of staff at the residence of the Chairman. 3. As regards proposed question No.1, which relates to the disallowance of expenditure of ₹ 4,080/- incurred in respect of salary and other perquisites of staff at the residence of the Chairman, the Commissioner (Appeals) upheld the disallowance. The Tribunal followed its earlier decision in assessee s own case for assessment year 2003-04 and deleted the disallowance. In this regard, this court is pri .....

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idend income to the tune of ₹ 17,61,380/-, interest on tax free bonds of ₹ 90,23,580 and dividend on units o ₹ 15,18,350/- totalling to ₹ 1,23,03,310. The assessee had shown investments of ₹ 73,58,59,000/-. The Assessing Officer was of the opinion that proportionate interest expenditure and proportionate administrative expenditure is required to be disallowed in view of the provisions of section 14A of the Income Tax Act, 1961 (hereinafter referred to as "the A .....

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