GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (1) TMI 713 - ITAT DELHI

2016 (1) TMI 713 - ITAT DELHI - TMI - Disallowance of interest - CIT(A) deleted the addition - Held that:- There is no finding in the assessment order also to suggest that the assessee did not use the borrowed funds for the purpose of business. In the event that the assessee maintains mercantile system of accounting, has provided interest on the loans from the Ministry in its accounts, and since, there is no evidence to suggest that interest on the loans have been waived by the Ministry, the dis .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ld. CIT(A) should have afforded an opportunity to the Assessing Officer to examine the sale invoices placed before him for the first time, which has been made the sole basis for deletion of addition. There is also no finding in the impugned order whether the production alleged to have been made before 01.10.2003 was a regular production or on trial basis. In view of these facts, we think it appropriate to restore the issue to the file of Assessing Officer for deciding the issue de novo after exa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

essee for statistical purposes. - ITA No. 3362, 3363/Del./2013 - Dated:- 30-10-2015 - SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Appellant : Shri S.K. Saroha, CIT/DR For The Respondent : Shri Rajesh Arora, C.A. ORDER Per L.P. Sahu, Accountant Member: These two appeals by the Revenue are directed against the orders dated 28.03.2013 passed by the learned CIT(A) LTU, New Delhi for the assessment years 2004-05 & 2005-06 on the following grounds : 2004-05: O .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessee s evidence of 3 sales invoices in respect of which opportunity was not granted to the assessing officer under rule 46A of the Income-tax Rules. 2005-06: 1. On the facts and circumstances of the case and in law, the Ld. CIT(Appeals) has erred in deleting disallowance of interest expenses of ₹ 13,39,84,000/- on loans from Ministry of Chemical and Fertilizer ignoring the fact that the said disallowance was made by the assessing officer holding that the amount of interest was not deduc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y have been held by the President through Govt. of India. The assessee company is engaged in the business of manufacturing of various types of pesticides for curing various diseases and pollution in the country. Main supplies are made through Govt. of India and on the rates fixed by Govt. of India. Sometimes, these rates are even below the cost price of the product and accordingly, the assessee company is incurring loss regularly year after year. During the year under consideration, the assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

te of drawing. The assessee claimed an amount of ₹ 12,91,84,505/- towards payment of interest to the Govt. of India in respect of working capital loan sanctioned to it by that department of which the assessee is a public sector Undertaking. The Assessing Officer disallowed the claim of assessee observing that the assessee has not actually paid interest to the Govt. of India and therefore, applying the provisions of section 43B added back the same to the total income of the assessee. The As .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ons vide impugned order. Aggrieved by the impugned order, the Revenue is in appeal before us. 3. The ld. DR relied on the order of the Assessing Officer whereas the ld. AR of the assessee supported the findings reached by the ld. CIT(A) in the impugned order. 4. We have considered the rival submissions and have perused the materials available on record. As far as the first issue regarding disallowance of interest, a perusal of relevant provisions of law suggests that the principle of allowing an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t arise on account of the disbursal of loans to the assessee by the Ministry. There is no finding in the assessment order also to suggest that the assessee did not use the borrowed funds for the purpose of business. In the event that the assessee maintains mercantile system of accounting, has provided interest on the loans from the Ministry in its accounts, and since, there is no evidence to suggest that interest on the loans have been waived by the Ministry, the disallowance of interest of S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he said plant had not started working before 01.10.2003 and same came into operation w.e.f. 01.10.2003. Therefore, the Assessing Officer rightly disallowed 50% of the depreciation claimed. It was submitted that the ld. CIT(A) wrongly deleted this disallowance on the basis of three sale invoices said to have been issued in the month of September, 2003 without giving any opportunity to to the AO to examine the same as contemplated under Rule 46A of the I.T. Rules. The ld. AR, on the other hand, re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 IT

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version