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2015 (12) TMI 566 - BOMBAY HIGH COURT

2015 (12) TMI 566 - BOMBAY HIGH COURT - TMI - Disallowance u/s 40(a) (ia) - as per revenue benefit of deduction under Section 10A cannot be extended to such income, which is a result of disallowance - whether disallowance of expenditure under Section 43B of the Act was added to the income of the Assessee therein but deduction under Section 10A of the Act was sought to be denied to the extent of disallowed expenditure? - Held that:- The plain consequence of disallowance of the expenditure would b .....

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on of this Court in the case of Gem Plus Jewellery India Ltd. (2010 (6) TMI 65 - BOMBAY HIGH COURT) against the Revenue and in favour of the Respondent Assessee. - Income Tax Appeal No.1725 of 2013 - Dated:- 24-11-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Appellant : Mr. Suresh Kumar i/b Vipul Bajpayee For the Respondent : Ms. Megha Sharma ORDER P. C. 1. This appeal filed by the Revenue challenges order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (the Tribun .....

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nt by the legislature would be defeated? 3. The Respondent-Assessee has claimed deduction on account of expenditure of ₹ 46.11 lakhs while determining its profits for the subject Assessment Year. The Assessing Officer disallowed the expenditure on account of failure to deduct tax at the time of the making payment in Section 40(a) (ia) of the Act. The Assessee contended that disallowed expenditure would result in enhanced profit which would continue to be deductible under Section 10A of the .....

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nt of disallowance of expenditure would result in additional claim being allowed under Section 10A of the Act. The decision of this Court in the case of the Commissioner of Income Tax Vs. Gem Plus Jewellery India Ltd. (2011) 330 ITR 175, was followed. 5. Being aggrieved, the Revenue carried the issue in Appeal before the Tribunal. The Tribunal by the impugned order upheld the order dated 12th October, 2002 of the Commissioner of the Income Tax (Appeals), by following the decision of this Court i .....

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the decision of this Court in Gem Plus Jewellery India Ltd. (Supra), would have no application as it dealt with the situation of the disallowance under Section 43B of the Act and not under Section 40 (a) (ia) of the Act, on a specific query. Mr. Suresh Kumar, learned Counsel for the Revenue, on instructions, informs us that the entire income of the Respondent Assessee's is only on account of activity entitled for deuction under Section 10A of the Act. 7. The grievance made by the Revenue in .....

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