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1 - 10 of 16 (0.21 seconds)M/S. Rotork Controla India (P) Ltd vs Commnr. Of Income Tax, Chennai on 12 May, 2009
In our considered view , the
assessee company is entitled for claiming expenses for all known and
ascertained liabilities which have crystallized prior to the closure of the
relevant previous year as per the mandate of the Act based on actual
rendition of services prior to the closure of the relevant previous year and also
keeping in view the principles of matching concept and the decision of the
Hon'ble Supreme Court in the case of Rotork Control India Private
Limited(supra), which is also the assertion of the ld counsel for the assessee
company. But, these are all findings of fact which can be arrived at or
appreciated based on the examination and verification of the facts on merits.
Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 234C in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax-Iv vs M/S Hero Management Service Limited on 23 September, 2013
The ld counsel also relied upon decisions in the case of CIT v. Hero
Management Services Limited 360 ITR 68(Del), CIT v. Armour Consultants
Private Limited , 355 ITR 418(Mad.)
Commissioner Of Income Tax I vs M/S.Armour Consultants P.Ltd on 1 March, 2013
The ld counsel also relied upon decisions in the case of CIT v. Hero
Management Services Limited 360 ITR 68(Del), CIT v. Armour Consultants
Private Limited , 355 ITR 418(Mad.)
Commissioner Of Income-Tax, Delhi, ... vs Nagri Mills Co. Ltd. on 28 September, 1957
Commissioner Of Income Tax vs Triveni Engineering & Industries Ltd. on 5 August, 2010
and CIT v. Triveni Engineering & Industries Limited, 196
Taxman 94(Del.). Thus the ld. Counsel submitted that provisions for
expenses of Rs.11,15,000/-- should be allowed as the provisions for expenses
of Rs.11,15,000/- are made on best estimate basis based on Prudence by
making an estimate on the basis of services actually availed by the assessee
company till the end of the year. It was submitted that to the extent of
provisions for expenses of Rs.11,15,000/- so made in the impugned
8 ITA 7324/Mum/2012
assessment year, the assessee company has reversed the same in the next
year and to that extent expenditure is claimed lower by that amount of
Rs.11,15,000/- in next year and hence the impact is revenue neutral and no
prejudice is caused to the Revenue. It is submitted that if the provisions for
expenses of Rs.11,15,000/- are not allowed in the impugned assessment
year, then the entire expenses shall be allowed in the subsequent assessment
year.