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 →

2010 (8) TMI 1075 - ITAT MUMBAI

2010 (8) TMI 1075 - ITAT MUMBAI - TMI - ITA No. 974/Mum/2009 - Dated:- 31-8-2010 - SHRI S V MEHROTRA, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER Assessee by : Shri Kishor Rajeshirke Revenue by : Shri Shravankumar O R D E R PER VIJAY PAL RAO,JM This appeal by the assessee is directed against the order dated 23.12.2008 of CIT(A)-III for the assessment year 2003-04. 2. Only ground raised by the assessee is reproduced below: 1. The ld. CIT(A) erred in confirming the disallowance of de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, the charters of the vessels had to pay demurrage charges to the shipping company. The assessee claimed an expenditure of ₹ 1,25,53,232/- as business expenditure. The AO disallowed a sum of ₹ 81,84,925/- after adjusting an amount written back of ₹ 43,68,307/- and offered as income by the assessee for the assessment year 2004-05. While disallowing this amount, the AO has invoked the provisions of Explanation 1 to section 37(1) of the Income Tax act, 1961. According to which any .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Peter Cremer GMBH. The learned AR has further submitted that demurrage charges is only in the nature of compensation for delay in loading of goods and therefore it was not penalty for any fraction of law or any Act which is prohibited under law. He has pointed out that in all shipping agreement the charter vehicle is allowed certain time by the ship owner for loading and unloading cargo at the port which is time fixed and if there is any delay in loading and unloading of the vessels, the time a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

igh Court in the case of Nanhoomal Jyoti Prasad. v. Commissioner of Income-tax. Reported in 123 ITR 269.(All). 6. On the other hand, the learned DR relied on the orders of the authorities below. 7. We have considered the rival contentions and relevant record. The assessee was under an obligation to pay demurrage charges, to the charter of the shipping if any paid by charger to the shipping company on account of delay for loading and unloading of cargo. We further note that the original claim of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

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

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

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

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