Income Tax Appellate Tribunal Itat Madras Court May 1998 Judgments Home Cases Income Tax Appellate Tribunal Itat Madras 1998 Page 1 of about 2 results (0.027 seconds)

Indian Express (Madurai) (P) Ltd. Vs. Deputy Commissiner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)68ITD374(Mad.)

1. This appeal filed by the assessee relates to asst. yr. 1987-88 and arises out of the order of the CIT(A)-II, Madras dt. 20th December, 1991. The assessee-company carries on business as printer and publisher of a number of newspapers and periodicals.2. The first ground raised in this appeal by the assessee is that the CIT(A) erred in upholding the addition of Rs. 44,58,044 under s. 41(1) of the IT Act, 1961, as representing cessation of liability towards customs duty on imported newsprint. The AO noticed that the assessee had provided in its accounts import duty on newsprint imported by it at Rs. 825 per metric ton, for the period from 1981 to 1985. He further noticed that the Supreme Court in its judgment dt. 6th December, 1984, had allowed the Government to recover only Rs. 550 per metric ton. The accounting year of the assessee for the asst. yr. 1987-88 ended on 30th June, 1986. The AO added a sum of Rs. 44,58,044 being the difference between provisions made for customs duty and ...

Assistant Commissioner of Income Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

1. These appeals, the former by the Revenue and the latter by the assessee, are consolidated and disposed of by this common order for the sake of convenience.2. The first ground of appeal is general in nature. The second ground of appeal regarding the allowance by the CIT(A) of the assessee's claim for investment allowance stands dismissed as it is fully covered by the decision of the Hon'ble Supreme Court in the case of CIT vs. Shaan Finance (P) Ltd. (1998) 97 Taxman 435 (SC).3. The third ground of appeal relates to the deletion of the disallowance of Rs. 3,13,582 by the CIT(A), which was incurred by the assessee for publication of statutory insertion for the purpose of inviting deposits from the public. The learned Departmental Representative relied on the order of the AO. After hearing both the sides we are inclined to agree with the CIT(A). Under law statutory insertions are required to be published in the newspapers for inviting public deposits. These insertions cannot be regarde...