TaxTMI 
TaxTMI 
2023 (5) TMI 1329
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....ns raised for business purposes and eligible for deduction u/s 36(l)(iii) of the Act. 2. That the learned Commissioner of Income Tax (Appeals) has also erred both in law and on facts and otherwise too act without jurisdiction in holding that "interest free loans given to directors are perquisites u/s 17 of the Income Tax Act read with Rule 3(7)(i) of the Income Tax Rules' 1962 and also directing the learned Assessing Officer to take appropriate action so as to tax the perquisites under section 17 of the Act read with Rule 3(7)(i) of the Income Tax Rules in the hands of the directors in respect of interest free loans given to directors. 3. That the learned Commissioner of Income Tax (Appeals) has further erred both in law and on facts an....
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....ent did not pay any attention to the directions issued by the CIT(A) pursuant to which notice u/s. 148 of the Act was issued on the director of the assessee company. It was then the management realised its mistake and was advised by the Counsel to file appeal immediately. 6. The Hon'ble Supreme court in the case of Ram Nath Sao Vs. Gobardhan Sao and Others 2002 AIR 1201 has held as under :- 7. In the case of Collector Land Acquisition Vs. Mst. Katiji & Ors. 167 ITR 471 the Hon'ble Supreme Court held as under :- 8. The Hon'ble Supreme Court in the case of N. Balakrishan V. M. Krishnamurthy 7 SCC 123 held as under :- "It must be remembered that in very case of delay, there can be some lapse on the part of the litigant concerned. That alo....
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.... learned Commissioner of Income Tax (Appeals) has further erred both in law and on facts and acted without jurisdiction in directing the learned Assessing Officer to take appropriate action for not deducting TDS from the perquisites in respect of interest free loans given to directors. 11. The bone of contention is the following directions of the CIT(A) :- 12. The Counsel vehemently stated that while giving the aforementioned directions the CIT(A) exceeded the powers vested upon him for disposing any appeal before him. It is the say of the Counsel that the CIT(A) has decided something which was not in the grounds of appeal raised before him. 13. Per contra the DR read the provisions of section 251 of the Act and pointed out that the dire....