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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 .....

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, 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 .....

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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 .....

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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 .....

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