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2015 (11) TMI 407 - BOMBAY HIGH COURT

2015 (11) TMI 407 - BOMBAY HIGH COURT - [2015] 377 ITR 69 (Bom) - Disallowance of guest house expenses - ITAT allowed the claim - Held that:- The appeal by the Revenue to the Tribunal was dismissed in view of the fact that sub-section (4) of section 37 of the Act was deleted from the Act with effect from April 1, 1988. Thus, disallowance of the guest house expenses for the assessment year 1999-2000 in the absence of section 37(4) of the Act was not proper. Thus in view of the clear and self-evid .....

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T [2010 (9) TMI 661 - ITAT MUMBAI] wherein on similar facts, it was held that even if no TDS is deducted, the payments made to visa card international and master card international on account of fees could not be disallowed in view of article 26(3) of the Indo-US Double Taxation Avoidance Agreement (DTAA).- Decided against revenue.

Notional loss arising from unmatured foreign exchange contracts - whether allowable when the loss is neither a definite liability nor a legal liability as .....

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pellant. Percy Pardiwalla, Senior Advocate, with Bharat Damodar and Ms. Sneha Oak, instructed by Kanga And Co., for the respondent. JUDGMENT 1. This appeal under section 260A of the Income-tax Act, 1961 ("the Act"), challenges the order dated January 13, 2012, passed by the Income-tax Appellate Tribunal ("the Tribunal") for the assessment year 1999-2000. 2. The Revenue has formulated the following questions of law for our consideration : "(a) Whether, on the facts and in .....

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ion 40(a)(i) in view of article 26(3) of the Indo-US DTAA, when the provisions of article 26(3) were not attracted in the case, and especially for the year in question. (c) Whether, on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that notional loss arising from unmatured foreign exchange contracts is allowable when the loss is neither a definite liability nor a legal liability as mandated by the Supreme Court in the decisions in the cases of Bhara .....

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penses in view of the bar in sub-section (4) of section 37 of the Income-tax Act, 1961 ("the Act"). In appeal, the Com missioner of Income-tax (Appeals) ("the CIT(A)") deleted the disallowance on account of the guest house expenses as sub-section (4) of section 37 of the Act as the same was deleted with effect from April 1, 1988. 3. The appeal by the Revenue to the Tribunal was dismissed in view of the fact that sub-section (4) of section 37 of the Act was deleted from the Ac .....

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the subject assessment year made payment to master card international and visa card international being assessment and equipment fees. The payments were made by the respond ent-assessee without deducting tax at source. In view of the above, the Assessing Officer disallowed the entire amount of fees remitted, aggregat ing to ₹ 82.33 lakhs in terms of section 40(a)(i) of the Act. 5. In appeal, the Commissioner of Income-tax (Appeals) upheld the order of the Assessing Officer holding that vi .....

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the case of Central Bank of India v. Deputy CIT [2010] 42 SOT 450 (Mumbai) wherein on similar facts, it was held that even if no TDS is deducted, the payments made to visa card international and master card international on account of fees could not be disallowed in view of article 26(3) of the Indo-US Double Taxation Avoidance Agreement (DTAA). 7. On a reading of the decision of the Tribunal in Central Bank of India (supra) with the assistance of the counsel, we find that the question raised he .....

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ribunal on identical facts in Central Bank of India (supra) is accepted and merely followed by the impugned order. 9. We have repeatedly indicated (see CIT v. State Bank of India Income Tax Appeal No. 269 of 2013 rendered on February 4, 2015 [2015] 375 ITR 20 (Bom)) that whenever the impugned order of the Tribunal merely follows its earlier orders and the Revenue has accepted the earlier order by not filing an appeal therefrom, should normally also apply in subsequent orders. This of course unle .....

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