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Showing contexts for: roc fee in Dy. Commissioner Of Income Tax, ... vs Madhucon Toll Highways Limited, ... on 13 April, 2022Matching Fragments
3. Briefly the facts of the case are that the assessee company is in the business of investments and it filed its return of income for the A.V. 2012-13 on 29/09/2012 declaring loss of Rs. 2,04,76,935/-, which was processed u/s 143(1) of the Act. Subsequently, the case was selected for scrutiny and accordingly, statutory notices were issued to the assessee. The AO completed the assessment u/s 143(3) of the Act by adding the following additions:
1. Disallowance of ROC fee paid of Rs. 2,03,52,090/ -
"1) The Ld. Commissioner of Income Tax (Appeals) erred in passing her order without adjudicating ground Nos.2 and 3 of the grounds of appeal.
2) The Ld. Commissioner of Income Tax (Appeals) erred in not allowing appellant's claim of expenditure towards payment of ROC fee amounting to Rs.2,03,53,090, under section 37 of the Income Tax Act, 1961.
3) The Ld. Commissioner of Income Tax (Appeals) erred in not considering the fact that provisions of section 37 of the Income Tax Act, 1961 are applicable to appellant's claim of expenditure towards payment of ROC fee.
4) The Ld. Commissioner of Income Tax (Appeals) erred in not considering the decisions of Hon'ble High Courts and Hon'ble ITAT's on which the appellant relied in support of its claim of expenditure towards payment of ROC fee.
5) The Ld. Commissioner of Income Tax (Appeals) ought to have allowed appellant's claim of expe nditure towards payment of ROC fee, under the provisions of section 37 of the Income Tax, 1961 instead of section 35D of the Act.
without making any apportionment of expenses incurred in relation to exempt income.
5. Any Other Ground that may be urged at the time of hearing."
6. As regards the assessee's ground Nos. 2 to 5 relating to assessee's claim of expenditure towards payment of ROC fee amounting to Rs. 2,03,53,090/-, during the course of assessment proceedings, the Assessing Officer noticed that the appellant had paid Rs.2,03,52,090/- toward ROC fee. Since the ROC fee was not allowable expenditure as per provisions of IT Act, the same was disallowed and added to the returned income.