9911796707
TMI Blog2013 (5) TMI 872X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and disallowing the same under S.40(a)(ia) does not arise. Infact there is no claim of commission by assessee. So question of deduction of tax does not arise and consequently disallowance u/s 40(a)(ia). Accordingly, the order of the CIT(A) is upheld and Revenue’s ground on this issue is rejected. - ITA No.292/Hyd/13, ITA No.293/Hyd/13 - - - Dated:- 31-5-2013 - SHRI B.RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER. For the Appellant : Smt. Madhuvani, CIT-DR For the Respondent : Shri Laxmi Niwas Sharma O R D E R Per B.Ramakotaiah, Accountant Member: These two appeals by Revenue are against the orders of the Commissioner of Income-tax(Appeals) V, Hyderabad for assessment years 2008-09 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isation of accounts and presence of profits and reserves. The declaration of dividend is within the domain of Board of directors and the management and the date of declaration of dividend is when it is actually declared by the Board. From the materials on record it is very much clear that the declaration of dividend was made on 24-9- 2003 and the tax on dividend was paid on 3-10-2003 which is within the time limit prescribed u/s 115-O(3). There being no failure on the part of the assessee in complying to the provision of section 115-O(3) levy of interest u/s 115P was not justified. We therefore uphold the order of CIT (A) and dismiss the ground raised by the Revenue. 4. Since facts are similar in these years as well, we uphold the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MTC only because the assessee was not allowed to effect the export on account of Government regulations. It is the most striking feature in the impugned transactions which was not at all considered by the tax authorities. It is well settled law that in any agency agreement, an agent can act on behalf of the principal only in respect of those transactions which the principal is entitled to carry on directly without the assistance/help of the agent, i.e. even in the absence of an agent, the principal should be entitled to carry on the said transaction. In the instant case there is no dispute with regard to the fact that he assessee herein is not entitled to export the iron ore with Fe content of 64% and above. Since the assessee is disentitle ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
