account of security deposit
accepted by the appellant against deep freezers.
4. That the ld. CIT(A) has erred in law and on facts ... assessee and hence claim
was to be allowed.
f) Deposits for deep freezers indicated that appellant used not to record
sale of ice cream
issue on the taxability of
income on account of lapsed liability of freezer deposits.
Accordingly, the CIT issued notice u/s. 263 proposing for revision ... opportunity to the
assessee.
3) Income on account of lapsed liability of freezer deposit
It is seen from records that income on account of issue
that arises for our consideration, relates to the issue of taxability of
freezer deposits received by the assessee from its vendors. Since identical issue ... brought to tax the
deposits received from its distributors for supply of freezer by stating as follows:
"1 Income on account of lapsed liability
fully convinced.
Whilst things stood so, there was a
breakdown of the freezer compressor due to interruption of electrical supply on
4th March 2005. This ... resulted in the burning out of the freezer
compressor and loss of ice-cream stock totalling to about Rs.2,86,000/- as is
evidenced
cream
and frozen foods, provides, with a view to facilitate sales, deep freezers to it's
distributors and dealers against deposits (from them), refundable ... termination of
the agency agreement. So, however, the value of the freezer falls by 25% each year.
As such, the amount refundable (by the assessee
required.
The additions in plant and machinery were of:
(i) Deep freezer not related with production
(ii) Other machinery related with production
(iii) Cold rooms ... that Agency Deposits include
deposits from Distributors as well as for Deep Freezers from
small retailers.
B) The deposits from Distributors are in a large
whether the CIT(A) is correct in holding that the
lapsed freezer deposits cannot be treated as income in
the hands of assessee ... Jojo Frozen Foods Pvt.Ltd.
frozen foods. The assessee was giving freezers to its dealers /
distributors for storing the ice cream. For giving the freezers
decision in this appeal is the liability of continuous Ice-cream freezer (Item No. 1 of the bill of entry) to additional duty (CV duty ... Customs or under Heading 84.15(1) like continuous ice-cream freezer, as claimed by the appellants.
2. The Assistant Collector of Customs, Bombay
under Section 69A of the Act, (b) disallowance of
expenses incurred on freezer boxes supplied to their agents of
Rs.52,62,942 holding ... disallowance of expenses of
Rs.52,62,942/-incurred
incurred on providing freezer boxes to agents holding that they
are revenue in nature, without appreciating
consideration that the assessee should have
credited percentage of deduction of the freezer deposit every
2 ITA No. 837/Coch/2022
M/s. Snofield Foods ... response, the
assessee furnished a list containing only names and amounts of freezer
deposits received during the year amounting
