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Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

1. The appeals filed by both the Department and the assessee are directed against the orders passed by the learned CIT(A) for asst. yrs.1996-97 and 1997-98. Major issues involved in them are mostly common.We therefore find it convenient to dispose off all of them by a consolidated order. 1. The learned CIT(A) erred in confirming the disallowance of a sum of Rs. 62,26,739 being guest house expenses under Section 37(4) of the IT Act. It is submitted that the expenditure of Rs. 62,26,739 includes expenditure on rent, rate, taxes, insurance and depreciation and have been claimed as a deduction under section other than Section 37 of the IT Act and therefore provisions of Section 37(4) are not applicable. It is submitted that it may be so held now.3. The assessee is in appeal against the order of the learned CIT(A) confirming the disallowance of Rs. 62,26,739 being expenditure incurred on guest house. At the time of hearing, the learned Counsel for the assessee fairly admitted that the afor...