TaxTMI 
TaxTMI 
2013 (11) TMI 273
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....disallowance of Rs. 2,31,918. Briefly stated the facts of this ground are that the assessee incurred expenses of Rs. 2,89,898 on account of share issue expenses and claimed deduction for this sum in entirety. On being called upon to explain as to why such expenses should not be partly disallowed, the assessee submitted that in pursuance to the scheme of amalgamation of Gestetner India Limited (GIL) with Ricoh India Limited (RIL) as approved by the Hon'ble Bombay and Calcutta High Courts, one share in GIL was allotted six equity shares to RIL. The said expenditure of Rs. 2.89 lakh was claimed to have been incurred on account of issuance of share certificates of RIL to the erstwhile shareholders of GIL. It was, therefore, claimed that the ent....
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....n on goodwill and other expenses, the claim for which was lodged for the first time during the course of assessment proceedings. The assessee filed revised computation of total income claiming certain additional deductions including deduction on account of amortization of goodwill amounting to Rs. 3,58,16,000. The Assessing Officer refused to admit such claim for deductions claimed through revised computation in view of the judgment of the Hon'ble Supreme Court in the case of Goetze (India) Ltd. v. CIT [(2006) 284 ITR 323 (SC)]. The learned CIT(A) approved the action taken by the Assessing Officer. 7. After considering the rival submissions and perusing the relevant material on record, we find that the Hon'ble Supreme Court in Goetze (In....
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.... After considering the rival submissions and perusing the relevant material on record, we find that detail of such deposits written off is placed at page 78 of the paper book. Major amount is against deposits given to Electricity Board; to Collector of Custom against import clearance; to Indian Oil Corporation against gas cylinders; and to Posts & Telegraphs Department against telephone connections. Except for some minor amounts included in this sum, the larger chunk represents deposits given to the Government Departments / PSUs. On a specific query raised from the Bench, the learned AR conceded that the business of the assessee-company was continuing. We fail to understand the rationale in claiming deduction for security deposits given dur....
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....e of Rs. 13,19,872 in respect of tax deducted at source for which TDS certificates were not received from parties. The assessee claimed deduction for this sum on writing off the amount of TDS receivable by contending that it was not in a position to recover the TDS certificate from the parties, who deducted tax at source. It was claimed that this amount was nothing but short recovery of the revenue receipts from the payers. The A.O. refused this claim on the ground that it was nothing but payment of income tax which cannot be allowed as deduction. The learned CIT(A) approved the action of the A.O. 13. Having heard the rival submissions and perused the relevant material on record, we find that the claim of the assessee is that certain par....