2012 (10) TMI 316

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....inod Poddar, Senior Advocate, appearing for the appellant (referred as the assessee), submits that the assessee is not in a position to comply the order passed on 22.6.2012 in this appeal. 3. Then in support of this appeal, he submitted as follows : i). The income from sale of scrap reduced the cost of production and thereby the income from sale of scrap increased the export income ii) Instead of remanding the matter only on one aspect, the entire matter should have been remanded by the Tribunal. iii). The Audit Report was not considered either by the Assessing Officer or by the appellate authority or by the Tribunal. iv) It does not appear from the order of the Tribunal that the judgments produced before it were considered. ....

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....erefore do not constitute export turnover. The Assessing Officer has rightly excluded them from export turnover for working out the profits eligible for exemption u/s 10B. In this view of the matter, the eligible profits u/s 10B as computed by the AO has correctly been reduced from the "book profit" under section 115JB. The action of the Assessing Officer is in conformity with the law. The order of the ld. CIT(A) is, therefore, vacated and that of the Assessing Officer restored." (Emphasis supplied) 7. In our view learned Tribunal has rightly recorded the said finding of fact. No authority was cited in support of its contention by the assessee before us. 8. The next contention of assessee is that the Tribunal should have accepted t....

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....e, inferred that the assessee was being used as conduit between the HUF of Major General (Retired ) P.P. Subherwal and M/s Arush Metal Casting Pvt. Ltd. It is in this background that the Assessing Officer held that the impugned loan transaction was not genuine and accordingly brought the impugned sum to the charge of Incometax." 15. "Aggrieved by the order of the Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A). It was submitted before the ld. CIT(A) that the impugned loan was taken from Sanjay Sabherwal on behalf of HUF. It was further stated that the loan was taken by the cheque, which was duly debited tot he account of Sanjay Sabherwal. It is in view of the aforesaid explanation that the ld. CIT (A) h....