2010 (12) TMI 1311

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ubmitted that the revenue has raised two grounds in their appeal. However, permission granted by COD is only to pursue the issue related to foreign tax payments. Therefore, the issue relating to foreign tax only to be considered in this appeal. 4. On the other hand, the learned Departmental Representative conceded that the COD has given approval to pursue the only issue with regard to foreign tax payment. 5. We have considered the rival submissions. The COD vide letter dt.12.4.2010 granted approval to the department to pursue the issue relating to foreign tax payments, therefore, we proceed to hear the appeal with regard to foreign tax payments claimed as expenses by the assessee are allowable or not ?. 6. The second ground of appeal rai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mbai Bench decision in the case of M/s. Varun Shipping Limited in ITA no.1548/Mum/99 for A.Y. 1994-95, the claim of the assessee was denied and same was added to the total income of the assessee. 8. The assessee carried the matter before the learned CIT(A). Before the learned CIT(A), it was submitted that in earlier year in assessee's own case, similar claim of the assessee was allowed by relying upon the decision of Hon'ble Mumbai High Court in the case of Goodlas Nerolac reported in 188 ITR 1 and also CIT Vs. South East Asia Shipping Co. in ITA No.123 of 1976 and in ITA No.89 of 1989, CIT Vs. Tata Sons in March 1993. The learned CIT(A) after considering the submissions of the assessee observed that under the Income Tax Act, disallowa....