TaxTMI 
TaxTMI 
2013 (1) TMI 758
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....ts in confirming the addition of Rs. 4,39,81,000/- being amount of discount receivable from IOC by various divisions of the appellant corporation since credit notes for such discount were not received in time while finalizing the accounts for the year under appeal, though the same was accounted for in the next year. On the facts and circumstances of the case, the ld.CIT(A) ought to have deleted the aforesaid addition. The same be deleted now." 4. The learned counsel for the assessee submitted that the assesseecorporation has huge brought forward loss and the amount in question was the income accounted for by the assessee in subsequent year, when the information was received from various depots, and hence there is no tax effect even if the ....
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....lish that same income is offered by the assessee in subsequent year, then the same should not be taxed again in the subsequent year. With this observation, we reject this ground of the assessee. 7. The ground no.2 of the assessee's appeal reads as under: "2. The ld.CIT(A) further erred both in law and on facts in holding that receipt of licencee fee of Rs. 5,49,41,560/- towards canteen and Rs. 25,67,477/- towards staff quarters rent was chargeable under the head "Income from house Property. The learned CIT(A) ought to have held that the same are normal income from activities of the appellant. It be so held now." 7. It was submitted by the learned AR of the assessee that in the earlier years, this income was taxed by the AO also under th....
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....the orders of the authorities below and the judgment cited by the learned counsel of the assessee. First, we discuss regarding the applicability of judgment of Hon'ble Punjab and Haryanna High Court) relied on by the learned counsel of the assessee. In that case, a finding is given that the rental of the premises was fixed and it did not change with the change of occupants and it was deducted from the wages of the employee or employees occupying the premises. It cannot be shown by the learned counsel of the assessee in the present case that these facts are identical in the present case also, even in the respect of income from rent towards staff quarter. Admittedly, the major part of the income for the licece fee of canteen is not from staff....
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....now covered in favour of the assessee by the judgment of the Hon'ble Apex Court rendered in the case of Commissioner of Income-tax Vs Alom Extrusions Ltd., 319 ITR 306 (SC). He also submitted that a clear finding is given by the learned CIT(A) in para 5.3 of his order that the PF amount was although not deposited within the stipulated time, but these amounts were deposited before the filing of the return of income within the time specified under Section 139(1) of the IT Act. The learned DR of the Revenue could not controvert this finding of the learned CIT(A), and hence, this issue is now squarely covered by the judgment of the Hon'ble Apex Court rendered in the case of Alom Extrusions Ltd. (supra). Respectfully following this judgment of t....