TaxTMI 
TaxTMI 
2013 (7) TMI 647
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....tion 80P(2)(d) of the Income-tax Act. At the outset, learned counsel for the assessee submitted that this issue is covered in favour of the assessee by the decision of this Tribunal in the assessee's own case reported in Asst. CIT v. KRIBHCO [2010] 6 ITR (Trib) 686 (Delhi) vide order dated April 8, 2010 wherein it has been held that the income derived by the assessee from co-operative banks and interest on deposits with co-operative banks were not exempt under section 10 and were includible in its income. Deduction, if any, was given by the statute under section 80P which pertained to deduction of income. Hence, it was held that since both receipts of the assessee were not exempt and includible in income merely because deduction under se....
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...., 2473, 2474, 4573 and 4574/Ahd/2007. The Tribunal has held as under : "This being the factual position, the payment for the purchase of natural gas and as per the contract of the assessee, it is only asking for supply of natural gas from the producers for the purpose of use of this gas for burning in the assessee's factory for manufacturing of urea. Clearly, this is a contract for sale of goods and not a works contract as held by the lower authorities. In view of the above, we quash the orders of the lower authorities and allow the appeals of the assessee." Following the above order of the Ahmedabad Bench dated September 5, 2008, the learned Commissioner of Income-tax (Appeals) held that the transaction was not contract for transport....
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....ting the Assessing Officer to allow deduction of Rs.16,26,460 on account of research and development expenses even though the assessee has not made any valid claim in the return of income. In this regard, the impugned claim of the assessee was not entertained by the Assessing Officer on the ground that the same was not claimed in the return of income but was claimed only during the course of assessment. In this regard, reliance was placed on the apex court decision in the case of Goetze (India) Ltd. v. CIT [2006] 284 ITR 323 (SC). The learned Commissioner of Income-tax (Appeals), upon careful consideration of various case law, proceeded to hold that the assessee can raise the issue and he went on to adjudicate the issue and decide the sa....
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.... result, this appeal filed by the Revenue stands partly allowed for statistical purposes. The assessee's appeal : The first issue raised is that the Commissioner of Income-tax (Appeals) erred in law in invoking the provisions of section 14A in respect of dividend income received from IFFCO-Tokyo General Insurance Co. Ltd. The assessee has not incurred any expenditure and hence, section 14A is not at all attracted. In this regard, the Assessing Officer noted that the assessee has received various items like dividend and interest. In the Assessing Officer's opinion, deduction under section 80P(2)(d) was not allowable. Upon the assessee's appeal, the learned Commissioner of Income-tax (Appeals) noted with regard to dividend income ear....