9911796707
TMI Blog2021 (12) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the total income has been done in accordance with the Act - tribunal rightly noted that the liability was contingent in nature and has not crystallised into actual liability and will not be allowed as deduction while computing the total income. Thus the tribunal after re-examining the facts upheld the finding of the CIT(A). Thus, we find that no substantial question of law arising therefrom. Disallowance on account of foreign exchange fluctuation - ITAT deleted the addition - HELD THAT:- Tribunal perused the facts, the profit and loss accounts of the assessee and upheld the finding rendered by the tribunal by taking note of the decision of the Hon'ble Supreme Court in Commissioner of Income Tax, Delhi vs. Woodward Governor I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 260A of the Income Tax Act (the 'Act' in brevity) is directed against the order dated 3rd February, 2016 passed by the Income Tax Appellate Tribunal, B-Bench, Kolkata (the 'Tribunal') in ITA No.94/Kol/2012 for the assessment year 2005-06. The revenue has raised the following substantial questions of law for consideration: a) Whether on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal, B Bench Kolkata was justified in law in upholding the order of the Commissioner of Income Tax (Appeals) in deleting the disallowances of ₹ 31.76 lacs made by the Assessing Officer under Section 43B of Income Tax Act, 1961 on account of provision for leave encashment written back an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the tribunal, we find that the tribunal was considering six issues in all. The revenue has raised three substantial questions of law before us which are covered in the six issues which were before the tribunal. The first of the issues was whether the Commissioner of Income Tax (Appeals) (in short CIT(A)) was correct in deleting the disallowance made by the assessing officer under Section 43B of the Act on account of provisions for leave encashment written back. The tribunal had re-appreciated the factual position and examined the consistent practice followed by the assessee in obtaining valuation report for ascertaining the incremental leave encashment liability and after taking note of the entire facts, came to the conclusion th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of upfront fees, paid to ICICI Bank. We have perused the finding recorded by the tribunal and we find that the tribunal has elaborately discussed the facts before affirming the view taking by CIT(A). We find that no question of law much less substantial question of law arising for consideration. The last ground was with regard to whether CIT(A) was correct in holding that the sale of factory land at Guindy, Chennai gave rise to capital gain and not to business profit. On this issue, the tribunal after noting the finding rendered by the assessing officer, as to how the CIT(A) reversed the same, on its part, re-examined the factual position and elaborately considered the matter, took note of the decision of the Hon'ble Supreme C ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
