9911796707
TMI Blog2017 (12) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities under the Companies Act or having been properly maintained under the Companies Act. In the instant case, undisputedly, the AO has not found any discrepancies in the audited books of account relied upon by the assessee company. So, in these circumstances, the AO to compute the tax liability u/s 115JB in accordance with law laid down by Hon’ble Apex Court in Apollo Tyres Ltd. (supra). - Decided in favour of assessee. - ITA No.3642/Del./2014, ITA No.3643/Del./2014, ITA No.3644/Del./2014 And ITA No.3645/Del./2014 - - - Dated:- 25-8-2017 - SHRI B.P. JAIN, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER For The ASSESSEE : Shri Venketesh Mohan Choursia, Advocate For The REVENUE : Shri Naveen Chandra, CIT DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : Since common questions of facts and law have been raised in the aforesaid appeals, the same are being disposed off by way of consolidated order to avoid repetition of discussion. 2. Appellant, M/s. Hans Ispat Limited (hereinafter referred to as the assessee ), by filing the present appeals sought to set aside the impugned order dated 19.03.2013 passed by the Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the learned AO and therefore the learned AO should be directed to accept the returned Income. 2. That the learned CIT(A) has erred in law and facts by confirming the disallowance of other expenses of ₹ 12,34,523/- (correct amount as per order of ld. CIT(A) is ₹ 60,34,991/-) (being 10% of expenses of ₹ 4,32,46,630/-) and therefore the learned AO should be directed to not to disallow any expenses, while computing the total income. 3. That Book Profit u/s.115JB of the Act, as per our return or Income is to be considered for taxation purpose. 3. Briefly stated the facts necessary for adjudication of the controversy at hand in all the four appeals are : the Assessing Officer made addition of ₹ 1,33,12,904, ₹ 9,35,66,800/-, ₹ 2,77,92,580/- ₹ 2,04,66,870/- in Assessment Years 2007-08, 2008-09, 2009-10 2010-11 respectively by disallowing the 10% of expenses debited by the assessee company to the total indirect expenses in the profit loss account on the ground that the assessee has failed to file the audited balance sheet and profit loss account of relevant Financial Years nor has come forward to substantiate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO entertained yearwise details and reproduce the same in para 6.2 of the impugned order and same is extracted qua AY 2007-08 for ready reference as under :- Assessment Year 2007-08 Disallowed by AO Disallowance sustained / Made Food Beverages for staff 93684 @ 10% Fully Provident Fund 316384 0 Salary Expenses 10631491 0 Staff Labour Welfare Expenses 191192 0 Wages Paid 6708942 0 Watch Ward Expenses 999676 0 Auditors Remuneration 28090 0 Computer Repairs Maintenance Exp. 72594 0 Insurance Expenses 1282699 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tributor Commission Expenses 7396744 7396744 Loading Unloading Shifting Charges 858780 858780 Local Conveyance Sales Team 307644 307644 Selling Expenses 2587786 2587786 Bank Charges and Commission 2178198 0 Interest to Others 2424942 2424942 Interest on Term Loan 33492289 0 Interest on Vehicle Loan 236435 236435 Interest paid to Bank 18570956 0 Grand Total 133225802 25991061 10% of Indirect Expenses Disallowed 13322580 2599106 1069090 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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