2011 (6) TMI 1050

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....nal was justified in upholding the revised return as a valid return and in directing the Assessing Officer to allow the assessee's claim as per the revised return on the basis of the revised claim made under WDV method ?" [B] " Whether the Appellate Tribunal was justified in directing the Assessing Officer to allow claim made by the GEB as the same was found to be incurred by the assessee during the course of business ? [C] "Whether the Appellate Tribunal was justified in directing the Assessing Officer not to charge interest under Section 234D of the IT Act for A.Y 2002-2003?" We are of the opinion that Question No. [A] requires consideration. We are, therefore, inclined to admit such question for further hearing....

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.... the form of paper-book before the Assessing Officer, to contend that the GEB had not admitted the bills raised by the assessee to the tune of Rs. 2,85,25,870/= and had raised bill to the extent of Rs. 14,10,795/= for the sale of power by GEB to the assessee company. The Tribunal, relying on the judgment of the Apex Court in case of CIT, Bombay vs. M/s. Shoorji Vallabhdas & Company [46 ITR 144], held as under :- "20. As regards claim of expenses by way of power purchased from GEB, once again the claim was not made since the bill was not received by assessee and not recorded in the books of account. The claims of expenses area allowable provided the expenses are incurred in the course of carrying on the basis and not on th....

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....d to suggest that the income towards the electricity supplied by the assessee to the GEB, for which the bill was raised, did not accrue or that GEB's claim for the charges of electricity supplied to the assessee was not disputed. 5. On the other hand, counsel for the assessee took us through the documents produced before the authorities to contend that the assessee had, after filing the return, realized that the above mentioned heads were not properly indicated in the return. A revised return was, therefore, filed deleting the said sum of Rs. 2,85,25,870/= from the income of the current year as well as claiming expenditure of Rs. 14,10,785/= towards demand raised by GEB towards supply of electricity to the assessee-company.....