2013 (12) TMI 142

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.... 263 of the I.T. Act in respect of isallowance of gratuity aggregating to Rs.1,32,95,577/- and disallowance of issue expenses aggregating to Rs.2,64,26,757/- for issuing foreign currency convertible bonds.    ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is justified in upholding the power of the Commissioner of Income Tax to exercise revisionary jurisdiction u/s 263 of the I.T. Act in respect of disallowance of gratuity aggregating to Rs.1,32,95,577/- and disallowance of issue of expenses aggregating to Rs.2,64,26,757/- for issuing foreign currency convertible bonds, when the said two items were enquired into by the Assessing Officer, questionnaire was issued calling for infor....

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....ment, in exercise of the revisional powers under Section 263 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). It was contended that the Commissioner of Income Tax ought not to have exercised the jurisdiction under Section 263 of the Act. According to the learned counsel for the appellant, the preconditions for exercise of the jurisdiction under Section 263 of the Act in this matter have not been fulfilled. Therefore, he urges that the appeal should be admitted on the aforesaid questions of law. 4. The learned Tribunal, on perusal of the record, came to a fact finding that the Assessing Officer did not pass any speaking order in relation to any issues agitated and raised before him. It has been further found by the lear....

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....der the Tonnage Tax Scheme as provided under Chapter XIIG of the Act. Accordingly, the order of the Commissioner of Income Tax was reversed on this issue. 6. So far as the second issue is concerned, the same relates to the directions for disallowance of gratuity of Rs.1,32,95,577/-. The learned Tribunal, on fact, found as follows:    "It is seen from the certificate of the actuary which is at page 117 of the paper-book, that the assessee has gratuity liability of Rs.2,47,52,069/- as on 31.3.2007.    It is the claim of the assessee that over and above the amount of Rs.90,23,315 debited to the Profit & Loss Account of the relevant previous year, the assessee has paid further amount of Rs.1,32,95,577/- towards the ....