9911796707
TMI Blog2013 (11) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... able as on the date of balance sheet and cannot be invoked to disallow the amounts which have already been paid during the previous year, without deducting tax at source – The intention behind this provision is to curb bogus payments by creating bogus liabilities – The transportation charges claimed by the assessee had been paid before the end of the financial year – Decided against Revenue. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nks and Reliable Infotrans and is assessed as an individual under the Income-tax Act, 1961. While framing the assessment, the Assessing Officer disallowed ₹ 58,29,628 under section 40(a)(ia) of the Income-tax Act, 1961 (in short Act ). During the year under consideration the assessee claimed expenditure in respect of transportation charges at ₹ 94,12,389. The Assessing Officer require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal is squarely covered in favour of the assessee and against the Revenue by the decision of the Income-tax Appellate Tribunal, Visakhapatnam, Special Bench, in the case of Merilyn Shipping and Transports v. Addl. CIT [2012] 16 ITR (Trib) 1 (Visakhapatnam) [SB], wherein it has been held the word payable used in section 40(a)(ia) of the Income-tax Act, 1961 is to be given its natural meanin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the transportation charges claimed by the assessee had been paid before the end of the financial year. Thus in view of the decision of the Income-tax Appellate Tribunal, Visakhapatnam, Special Bench, in the case of Merilyn Shipping and Transports [2012] 16 ITR (Trib) 1 (Visakhapatnam) [SB], we are of the view that there was no justification in making the disallowance of ₹ 58,29,62 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
