TMI Blog2016 (8) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... ction by directing the AO. - I.T.A. No. 1269/Mum/2012, I.T.A. No. 1474/Mum/2012 - - - Dated:- 18-8-2016 - Shailendra Kumar Yadav (Judicial Member) And Rajesh Kumar (Accountant Member) For the Assessee : Ronak G. Doshi, Mantnam Shah For the Revenue : Shivani B. Ghode ORDER Rajesh Kumar (Accountant Member) These cross-appeals are filed against the order passed by the ld.CIT(A)-16, Mumbai dated 1.12.2011 for the assessment year 2008-09. 2. First we shall take the appeal in ITA No. 1269/Mum/2012. 3. Only issue raised by the assessee in the grounds of appeal is against confirmation of disallowance of ₹ 21,67,547/- by the CIT(A) as made by the AO for provisions of leave encashment. 4. The facts in brief a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Exide Industries Ltd the Hon ble Supreme Court has admitted the Special Leave Petition on the identical issue vide its order dated 8.5.2009 in SLP (Civil No.22889/2008) allowing to file appeal by the revenue. We further find that the co-ordinate bench of the Tribunal in ITA No.5457/Mum/2013 (supra) following the decision of the Hon ble Apex Court directed the AO to keep recovery of tax and interest in abeyance till the decision of the Supreme Court in SLP (Civil No.22889/2008) of the department in the case of Exide Industries Ltd and it was further ruled by the Co-ordinate Bench that it would be open to the department to recover the outstanding demands in case the appeal of the department is allowed by the Apex Court. The oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stical purposes. 7. Now we shall take up the appeal in ITA 1474/Mum/2012 8. The issue raised by the revenue in the appeal is against the deletion of disallowance of ₹ 36,21,660/- by the ld.CIT(A) as made by the AO in respect of compensation paid to the investor by the assessee. 9. Facts in brief are that the assessee-company is an asset management company and is engaged in the business of Asset, Portfolio Management and advisory services. During the course of scrutiny proceedings the AO observed that the assessee has debited a sum of ₹ 36,21,660/- on account of compensation paid to investors the details whereof is given in para 4 of the assessment order. The assessee filed item wise client and investor wise details of c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
