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2019 (7) TMI 417

..... IT- A deleted addition - Option to persons taking the benefit of deferral scheme, to pay the deferred tax in one lumpsum at the discounted rate of 8% as availed by assessee - HELD THAT:- See CIT Vs. Balkrishna Industries Ltd. [2017 (11) TMI 1626 - SUPREME COURT] wherein dismissing the appeal filed by the revenue as held what the assessee was required to pay after 12 years in 6 equal instalments was paid by the assessee prematurely in terms of the NPV of the same. That the State may have received a higher sum after the period of 12 years and in instalments. The statutory arrangement and vide section 38, 4th proviso does not amount to remission or cessation of the assessee's liability assuming the same to be a trading one. Rather that obt .....

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..... ₹ 3,58,79,577/- and had retained the balance income of ₹ 2,20,63,219/- (iii) Whether on the facts and in the circumstances of the case the Tribunal was right in not following the decision of the jurisdictional High Court in the case reported in 384 ITR 530(Mad). 3. We have heard Mr.T.R.Senthil Kumar, learned Senior Standing Counsel for the appellant/Revenue and Mr.R.Venkatanarayan, learned counsel for M/s. Subbaraya Aiyar Padmanabhan and Ms.Ramamani, learned counsel for the respondent/assessee. 4. The revenue preferred an appeal before the tribunal challenging the order passed by the Commissioner of Income Tax(Appeals)-15' (hereinafter referred to as CIT(A)) in ITA.No.544/CIT(A)-15/13-14 dated 25.02.2016 by which the CIT(A) .....

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..... pre-payment at discounted rate. 7. The revenue preferred an appeal before the Tribunal contending that the similar issue was decided in favour of the revenue by the Hon'ble Supreme Court in CIT Vs. Thirumalaiswamy Naidu & Sons reported in 230 ITR 534 (SC). The Tribunal after considering the case of the revenue, held in our view correctly that Thirumalaiswamy Naidu & Sons (supra) was clearly distinguishable on facts and rightly followed the decision in Mcdowell & Co Ltd (supra). 8. We had an occasion to consider a similar issue in the case of CIT Vs. Wheels India Ltd, wherein identical issue came up for consideration noting that the tribunal in the said case, rightly took note of the decision of the Bombay High Court reporte .....

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..... he assessee and the other requirement is the assessee has subsequently obtained any amount in respect of such loss and expenditure or obtained a benefit in respect of such trading liability by way of a remission or cessation thereof. As rightly noted by the Tribunal, the Sales Tax collected by the assessee during the relevant year was treated by the State Government as loan liability payable after 12 years in 6 annual/equal instalments. Subsequently and pursuant to the amendment made to the 4th proviso to section 38 of the Bombay Sales Tax Act, 1959, the assessee accepted the offer of SICOM, the implementing agency of the State Government, paid certain amount to SICOM, which, according to the assessee, represented the NPV of the future sum .....

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