IT : Where revised TDS return was filed by assessee during appellate proceedings, matter was restored to Assessing Officer to examine same
IT : Where assessee-society, engaged in manufacturing and marketing of milk products, granted sums to different milk producer societies being suppliers of milk to put up a building to facilitate milk collection and testing, said expenditure was revenue expenditure
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[2014] 50 taxmann.com 46 (Bangalore - Trib.)
IN THE ITAT BANGALORE BENCH 'B'
Assistant Commissioner of Income-tax
v.
Shimoga District Milk Producers societies Union Ltd.*
GEORGE GEORGE K., JUDICIAL MEMBER
AND JASON P. BOAZ, ACCOUNTANT MEMBER
IT APPEAL NO. 1059 (BANG.) OF 2012
[ASSESSMENT YEAR 2008-09]
OCTOBER 25, 2013
I. Section 40(a)(ia) of the Income-tax Act, 1961, read with rule 46A of the Income-tax Rules, 1962 - Business disallowance - Interest, etc., paid to resident without deduction of tax at source (Additional evidence) - Assessment year 2008-09 - Assessing Officer observed that assessee had not effected TDS on full amount of expenditure claimed - He, therefore, disallowed expenditure to that extent - On appeal, Commissioner (Appeals) deleted additions made by Assessing Officer by admitting revised TDS return filed by assessee - Whether since Assessing Officer did not have an opportunity/occasion to examine issue of disallowance revised TDS return, was to be restored to Assessing Officer - Held, yes [Paras 11 and 12] [In favour of revenue]
II. Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of (Grants) - Assessment year 2008-09 - Assessee, a co-operative society, engaged in business of dairy development, pasteurization of milk, manufacturing and marketing of milk products, had given grant of Rs. 10,000 each to fifty milk producer co-operative societies to construct their own building for purpose of collecting and testing of milk - Whether since expenditure incurred did not bring into existence any capital asset to assessee and further, milk so collected was handed over to assessee-society which helped it to carry out its business objects more effectively, expenditure was deductible as revenue expenditure - Held, yes [Para 19] [In favour of assessee]
L.V. Bhaskara Reddy for the Appellant. V. Srinivasan for the Respondent.
IT : Where assessee-society, engaged in manufacturing and marketing of milk products, granted sums to different milk producer societies being suppliers of milk to put up a building to facilitate milk collection and testing, said expenditure was revenue expenditure
■■■
[2014] 50 taxmann.com 46 (Bangalore - Trib.)
IN THE ITAT BANGALORE BENCH 'B'
Assistant Commissioner of Income-tax
v.
Shimoga District Milk Producers societies Union Ltd.*
GEORGE GEORGE K., JUDICIAL MEMBER
AND JASON P. BOAZ, ACCOUNTANT MEMBER
IT APPEAL NO. 1059 (BANG.) OF 2012
[ASSESSMENT YEAR 2008-09]
OCTOBER 25, 2013
I. Section 40(a)(ia) of the Income-tax Act, 1961, read with rule 46A of the Income-tax Rules, 1962 - Business disallowance - Interest, etc., paid to resident without deduction of tax at source (Additional evidence) - Assessment year 2008-09 - Assessing Officer observed that assessee had not effected TDS on full amount of expenditure claimed - He, therefore, disallowed expenditure to that extent - On appeal, Commissioner (Appeals) deleted additions made by Assessing Officer by admitting revised TDS return filed by assessee - Whether since Assessing Officer did not have an opportunity/occasion to examine issue of disallowance revised TDS return, was to be restored to Assessing Officer - Held, yes [Paras 11 and 12] [In favour of revenue]
II. Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of (Grants) - Assessment year 2008-09 - Assessee, a co-operative society, engaged in business of dairy development, pasteurization of milk, manufacturing and marketing of milk products, had given grant of Rs. 10,000 each to fifty milk producer co-operative societies to construct their own building for purpose of collecting and testing of milk - Whether since expenditure incurred did not bring into existence any capital asset to assessee and further, milk so collected was handed over to assessee-society which helped it to carry out its business objects more effectively, expenditure was deductible as revenue expenditure - Held, yes [Para 19] [In favour of assessee]
L.V. Bhaskara Reddy for the Appellant. V. Srinivasan for the Respondent.
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