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M/s Herbicides (India) Ltd. Versus. Assistant Commissioner of Income Tax,

2015 (10) TMI 2488 - ITAT JAIPUR

G.P. rate determination - Held that:- Looking on the facts on record, interest of justice will be served if the trading addition is restricted to Rs. One lac instead of ₹ 2 lacs retained by the ld CIT(A). This ground is partly allowed in favour of assessee.

Disallowance U/s 40a(ia) on account of commission expenses claimed - Held that: - As it has not been disputed that the entire amount of commission was paid during the year and there was no payable amount at the end of the yea .....

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ssed by the learned CIT(A)-I, Jaipur for A.Y. 2008-09. The respective grounds of appeal are as under:- 1. That the authorities below erred in making the addition of ₹ 2,00,000/- in the declared trading results by the petitioner to cover up any alleged leakage of revenue. 2. That the authorities below further erred in disallowing a sum of ₹ 11,59,210/- U/s 40a(ia) of the IT Act, 1961 on account of commission expenses claimed. 3. That the addition/disallowances so made by the authoriti .....

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s to 12.94 crores, ld CIT(A) reduced the disallowance of ₹ 2 lacs by following observations: I have considered the facts of the case and the submissions made. It is stated that the stock register has been maintained, various payments were made in cash which are not subject to full verification and, therefore, rejection of books of accounts is justified. The turnover of the appellant sharply declined to ₹ 12.94 crores against ₹ 20.94 crores in the previous year i.e. a drop of &# .....

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6/2009 passed in ITA No. 1689/JP/2008 in assessee s own case and in that case the Assessing Officer made disallowance of ₹ 4,33,441/-, which was reduced to Rs. One lac by the ld CIT(A). The Hon ble ITAT further reduced the same to ₹ 50,000/-. It is pleaded that the facts of the case are similar to A.Y. 2005-06. 4.1 Apropos ground No. 2, reliance is placed on the decision of Hon ble Allahabad High Court in the case of CIT Vs. Vector Shipping Services (P) (2013) 357 ITR 642 (All) in wh .....

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the Hon ble Court s ruling that disallowance U/s 40(a)(ia) applies only to amounts payable as on 31st March and met to amounts already paid during the year. Further, it is also seen that department s SLP against this order of Hon ble Allahabad High court in case of Vector Shipping Services Pvt. Ltd. (supra) has already been dismissed, meaning thereby, Hon ble Apex Court has approved the judgment of Hon ble Allahabad High Court in case of Vector Shipping Services Pvt. Ltd. and also the case of M .....

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