TaxTMI 
TaxTMI 
2018 (2) TMI 512
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....y Commissioner of Income Tax, Circle - 6, Kolkata (hereinafter referred to as ld AO) u/s 143(3) of the Income Tax Act , 1961 (hereinafter referred to as the 'Act') dated 31.12.2009. 1.1. This Tribunal had already passed an order in ITA No. 127/Kol/2011 for Asst Year 2007-08 dated 27.4.2016. Against this order, the assessee preferred a Miscellaneous Application and the same was disposed off by this tribunal in M.A. No. 160/Kol/2017 dated 15.9.2017 wherein the order passed by this tribunal on 27.4.2016 was recalled for the limited purpose of adjudication of additional ground raised by the assessee for the Asst Year 2007-08. ITA No. 127/Kol/2011 - Asst Year 2007-08 - Assessee Appeal 2. The additional ground raised by the assessee is a....
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....m 15G filed by the deposit holders d) Interest paid to agricultural sector Hence in the opinion of the assessee, the interest paid in the sum of Rs. 77,90,374/- does not require deduction of tax at source u/s 194A of the Act and consequential disallowance u/s 40(a)(ia) of the Act ought not to have been made by the assessee at the first instance and confirmed by the ld AO in his assessment order. 3.1. In respect of disallowance of rent for generator amounting to Rs. 21,41,903/- , tax deduction was not necessary as the payment made / credited to the payee did not exceed the threshold limit prescribed u/s 194I of the Act. Hence in the opinion of the assessee, the interest paid in the sum of Rs. 21,41,903/- does not require deduction o....
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....able thereon. In doing so, he cannot assess an assessee on an amount, which is not taxable in law, even if the same, is shown by an assessee. There is no estoppel by conduct against law nor is there any waiver of the legal right as much as the legal liability to be assessed otherwise than according to the mandate of the law (sic). It is always open to an assessee to take the plea that the figure, though shown in his return of total income, is not taxable in law. ........" It is now well settled that there is no estoppel against the statute. The assessee is only pleading for claim of deduction which had been erroneously disallowed by it in the return of income and considered as such by the ld AO in the assessment. Though there was no occa....
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....iginally disposed off the appeal in ITA No. 649/Kol/2013 for Asst Year 2009-10 and miscellaneous application was preferred by the assessee pointing out certain mistakes that had crept in the original order. The said miscellaneous application was disposed off by this tribunal in M.A. No. 77/Kol/2011 dated 30.11.2017 by recalling the order for the limited purpose of adjudication of disallowance made by the ld AO on account of amortization of premium paid for purchase of securities. 6. The only issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the addition of Rs. 91,30,00,000/- being amortization of premium paid for purchase of securities in the facts and circumstances of the case. 7. We have heard....
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....m of the Assessee was that all the securities held by the Assessee were held as "stock-in-trade" by the Assessee. The face value of the securities held in HTM category is alone shown in the books as cost and the premium is not claimed as cost of the securities, as the premium is claimed by way of amortization of premium over the life of the security. The revenue can have grievance only where the cost price of the investment as recorded in the investment trading account includes premium paid at the time of acquisition and also the same premium is separately claimed in the profit and loss account again as a deduction. The plea of the Assessee that there is no such double claim for same cost has been found to correct by the CIT(A). The order o....