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TaxTMI 
TaxTMI 
TaxTMI 
2017 (12) TMI 1219
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....dition of Rs. 2,60,000/-. Subsequently the CIT taken up the case for revision u/s 263 and set aside the order with a direction to re do the assessment. 2. Delay : There was delay of two days in filing the appeal in this case and the assessee filed the affidavit explaining the reasons for the delay. We heard both the parties and convinced with the explanation for delay and accordingly condone the delay. 3. During the revision proceedings u/s 263, the Ld.CIT observed that (i) As per the agreement entered into by the assessee with M/s Dodla Dairy Ltd., the assessee required to supply the milk for which the assessee is entitled for commission and over heads apart from the sale price of the milk. Though the assessee has declared the sales, t....
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....revious year relevant to the assessment year, hence the same was not admitted in the return of income. The AR further submitted that the assessee was a supplier of milk and she has procured the milk from various agriculturists and received the sale price from Dodla Dairy Ltd., as agreed between the assessee and the purchaser for a fixed price. The agreement was only for uninterrupted supply of milk and the clauses of agreement were subject to change by mutual consent. Since the assessee has not received any commission from the purchaser, the same was not offered to the income and the tax was not deducted. Whatever sale price received by the assessee, was declared as revenue in the profit and loss account which was accepted by the AO. Hence,....
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....under : "13. It is mutually agreed that the price of milk and agent commission shall be at par with / Major Popular Private Dairy's declared price paid to its milk producers and agents at the time of purchase respectively. 14. It is mutually agreed that apart from milk price the overheads shall be paid per Ltr as hereunder : (i) 01.01.09 to 31.03.10 - Rs. 2.00 (ii) 01.04.10 to 30.09.10 - Rs. 2.75" 6.1. As per the terms and conditions of the agreement, apart from the sale price of the milk, the assessee is entitled for commission on par with Krishna District Co-Operative Union's. Similarly, the assessee is also entitled for overheads @2/- per litre from 01.01.09 to 31.03.10 and Rs. 2.75/- per litre from 01.04.10 to 30.09.10. Fro....
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.... details of freight charges and reasons for not attracting the disallowance. After considering the details furnished by the assessee with regard to non deduction of tax at source and genuineness, the AO has made the disallowance. Further, the assessee has submitted before the Ld.CIT that the entire freight charges were paid and there was no expenditure remained unpaid as on the date of taking up the case for revision. As per the Special Bench decision in the case of Merilyn Shipping & Transports v. Additional Commissioner of Income-tax, Range-1, Visakhapatnam*ITAT VISAKHAPATNAM BENCH (SB)[2012] 20 taxmann.com 244 (Visakhapatnam)Provisions of section 40(a)(ia) are applicable only to amounts of expenditure which are payable as on date 31st Ma....
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....Rs. 2,08,975/- the assessee failed to furnish the confirmations. Hence, the Ld.CIT was of the view that the assessment order was erroneous and prejudicial to the interest of the revenue, thus directed the AO to call for the details and decide the issue. During the appeal hearing, Ld.AR submitted that the assessee has maintained regular books of accounts, purchases and sales are properly accounted by the assessee. The assessee has produced ledger accounts of the vendors which was verified by the AO. Names and addresses of the creditors were furnished for outstanding creditors. The assessee has submitted confirmation letters in most of the cases. Since the AO has verified the books of accounts and completed the assessment without finding any ....