9911796707
TMI Blog2009 (12) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... aneous applications filed by the assessee and after reproducing paragraphs 13 and 14 of the aforementioned order dated February 9, 2007 has observed that the said order is recalled for decision qua the two issues only, i.e., the issue of exemption under section 80P on transportation of fertilisers and head office expenses and for that purpose these three appeals of the assessee were directed to be fixed for rehearing in due course under notice to the parties. For the sake of convenience the relevant paragraphs 4, 5 and 6 from the order dated March 20, 2009 are reproduced below : 4. From the above paragraphs 13 and 14 of our order, it is evident that the issues of claim of exemption under section 80P with regard to transportation of ferti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Departmental representative that these appeals are recalled for limited purpose, i.e., for deciding the issue of allowability or otherwise of deduction under section 80P with regard to transport receipt of the assessee and also regarding allowability or otherwise of certain expenses debited to the profit and loss account. He submitted that according to the claim of the assessee the deduction under section 80P was allowable in respect of its rental income and transport income. So as it relates to rental income it has been held by the Tribunal vide its order dated February 9, 2007 that the assessee is not eligible for claiming deduction under section 80P on its rental income and, therefore, the issue regarding allowability of deduction unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is not entitled to claim deduction under section 80P(2)(e) for the transportation income. So far as it relates to head office expenses, it was submitted by the learned Departmental representative that neither the Assessing Officer nor the Commissioner of Income-tax (Appeals) has considered this issue. Therefore, the assessee is also not entitled to claim the same. We have carefully considered the submission of the learned Departmental representative and carefully gone through the material available on our record. The rental income as well as transport income has been earned by the assessee from handling and transport contract performed by the assessee with KRIBHCO and IFFCO who are paying the commission to the assessee. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (Appeals) :- "2. That the learned Assessing Officer has erred in not accepting the claim of the appellant that its income is exempt under section 80P in respect of rental income and transport income as the appellant is acting as a clearing and forwarding agent of IFFCO and KRIBHCO, the functioning of the appellant was mentioned by the learned Assessing Officer in the last paragraph of page 2, which is very much similar to the functioning of clearing and forwarding agent. That the learned Assessing Officer has further erred in not allowing deduction claimed amounting to Rs. 13,02,634.73 under section 80P and ignoring the expenses of Rs. 2,71,614.69 in the head office account." It can be seen from the above ground that a specific pl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
