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1 - 7 of 7 (0.49 seconds)The Income Tax Act, 1961
American Express International ... vs Commissioner Of Income-Tax on 25 September, 2002
to tax had escaped assessment qua the debit of Rs.1,16,71,676/- in the Profit
& Loss Account under the head 'broken period interest paid'. Clearly, at the
time of recording of reasons for escapement of income on 28.03.2013, the
judgment of the Hon'ble Bombay High Court in the case of American Express
International Banking Corpn. (supra) was available, and therefore the
allowance of debit of Rs.1,16,71,676/- on account of 'broken period interest'
in the original assessment could not be treated as erroneous. Thus, in view
of the aforesaid discussion, on point of law as well as on facts, we find no
reasons to uphold the stand of the Assessing Officer, which is hereby set-
aside.
Section 147 in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income Tax-2 vs Hdfc Bank Ltd. on 5 September, 2014
8. Thus, in view of the judgment of the Hon'ble Bombay High Court in
the case of HDFC Bank (supra), the controversy before us is liable to be
decided in favour of the assessee on the point of law. So, however, a factual
aspect which is clearly emerging from record, and which has been canvassed
by the assessee before the lower authorities is as follows. The learned
representative has referred to page 85 of the Paper Book wherein is placed
copy of communication dated 13.09.2010 addressed to the Assessing Officer
during the original assessment proceedings informing the Assessing Officer
that the 'broken period interest paid' of Rs.1,16,71,676/- is not only debited
to the Profit & Loss Account, but has indeed been credited to 'interest
received on investments' account on the credit side of the Profit & Loss
Account. Our attention has also been drawn to the annual financial
statements placed in the Paper Book in support of the aforesaid assertion.
In fact, we find that though the said assertion of assessee has been noted by
the Assessing Officer, but there is no credible repudiation of the same. The
aforesaid clearly brings out that factually speaking, there is no claim left of
any debit in the Profit & Loss Account of Rs.1,16,71,676/- since the same
stands negated by way of corresponding credit in the Profit & Loss Account.
Section 292BB in The Income Tax Act, 1961 [Entire Act]
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