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National Organic Chemicals Industries ... vs Assessee cites

Deputy Commissioner Of Income Tax vs Star Chemicals (Bom) (P) Ltd. on 30 April, 2007

25.2 The ld. D.R., on the other hand, supported the order of the ld. CIT(A). 25.3 After hearing both the sides we find the co-ordinate Bench of the Tribunal in the case of M/s Schreiber Dynamix Dairies Ltd. (supra) by following the decision of Hon'ble jurisdictional High Court in the case of Natural Gems Ltd. (supra) has directed the A.O. to delete the interest charged u/s 234B & 234C of the Act while computing book profit u/s 115JB of the I.T. Act 1961. Respectfully following the decision of the Tribunal we direct the A.O. to delete the interest charged u/s 234B while computing the book profit u/s 115JB of the Act. This ground by the assessee is accordingly allowed.
Income Tax Appellate Tribunal - Mumbai Cites 45 - Cited by 38 - Full Document

K. Raveendranathan Nair vs Commnr. Of Income Tax . on 10 August, 2017

that the accrual as well as payment of salary should co-exist in order to attract the provisions of section 192. The Supreme Court in the case of K. Ravindranathan Nair vs. CIT (2001) 247 ITR 178 has held that where the assessee had 10 cashew nut processing units and paid compensation for the employees for four units, all forming part of the same business, the disallowance could not be warranted. Further, section 35DDA also speaks about incurring any expenditure in any previous year by way of payment of any sum to an employee. Considering the fact that the courts have held such payments as revenue in nature and also considering the fact that the assessee had claimed deduction in terms of section 35 DDA that is 1/5th of the amount, the disallowance made by the AO is not justified, in my considered opinion. The AO is directed to allow the deduction @ 1/5th on the aforesaid amount of Rs. 2,94,74,310/-. It is not doubted that the payment was approved by the concerned authorities also.
Supreme Court of India Cites 7 - Cited by 31 - A K Sikri - Full Document

Y.S.C. Babu And A.V.S. Raghavan vs Chairman And Managing Director, ... on 4 October, 2001

"I have considered the matter. The payment is not disputed. The appellant has claimed deduction only 1/5th of it. It is also not doubted that the instalment had become due during the previous year under consideration. "Regarding the issue of accrual" the decision of A.P. High Court in the case of Y.S.C. Babu vs. Chairman and managing Director, Syndicate bank (2002) 253 ITR 1 is relevant. In the said decision, the Hon'ble Court interalia has held 17 ITA No. 2131/M/05, 2147/M/05, 6104/M/05 & 4774/M/05 M/s National organic Chemical Ind. Ltd.
Andhra HC (Pre-Telangana) Cites 12 - Cited by 6 - Full Document

Acit 1(2), Bhopal vs Bhaskar Industries Ltd., Bhopal on 10 January, 2017

order of the ld. CIT(A) in directing the A.O. to delete the addition to the tune of Rs. 30,70,484/- from the book profit. Accordingly, the same is upheld. 30.8 So far as the provision for gratuity amounting to Rs. 35,45,507/- is concerned we find the same is also covered by the decision of the Hon'ble Bombay High Court in the case of Echjay Forgings Pvt. Ltd. (supra) wherein it has been held that when the provision for credit was made on the basis of actuarial calculations it was an ascertained liability and the said amount could not be added to the net profit. Since the order of the ld. CIT(A) is in consonance with the decision of the Hon'ble jurisdictional High Court, therefore, we do not find any infirmity in the order of the ld. CIT(A) in directing the A.O. not to increase the book profit by the amount of Rs. 35,45,507/-. Accordingly the same is upheld.
Income Tax Appellate Tribunal - Indore Cites 3 - Cited by 5 - Full Document
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