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These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

06-03-2019, Escorts, Section 10(33), 10(23G), 14A, Tribunal Delhi

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2 months 1 week ago #8760 by amit
Section - 10(33), 10(23G), 14A, 45, 55A, 28, 41, 37, 35, 145(2)
Order Date - 06-03-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - Escorts Ltd.
Respondent - ACIT
Citation - 319Taxpundit207
Appeal No. - ITA No. 4673/Del/2005
Asstt. Year - 2002-03



Present Cross Appeals for Assessment Year (A.Y.) 2002-03 and appeals by Revenue for Assessment Year 2003-04 and 2005-06 have been preferred against following impugned order:

For the sake of convenience we shall first take up Cross Appeals filed by assessee as well as revenue for A.Y. 2002-03.

2. A.Y:2002-03

Brief facts of the case are as under:

Assessee is a company and filed its return of income on 31/10/02 declaring business loss of Rs. 53,21,28,126/-and income from capital gain amounting to Rs.5,48,47,495/-. The case was processed under section 143(1) of the Income Tax Act, 1961 (the Act) and subsequently selected for scrutiny. Accordingly notice under section 143(2) of the Act was issued. In response to statutory notices, representative of assessee appeared before Ld. AO and case was discussed.

2.1.Ld.AO observed that assessee is engaged in business of manufacturing and sale of tractors, shockers, railway equipment etc. and other trading activity.

2.2.After calling for various details and information and considering the same, Ld. AO made following additions in hands of assessee:

2.3. Aggrieved by additions made by Ld.AO assessee preferred appeal before Ld.CIT(A) who partly deleted additions.

2.4. Aggrieved by order of Ld. CIT (A) revenue as well as assessee are in appeal before us now.

3. Following grounds have been raised by assessee against impugned order passed by Ld.CIT(A)-14, vide order dated 31/10/05 for year under consideration:

ITA No. 4673/Del/2005 (Assessee’s appeal)

1. That the impugned order passed by the Ld.CIT(A) is bad in law and wrong on facts.

2. That on the facts, circumstances and legal position of the case, the Ld.CIT(A) has erred in law in holding that the software expenses amounting to Rs.69,38,000/- are in the nature of capital expenditure instead of revenue as claimed by the appellant.

3. That on the facts, circumstances and legal position of the case, the Ld.CIT(A) has erred in law in upholding the disallowance of Rs.4,59,928/- on account of prior period expenses.

4.(a) That on the facts, circumstances and legal position of the case, the Ld.CIT(A) has erred in law in confirming following disallowances made u/s 14A of I.T.Act being alleged expenditure apportioned for earning the dividend and interest income claimed to be exempt u/s 10(33) & 10(23G) of the Act respectively:-

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