9911796707
TMI Blog2024 (10) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... ome contrary to what is declared in the return, disallowance of a sum under Section 40A (3) of the Act in respect of earth-filling/project development expenses, disallowance of a sum in respect of the interest paid, disallowance of a round-sum in respect of expenses supported by self-made vouchers and levying interest under sections 234B and 234C on the facts and circumstances of the case? HELD THAT:- The substantial questions of law on which, the appeal was admitted would not arise for consideration at this stage, since we are of the view that the matter needs to be remanded to the First Appellate Authority i.e., Commissioner of Income Tax. The First and Second Appellate Authorities refused to entertain the appeal of the appellant herein o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns made by the assessing officer on the facts and circumstances of the case? 38. Whether the appellate authorities below are justified in law in not adjudicating the issues on re-opening of the assessment under Section 147 of the Act, issues on treating the capital gain as business income contrary to what is declared in the return, disallowance of a sum of Rs. 97,53,719/- under Section 40A (3) of the Act in respect of earth-filling/project development expenses, disallowance of a sum of Rs. 2,20,55,987/- in respect of the interest paid, disallowance of a round-sum of Rs. 5,00,000/- in respect of expenses supported by self-made vouchers and levying interest under sections 234B and 234C on the facts and circumstances of the case? 39. Whether t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Learned counsel Sri. E.I. Sanmathi would not dispute the legal position, but he would submit that since the tax amount due from the appellant was for the assessment year 2007-08 and that the appellant has deposited the admitted tax in installments till 2024, the respondent-Revenue has to be compensated by way of interest. 6. To the above submission, learned senior counsel Sri. A. Shankar would submit that in case the appellant fails in appeal before the First Appellate Authority, the appellant is bound to pay interest from the date of the order till it is deposited. Therefore, he submits that compensating Revenue at this stage would not arise. 7. We have carefully considered the submissions of the learned counsel appearing for the partie ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
