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...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)111ITD190(Mum.)
1. This appeal is filed by the assessee, for the asst. yr. 1996-97. It is directed against the order of the CIT(A)-XXIV at Mumbai dt. 29th Nov., 2002. The appeal arises out of the assessment completed under Section 143(3) of the IT Act, 1961.2. The assessee is a body corporate registered in India under the Companies Act, 1956. It is engaged in the business of providing international telecommunication services in India in terms of a license granted by the Government of India, in the Department of Telecommunication.3. The assessee company has filed its return of income for the impugned asst. yr. 1996-97, declaring a total income of Rs. 600,88,54,056. The said return filed on 30th Nov., 1996 was revised on 16th Dec, 1997 restating the total income at Rs. 577.82 crores. The revised return was initially processed under Section 143(1)(a) resulting in an adjustment of Rs. 33,00,000. The intimation was passed on 19th March, 1998. The return was selected for scrutiny and thereafter an assessme...
Tag this Judgment!