TaxTMI 
TaxTMI 
2017 (2) TMI 1094
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....0 u/s 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The first issue in this appeal of assessee in ITA No.1694/Mum/2016 is as regards to the order of CIT(A) confirming the disallowance made by AO by invoking the provision of section 14A of the Act, qua expenses relatable to exempt income amounting to Rs. 8,63,15,825/-. 3. At the outset, the leaned Counsel for the assessee first of all took us through the order of Income Tax Settlement Commission dated 28-11-2004 passed u/s 245D (4) of the Act. He took us through the final finding of Settlement Commission at page no.61 in Para 28.6, wherein the settlement commission has restricted the disallowance at Rs. 4,27,76,189. The relevant to Para 28.6 was read by the learn....
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....2 8. Lodha Finstock P Ltd 0 0 0 1928830 0 1928830 Total 36637491 42776189 9531253 2632186 8625973 100203092 4. In view of the above, the learned counsel for the assessee stated that the issue is now decide and AO be directed to restrict to this addition only. When this was confronted to the learned CIT DR, he objected to the same. 5. After hearing the rival contentions and gone through the facts of the case, we find that this issue is settled by Income Tax Settlement Commission in its order vide settlement application No.MH/MUCC-4/118/2012-13/IT for the A.Y. 2008-09, the year under consideration, and restricted the disallowance at Rs. 4,24,76,189/-. We direct....
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....infirmity was observed with regard to the following issues: - * Non-deduction of TDS on income capitalised. * Short deduction and / or non-deduction of TDS on payment made to group entities disallowable u/s.40(a)(ia). * Deemed Dividend uls.2(22)(e)Payments to entities covered u/s.40A(2)(b). * Interest disallowances of advances made to group entities. * Depreciation on sample flats. We have considered the submissions made and the Report of the Director of Income Tax (Investigation). We are in agreement with the view of DIT (Inv.). Further in the absence of any comments by the Department no disallowance is called for as regards the above six issues." 8. We have gone through the order of....
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.... ground of appeal pertains to the disallowance of brokerage expenses of Rs. 66,90,000/-. It is stated in the assessment order that as per column 27 of the Tax Audit Report, the tax was not deducted at source on brokerage paid to Geeta Cinema amounting to Rs. 66,90,000/-. Therefore, AO disallowed the same u/s 40(a)(ia) of the Act. During the appeal proceedings, the Ld. AR of the appellant has submitted that the appellant company has purchased of Odeon Theater Pvt. Ltd. for Rs. 31,26,65,954/- including brokerage of Rs. 66,90,000/-, the cost of which is reflected in investments in Balance Sheet. It is further submitted that the brokerage of Rs. -66,90,000/- was not debited to the Profit & Loss Account and therefore, the same should not be cons....