TaxTMI 
TaxTMI 
2015 (1) TMI 1380
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....3-2010 for the Assessment Year 2006-07, in the matter of order passed u/s.143(3) of the I.T. Act. 2. Rival contentions have been heard and record perused. Facts in brief are that the assessee is engaged in the business of trading, processing and exporting cut and polished diamonds, filed its return of income for A.Y.2006-07 on 30-11-2006 declaring total income of Rs. 17.27 crores. On scrutinizing....
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....plex, Bandra (East), Mumbai in the year 1996 and accordingly paid instalments as demanded from time to time by Bharat Diamond Bourse. The assessee company had paid the aggregate sum of Rs. 2,40,75,000/- till 31-3-2005. The assessee company paid further sum of Rs. 14,65,000/- during the year ended 31-3-2006. The AO invoked section 36( 1 )(iii) of the Act and observed that the assessee company has u....
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....he aforesaid own funds investment in the office premises is Rs. 2.55 crores i.e., 1.18% of the own funds. We also found that during the year ended 31-3-2006 the assessee company has earned profit after interest, depreciation and tax of Rs. 22.25 crores which was available for making investment of Rs. 14,65,000/- in the office premises. 7. Relying on the decision of the Bombay High Court in the ca....