TMI Blog2020 (10) TMI 1320X X X X Extracts X X X X X X X X Extracts X X X X ..... V Channels - disallowance of expenses being payment made for making advertisement film which is in the nature of an intangible asset - addition made on account of under invoicing of sales made to sister concern - addition more particularly when AO has pointed out specific examples of under invoicing which has been dismissed by way of generic finding - crucial findings of AO including that sister concern operates from tax exempt jurisdiction and assessee has incurred huge advertisement expenses in foreign markets - Whether the Appellate Tribunal has erred in stating that net profit of 46.38% is not possible when the Hon'ble Karnataka HC has held in CIT vs. Vesesh Infotechnics Ltd. [ 2012 (9) TMI 70 - KARNATAKA HIGH COURT] that even a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring any evidence on record to the effect that the payments made are covered under circular No.723 of 1995 and that the non-residents ship owners/charters had filed returns under Section 172 of the Act? B) Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of ₹ 82,121/- on account of interest and ₹ 23,370/- on account of insurance expense claimed on vehicle? C) Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of ₹ 1,88,986/- on account of depreciation, petrol and repair expenses claimed on vehicle? D) Whether the Appellate Tribunal has erred in law and on facts in deleting the disallowance of expenses of ₹ 6,72,442/- being web d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Revenue and having gone through the materials on record, we are of the view that none of the questions as proposed by the revenue could be termed as the substantial questions of law. All the questions proposed are on factual aspects of the matter. 6. In such circumstances, referred to above, both the appeals fail and are hereby dismissed. ____________________________________________________________________________________________________________________ MODIFICATION ORDER ORDER DATED 02-12-2020 ORAL ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1 This note for speaking to minutes is at the instance of the Revenue. We have perused the note for speaking to minutes and have also heard Ms. Mauna B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed the following questions for the consideration of this Court; A] Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.34,14,124/- made u/s 40(a)(a) of the Act without appreciating that the assessee failed to bring any evidence on record to the effect that the payments made are covered under circular No.723 of 1995 and that the non-residents ship owners/charters had filed returns under Section 172 of the Act? B] Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.82,121/- on account of interest and Rs.23,370/- on account of insurance expense claimed on vehicle? C] Whether the Appellate Tribunal has erred in law and on facts in deleting th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when the Hon'ble Karnataka HC has held in CIT vs. Vesesh Infotechnics Ltd. 210 Taxman 522 that even a profitability of 94.8% is possible? 5 Having heard Ms. Mauna Bhatt, the learned Senior Standing Counsel appearing for the Revenue and having gone through the materials on record, we are of the view that none of the questions as proposed by the Revenue could be termed as the substantial questions of law. All the questions proposed are on factual aspects of the matter. 6 So far as the Tax Appeal No.279 of 2020 is concerned the solitary question as proposed by the revenue reads thus: Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.46,52,291/- made on account of prior period e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellate Tribunal has erred in law and on facts in deleting the addition of Rs.34,14,124/- made u/s 40(a)(a) of the Act without appreciating that the assessee failed to bring any evidence on record to the effect that the payments made are covered under circular No.723 of 1995 and that the non-residents ship owners/charters had filed returns under Section 172 of the Act? B) Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.82,121/- on account of interest and Rs.23,370/- on account of insurance expense claimed on vehicle? C) Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.1,88,986/- on account of depreciation, petrol and repair expenses claimed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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