2015 (4) TMI 616

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....ER Per Dr. O. K. Narayanan, VICE-PRESIDENT The appeal is filed by the Revenue and the cross objection by the assessee. The relevant assessment year is 2009-10. The appeal and the cross objection are directed against the order of the Commissioner of Income-tax (Appeals)-I - at Madurai, dated 21-8-2012 and arise out of the assessment completed under section 143(3) of the Income-tax Ac t, 1961.....

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.... by the end of the previous year and the said provisions do not apply to the amounts already paid by the assessee before the close of the relevant previous year. In that w ay, the order of the Commissioner of Income-tax(Appeals) in the present case is - conducive to the decision of the Special Bench. The very same view has been upheld by the Hon'ble Allahabad High Court in the case of CIT vs. M/s.....

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....l, 2013 in ITA No.20 of 2013 in the case of CIT vs. Crescent Export Syndicates, has held that the order of the Special Bench of the Tribunal in the case of Merilyn Shipping & Transports vs. Addl. CIT is not acceptable. The same view has again been repeated by the Hon'ble Calcutta High - -  ITA2076/2012 & CO 155/2013 4 Court in the case of CIT vs. Md. Jakir Hossain Mondal, through their judgme....

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.... vs. Vegetable Products Ltd., 88 ITR 192. Following the above fundamental rule declared by the Hon'ble Supreme Court, we have to follow the judgment of the Hon'ble Allahabad High Court, which is in favour of the assessee. Accordingly, we hold that the disallowance under section 40(a)(i a) applies only to those amounts 'payable' and not to those amounts 'paid'. Accordingly, we uphold the order of t....