TaxTMI 
TaxTMI 
2017 (8) TMI 1366
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....enue pertaining to assessment year 2007-08 is directed against the order passed by CIT(A)-30, Mumbai, dated 08/02/2016, which in turn arises out of an order passed by the Assessing Officer under section 143(3) r.w.s 147 of the Income Tax Act, 1961 (in short 'the Act'), dated 26/03/2014. The revenue assailing the order of the CIT(A) had therein raised the following grounds of appeal before us:- "1....
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.... K. Sampat, which as per the information received by the A.O from the investigation wing of the Income-tax department revealed that the assessee as a beneficiary had taken accommodation entries of Rs. 31,92,484/-. The case of the assessee was reopened by the A.O on the basis of the aforesaid information and an addition of Rs. 31,92,484/-(supra) was made in the hands of the assessee. 3. The assess....
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.... retrospectively. The ld. A.R in order to drive home his aforesaid contention, therein filed a chart reflecting the calculation of the 'tax effect', which reads as under: Income Returned Assessed Amount in Dispute Total Income 2,71,833 34,64,320 31,92,487 Tax 13,683 9,38,177 9,24,494 Surcharge 93,818 93,818 E.Cess 274 20,640 20,366 13,957 10,52,635 10,....
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....hat has to be considered is the amount of tax excluding the amount of surcharge and education cess. We find that our aforesaid view stands fortified by an order passed by a coordinate bench of the Tribunal, in the case of the DCIT, Central Circle-1(1), Mumbai Vs. M/s. Tilaknagar Industries Ltd. (ITA No. 2506/Mum/2015, dated 31.05.2015), wherein it was observed as under:- "T he tax ef f ect on thi....