TaxTMI 
TaxTMI 
2010 (12) TMI 1305
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....nsidering the detailed submissions made before him. 2. During hearing, the ld. Counsel for the assessee Shri M.C. Mehta along with Shri Hitesh Chimnani contended that the details of the impugned amount are available at page 8 of the paper book. It was submitted that the amount of Rs. 67,208/- relates to M/s. Relogidtics Transport where the assessee company sold goods (DOC). Out of the sale of such goods, the goods worth Rs. 1,18,792/- were rejected by the customers of the said company and ultimately, these goods were sold by the assessee and claim payable to the said party was settled for Rs. 67,208/ during the current year, for which, our attention was invited to page 9 to 19 of the paper book. For the amount of Rs. 2,485/-, it was clai....
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....ash Transport Freight Outward 710 2004-05 Party Letter Date 9.8.2005 28.2.06 1886 Cargil India Pvt. Ltd. Freight 283091 2004-05 TOTAL 353494 The assertion of the ld. counsel for the assessee was neither controverted by the revenue nor any documentary evidence was produced before us to substantiate the conclusion drawn in the impugned order. Since the expenses were crystalised during the year, therefore, there is a force in the conclusion of the assessee. The submission dated 2.9.2009 preferred before the ld. CIT(A) were not considered in the proper perspective as the necessary details for such expenses is available from pages 19 to 34 of the p....
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....ord is available on pages 35 to 40 of the paper book and notes on accounts pages 77 and 94-95 of the paper book. Due to continue losses incurred by the said sugar factory, the value of the shares of the said company was revalued at Rs. 8,80,000/- (during assessment year 2003-04) - page 90 of the compilation. The observation of the ld. Assessing Officer is that the said investment was made in M/s. Girdharilal Sugar from CC loan A/c primarily to earn income and since interest @12% was paid on borrowed loans, the proportionate interest @12% on the investment of Rs. 88 lacs, the amount of Rs. 10,56,000/- was disallowed from interest paid, being borrowed funds invested for non-business purposes. However, the Tribunal vide order dated 28.10.2005 ....
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....3 of the compilation comprising of notes of account, wherein it had been stated that the assessee company for making investment in M/s. Narmada Sugar Limited had availed sales tax exemption as per the scheme of the M.P. State Government. In this regard, the Learned counsel also drew our attention to the copies of the notification issued by the concerned authorities of the State Government at page no.47 to 51 of the paper book. Accordingly, the Learned counsel submitted that disallowance sustained by the CIT(A) was liable to be deleted. He further contended that the impugned balance was a case of opening balance only and in assessment year 1994-95 and 1995-96, no such disallowance had been made. Hence, the nature of advance had to be treated....
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....it is a case of continuation of opening balance wherein no disallowance has been made in the earlier two assessment years. Accordingly, we accept this claim of the assessee also. 15. In the result, the appeal filed by the assessee stands allowed." In the aforesaid order, the Tribunal has already considered the decision of Hon'ble Karnataka High Court in the case of Shridev Enterprises (192 ITR 165), decision from Hon'ble Apex Court in S.A. Builders (288 ITR 1), decision for assessment year 1994-95 dated 15.3.2010 (ITA No.1060/Ind/1997) and ultimately, decided in favour of the assessee. If the totality of the facts are analysed, it is evident that assessee company derived the benefit under sales-tax deferred scheme/exemption scheme, on ac....