2019 (4) TMI 79

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....in I.T.A.No.1209/DEL/1998, in respect of the assessment year 1994-95. The sequence of events is as follows:- 2. The Assessee Company is engaged in the manufacture and sale of automotive tyres and tubes, with two plants; one at Baroda in Gujarat and the other one at Athani in Kerala. In respect of the assessment year 1994-95 return was filed, followed by a revised return by the Assessee and the assessment was completed by the Assessing Officer under Section 143(3) of the Income Tax Act, vide Annexure-A order. Aggrieved by the assessment order, an appeal was preferred by the assessee before the Commissioner of Income Tax (Appeals), New Delhi, who passed Annexure-B order on 31.12.1997, whereby the appeal was allowed in part. Both the Assess....

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....er the Income Tax Act. 2 (a). Whether on the facts and circumstances of the case and on an interpretation of the agreement entered into between the assessee and M/s.General Tyres International Company of USA the assessee is entitled to make provision for royalty payable to M/s.General Tyres of USA for a period that prior to 13-10-1993 in view of the fact that the agreement duly executed by the parties hereto is officially approved by the Government of India only on 13-10-1993. (b). Whether on the facts and circumstances of the case and as per Article 1.6 of the agreement, "Effective Date of Agreement" being the day on which the agreement duly executed by the parties hereto is officially approved by the Government of India ....

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....ot the deletion of the addition without considering the reasons of the Assessing Officer in paragraph 2 of the Assessment Order? 6 (a). Whether on the facts and circumstances of the case the tribunal is right in law and fact and supported by any material in restricting the disallowance from Rs. 10,00,000/-to Rs. 6,00,000 /-. (b). In the absence of proper vouchers should not tribunal have sustained the addition in its entirety. 7 (a). Whether on the fats and circumstances of the case and in view of the fact that the building was not used for the business purpose of the assessee, the assessee is entitled to claim an amount of Rs. 24,24,672/- being the Rent paid for Allahabad Bank Building? (b). Whether on t....

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.....No.1347/2009. In the said circumstance, it stands answered against the Revenue in the instant case as well, in respect of the assessment year in question. 6. Question No.3:- Whether the Tribunal is right in interfering with the dis-allowance of Rs. 22,20,000/- on account of the lower of 4% charge on inter-corporate deposit than interest paid by the assessee on the ground of business expediency? It is pointed out by the learned Standing Counsel for the Revenue that interest stated as obtained by the Assessee in respect of the inter-corporate deposit could not have been lesser than the interest actually paid by the assessee in respect of similar deposits made by other companies with the Assessee, adding that the version of the Assessee....

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....tion was made in this regard. This was deleted by the Commissioner (Appeals) in the appeal filed by the Assessee, holding that the same is not correct or sustainable and that the said commission receipts were to be assessed at the hands of the investment companies and not at the hands of the Assessee. This was affirmed by the Tribunal in Annexure-C order, holding that the aforesaid commissions have already been substantively assessed at the hands of the investment companies. This being the position, it could not have been assessed at the hands of the assessee under any circumstance. The said finding on fact is not assailable under any circumstance and we hold it against the Revenue. 8. Question No.5 :- Whether the Tribunal is right in in....

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....enses for lack of vouchers to Rs. 2,00,000/-? The Assessing Officer dis-allowed the sum of Rs. 10,00,000/- under this head; which on appeal preferred by the assessee, came to be reduced to Rs. 6,00,000/- by the Commissioner (Appeals). Being aggrieved of the course pursued by the Commissioner (Appeals), both the Assessee and the Revenue filed appeals before the Tribunal, to the extent they were aggrieved. As per Annexure-C order under challenge, the Tribunal held that there was no valid ground to call for interference with the order passed by the Commissioner. The said 'finding on fact' is not liable to be interdicted by this Court, for want of any substantial question of law. Question stands answered against the Revenue. 10. Q....