TaxTMI 
TaxTMI 
TaxTMI 
2014 (2) TMI 462
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....alf of the assessee as well as Revenue. Earlier the case fixed for 02.07.2013 was adjourned on the request of the assessee. Inspite of giving adjournment on the request of the assessee but the assessee failed to appear on the adjourned date i.e. 06.08.2013. Considering the facts of the case, we proceed to decide the appeals on merit on the basis of materials available on record. 3. First we take up ITA Nos.101 & 102/Agra/2013 filed by the assessee. The assessee has raised common grounds in both the appeals based on identical set of facts. The first common ground raised in assessee's appeal is pertaining to claim of the assessee for higher rate of depreciation on the Boilers and Tucks used or its own purposes. 4. During the assessment proc....
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.... order of CIT(A). Order of CIT(A) is confirmed on the issue for both the years i.e. A.Ys. 2006-07 & 2009-10. 7. The second part of ground no.1 is depreciation on Trucks. The assessee claimed 30% depreciation on trucks used for assessee's business. The A.O. restricted the depreciation on truck @ 15%. 8. The CIT(A) followed the order of I.T.A.T. in assessee's own case in ITA No.42/Agr/2012 & 58/Agra/2012 for the A.Y. 2008-09 vide order dated 20.07.2012 and confirmed the order of A.O. 9. We find that the CIT(A) has followed the order of I.T.A.T. in assessee's own case ITA No.42/Agr/2012 & 58/Agra/2012 for the A.Y. 2008-09, order dated 20.07.2012. The relevant finding of I.T.A.T. in the above appeal is reproduced as under :- "14. After hear....
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....e's appeal is in respect of disallowance of deduction under section 80IB of the Act on account of duty draw back. 13. The disallowance made by the A.O. has been confirmed by the CIT(A) by following the judgement of the Apex Court in the case of Liberty India vs. CIT, 317 ITR 218 (SC). We find that the CIT(A) has followed the judgement of Apex Court. In the light of the fact, we do not find any infirmity in the order of CIT(A). Order of CIT(A) is confirmed on the issue. Thus, the second ground raised by the assessee in both the appeals for A.Ys. 2006-07 & 2009-10 are rejected. 14. In the result, both the appeals of the assessee are dismissed. 15. Now we take up ITA No.151/Agra/2013 filed by the Revenue. 16. The effective ground raised in....
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....ssee as on 31.03.2007 was Rs.64,24,17,895/- against investment in shares of Rs.13 Crores. The I.T.A.T., Agra Bench in the case of M/s Lala Ram Finance & Investment Co. Pvt. Ltd. vs. DCIT in ITA No.260 & 261/Agr/2011 order dated 08.06.2012 has held as under :- "8. We have heard the ld. Representatives of the parties and records perused. We find that the case of Assessing Officer is disallowance of interest. The interest expenses is allowable under section 36(1)(iii) of the Act. Such disallowance cannot be made in case where the assessee is having sufficient interest free funds as held by the I.T.A.T., Agra Bench in the case cited above. This view is also fortified by the judgement of Hon'ble High Court of Bombay in the case of CIT vs. Relia....
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....the assessee was having sufficient own interest free fund to cover the investment made in shares, we, therefore, are of the view that no disallowance can be made under section 14A of the Act. We, therefore, delete the additions of Rs.15,00,000/- made by the Assessing Officer and sustained by the CIT(A) for each Assessment Year i.e. 2007-08 & 2006-07." 7. We follow the order of I.T.A.T. wherein the contention of the Ld. Departmental Representative that the own capital has been already invested in the business is not acceptable as per detailed discussions made by the I.T.A.T., Mumbai Bench in its order in the case of H.P. Shah & Co. ITA No.3694/Mum/2006 order dated 15.01.2009. Since in the case under consideration, the assessee was having su....