Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment
From the Courts »
  Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
 M/S Abhipra Capital Ltd. Vs. Deputy Commissioner Of Income Tax (Investigation)
 Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
  Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 CST vs. Shri Krishna Chaitanya Enterprises (Bombay High Court)
 Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd vs. CIT (Supreme Court)
 Principal Commissioner Of Income Tax-7 Vs. Pavitra Commercial Ltd.
 Commissioner Of Income Tax Delhi Iv Vs. Gee Kay Finance & Leasing Co. Ltd.
 Pr.Commissioner Of Income Tax-6 Vs. Nokia Solutions & Network India Pvt Ltd (Formerly Known As, Nokia Siemens Network Pvt Ltd)
 SKY Light Hospitality Llp Vs. Assistant Commissioner Of Income Tax, Circle -28(1), New Delhi

DCIT (LTU), Vs. M/s International Tractors Ltd., New Delhi. Sonalika House, 283 AGCR Enclave, Karkardooma, Delhi.
September, 24th 2013
                  DELHI BENCH "C" NEW DELHI

                            ITA No. 1459/Del/2013
                            Asstt. Yr: 2005-06
DCIT (LTU),                        Vs. M/s International Tractors Ltd.,
New Delhi.                               Sonalika House, 283 AGCR
                                         Enclave, Karkardooma, Delhi.

                                        PAN: AAACI2270H

( Appellant )                                       ( Respondent )

                Appellant by :    Shri Satpal Singh Sr. DR
                Respondent by :   Shri K. Sampath Adv.



      This is Revenue's appeal against CIT(A)'s order dated 12-12-2012

relating to A.Y. 2005-06.

2.    Sole effective ground raised is as under:

      "On the facts and in the circumstances of the case, the Ld.
      CIT(A) has erred in deleting the penalty levied u/s 271(1)(c) in
      respect of addition of rs. 1,89,25,000/- on account of
      disallowance of deduction u/s 35(2AB) of the I.T. Act as the
      Department has not accepted the order of the ITAT on this issue
      in quantum appeal and has filed an appeal before Hon'ble
      High Court."

3.    Ld. DR fairly concedes that in quantum appeal the ITAT Delhi Bench

"C" vide order dated 11-5-2012 in ITA no. 6071/Del/2010 has deleted the

disallowance u/s 35(2AB).
                                                                       ITA 1459/Del/2013
                                                                International Tractors Ltd.

4.     We have heard both the parties, perused the material available on

record. Since the quantum disallowance made u/s 35(2AB) has been deleted

by the ITAT, the penalty u/s 271(1)(c) imposed on account of such

disallowance does not survive.

4.1.   The CIT(A) has deleted the penalty qua addition u/s 35(2AB) by

observing as under:

       "5. I have carefully considered the facts of the facts of the case
       in the light of the applicable law in this regard. So far as the first
       ground of addition under section 35(2AB) is concerned, since the
       ITAT, which is the final fact finding body, had allowed the appeal
       on this ground, keeping in view the above referred decision of the
       Gujarat High Court, there is in fact no instance of concealment
       or furnishing of inaccurate particulars.

       5.2. However, on the other ground of addition of Rs. 2,10,875/-
       , the appellant could not furnish detail and any supporting
       evidence in claiming deduction under section 37 till the stage of
       appeal before the ITAT. Since the ITAT is the final fact finding
       authority which has upheld the disallowance on this ground and
       there are no evidences that such expenses were wholly and
       exclusively for business purposes and were not capital or
       personal in nature, I hold that the appellant company had
       furnished inaccurate particulars of income in respect of various
       expenses embedded in the amount of Rs. 2,10,875/-.

       5.3. In view of the above, levy of penalty under Section
       271(1)(c) is confirmed to the extent of the above disallowance of
       Rs. 2,10,875/- upheld by the ITAT. The appellant company gets
       relief on the balance amount.

                                                                    ITA 1459/Del/2013
                                                             International Tractors Ltd.

4.2.   Since the quantum addition u/s 35(2AB) stands deleted by the ITAT,

we see no infirmity in the order of CIT(A) in deleting the penalty u/s

271(1)(c) to that extent. The order of CIT(A) is accordingly upheld.

In the result, Revenue's appeal stands dismissed.

Order pronounced in open court on 16-09-2013.

      Sd/-                                          Sd/-
( T.S. KAPOOR )                              ( R.P. TOLANI )
ACCOUNTANT MEMBER                            JUDICIAL MEMBER
Dated: 16th Sept. 2013.
Copy to :
   1. Assessee
   2. AO
   3. CIT
   4. CIT(A)
   5. DR

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions