TaxTMI 
TaxTMI 
2020 (11) TMI 643
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....(c) of the Act were initiated and notice under section 271 (1) (c) r.w.s 274 of the Act dated 16.12.2010 was issued and served on the assessee. In response assessee filed detailed reply on 19.03.2013. 3. In the reply, assessee submitted that one of the director and advisor travelled abroad to expand its business and incurred the above said expenditure. They submitted that assessing officer considered the above submission and made an adhoc disallowance @ 25% for the reason that assessee company was unable to produce the complete documents relating to foreign travel expenses. 4. With regard to auditor's remuneration, it is submitted that it has paid auditors remuneration and debited the same to the auditors remuneration account and it is inadvertently debited to legal and professional fees also twice. 5. With regard to STT charges, assessee submitted that it has debited an amount of Rs. 19,45,899/- towards derivative trading loss which also includes STT charges of Rs. 27, 875/- which it failed to disallow in computation of total income. 6. Assessee submitted that he has neither concealed any income nor furnished any inaccurate particulars of income by relying on following....
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....e auditor namely M/s. M.M. Dubey & Company, Chartered Accountants on 31/03/2008. The said amount has been debited to legal and professional fees. Said amount was neither routed through auditor remuneration nor to the account of auditor in the books of assessee. 2.2 While, finalizing the books for audit in the month of September, 2008, the assessee passed another entry of auditor remuneration. This entry was debited to the account of auditor remuneration and credited to the auditor's account which is shown as liability. In order to pay the liability, the assessee issued cheque of Rs. 1,10,866/- (i.e. auditor remuneration of Rs. 1,23,596 - TDS of Rs. 12,730) to the auditor on 24/01/2009. The said cheque was returned by the auditor communicating that he has already received the fees towards audit. Thus, the entry passed at the time of issuing the cheque has been reversed by the assessee. 2.3 Realizing the mistake, the assessee reversed the entry on 29/01/2009 (i.e. subsequent financial year 2008-09) by crediting the same to the profit and loss account. The assessee debited the amount and paid the amount twice due to mistake. 2.4 The result of the mistake....
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....d the submissions of the Ld. AR and submitted that the mistakes were found because the assessment was selected for scrutiny and only assessing officer has pointed out the mistakes and otherwise, the issue would not have come to light. Therefore, he supported the levy of penalty in the present case. 12. Considered the rival submissions and material placed on record. We notice that assessee has debited the audit fees after making payment directly to legal and professional fees after deducting proper TDS. The assessee once again passed a journal entry for audit fee to be payable and debited the same in auditors remuneration account. The assessee has not noticed this mistake until the mistake was pointed out by the assessing officer in the assessment proceedings, when this mistake was pointed out by the assessing officer, the assessee accepted the mistake. The same was rectified in the books and respective entries was passed in the subsequent assessment year. The details for the same is placed on record, be noted that this mistake was not detected by the assessee since it has debited the same expenditure in 2 different Ledger accounts. As the mistake was pointed out and the assessee....
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....order within 60 days from the date on which the hearing of the case was concluded but, where it is not practicable so to do on the ground of exceptional and extraordinary circumstances of the case, the Bench shall fix a future day for pronouncement of the order, and such date shall notordinarily(emphasis supplied by us now) be a day beyond a further period of 30 days and due notice of the day so fixed shall be given on the noticeboard. 8. Quite clearly, "ordinarily" the order on an appeal should be pronounced by the bench within no more than 90 days from the date of concluding the hearing. It is, however, important to note that the expression "ordinarily" has been used in the said rule itself. This rule was inserted as a result of directions of Hon'ble jurisdictional High Court in the case of Shivsagar Veg Restaurant Vs ACIT [(2009) 317 ITR 433 (Bom)] wherein Their Lordships had, inter alia, directed that "We, therefore, direct the President of the Appellate Tribunal to frame and lay down the guidelines in the similar lines as are laid down by the Apex Court in the case of Anil Rai (supra) and to issue appropriate administrative directions to all the benches of the Tribuna....
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....idity of all interim orders, has also observed that, "It is also clarified that while calculating time for disposal of matters made time-bound by this Court, the period for which the order dated 26th March 2020 continues to operate shall be added and time shall stand extended accordingly", and also observed that "arrangement continued by an order dated 26th March 2020 till 30th April 2020 shall continue further till 15th June 2020". It has been an unprecedented situation not only in India but all over the world. Government of India has, vide notification dated 19th February 2020, taken the stand that, the coronavirus "should be considered a case of natural calamity and FMC (i.e. force majeure clause) maybe invoked, wherever considered appropriate, following the due procedure...". The term 'force majeure' has been defined in Black's Law Dictionary, as 'an event or effect that can be neither anticipated nor controlled' When such is the position, and it is officially so notified by the Government of India and the Covid-19 epidemic has been notified as a disaster under the National Disaster Management Act, 2005, and also in the light of the discussions above, the period during which lo....