Search Results Page

Search Results

1 - 5 of 5 (0.20 seconds)
Mahesh Chand Gupta, Mathura vs Department Of Income Tax on 12 June, 2009 cites

Wimco Seedlings Ltd. vs Dy. Commissioner Of Income-Tax ... on 30 March, 2007

3. At the time of hearing, the ld. Departmental Representative (D.R.) relied upon the order passed by the Assessing Officer and stated that the ld. First Appellate Authority has wrongly deleted the addition in dispute which is contrary to the law and facts on the file and finally he supported the order of the Assessing Officer. On the contrary, the ld. Counsel for the assessee controverted the arguments advanced by the ld. D.R. stating that the assessee is a manufacturer of electric wires and cables and also has income from dividend and interest from GOI tax free savings bonds. He further stated that the assessee has neither incurred any expenditure on dividend income nor on interest income from GOI saving bonds nor has claimed the same. The assessee is maintaining two separate sets of accounts one for the business income and other set for personal income. The dividend income on shares and interest income on GOI tax free savings bonds has been credited in the personal set on which no expenditure has been incurred or claimed. He also drawn our attention towards section 14A of the Act and stated that the same is not applicable in the case of the assessee and the Assessing Officer has wrongly invoked the provisions of sub-sections (2) and (3) as these sub-sections have been brought on the statute by the Finance Act 2006 w.e.f. 01.04.2007 wherein the Assessment Year in dispute is 2005-06. Finally he relied upon the order passed by the ld. First Appellate Authority and to support the same he also relied upon the decision of I.T.A.T., Delhi Bench in the case of Wimco Seedling Limited vs. Dy. CIT reported in (2007) 293 ITR (80) 216 (Del.). He has also filed copy of the said decision along with his brief submissions dated 10.03.2011 and requested that the appeal filed by the Department may be dismissed.
Income Tax Appellate Tribunal - Delhi Cites 15 - Cited by 7 - Full Document
1