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Commissioner of Income-tax Versus Western Rolling Mills Ltd.

1993 (6) TMI 248 - Bombay High Court

IT APPLICATION NO. 9 OF 1993 - Dated:- 25-6-1993 - Smt. Sujata Manohar, And N.D. Vyas, JJ. For the Applicant : P.S. Jetly For the Respondent : P.J. Pardiwalla JUDGMENT Manohar, J. - This is an application by the department for a direction that the Tr .....

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7; 4,04,218 being reimbursement of the amount paid by Western Ministil Ltd. to the assessee towards reimbursement of the tax liability of the assessee is not chargeable to tax and on that ground deleting the said sum from the computation of total inc .....

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assessment of the assessee for the assessment year 1976-77, the ITO disallowed a sum of ₹ 6,41,618 out of interest claimed as deduction by the assessee with the result that the assessee-company was required to pay tax on the said sum of ₹ .....

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id to the assessee the said sum of ₹ 4,02,418 which represented the additional tax liability incurred by the assessee. In the assessment year 1983-84, the ITO brought receipt of this sum of ₹ 4,02,418 to tax in the hands of the assessee. .....

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the above question. That Tribunal has also observed that had the assessee charged the said sum of ₹ 6,41,618 to the sister concern; the sister concern would have been entitled to a deduction of that amount and the assessee's tax liability w .....

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