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1 - 7 of 7 (0.43 seconds)Pr. Commissioner Of Income Tax 8 vs Shree Vardhman Overseas Ltd. on 20 February, 2020
The
proposition of law laid down in Chipsoft Technology (P) Ltd. (supra)
supplements but not supplants the proposition of law laid down by the Hon'ble
Delhi High Court in Shri Vardhaman Overseas Ltd. (supra). When we read
both the authorities in harmony with each other, then it can be observed that
the assessee cannot be allowed to show an amount as a liability even though he
has no intention to pay it back but to enjoy the same for unlimited period
5 ITA No.7746/M/10 & 8001/M/10
M/s. The Sirdar Carbonic & Gas Co. Ltd.
M/S Godrej Investment Pvt. Ltd. (Now ... vs Dcit 14(1)(2), Mumbai on 26 November, 2021
14. We have heard the ld. representatives of both the parties and have also
gone through the records on this issue. It may be observed that in the case of
Godrej & Boyce Manufacturing Co. Ltd. (supra) the Hon'ble Bombay High
Court has held that Rule 8D r.w.s. 14A(2) is not arbitrary or unreasonable but
can be applied only if the assessee's method is not satisfactory. It has been
further held that Rule 8D is not retrospective and applies from A.Y. 2008-09.
For the years for which Rule 8D is not applicable and in the event of that the
AO is not satisfied with the explanation/working given by the assessee,
disallowance under section 14A has to be made on a reasonable basis.
Cit vs Chipsoft Technology Pvt. Ltd. on 20 July, 2012
The
proposition of law laid down in Chipsoft Technology (P) Ltd. (supra)
supplements but not supplants the proposition of law laid down by the Hon'ble
Delhi High Court in Shri Vardhaman Overseas Ltd. (supra). When we read
both the authorities in harmony with each other, then it can be observed that
the assessee cannot be allowed to show an amount as a liability even though he
has no intention to pay it back but to enjoy the same for unlimited period
5 ITA No.7746/M/10 & 8001/M/10
M/s. The Sirdar Carbonic & Gas Co. Ltd.
Section 41 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
The Finance Act, 1996
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