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THE COMMISSIONER OF INCOME TAX versus ELECTRA INDIA LTD

High Court of Judicature at Allahabad

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The Commissioner Of Income Tax v. Electra India Ltd - INCOME TAX REFERENCE No. 50 of 1989 [2005] RD-AH 137 (10 January 2005)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

`

Court No.37

Income Tax Reference No.50 of  1989

Commissioner of Income Tax Vs. M/s. Electra India Limited Meerut.

Hon'ble  R.K. Agrawal, J

Hon'ble P.Krishna, J

The Income Tax Appellate Tribunal, Delhi has referred the following question of law under section  256 (1) of the Income Tax Act  1961 (hereinafter referred to as the Act) for opinion to this Court:-

"Whether the Tribunal was legally correct in deleting the addition of Rs.12,072/- made by the Inspecting Asstt. Commissioner (Asstt.) in view of the provisions of Section 40A (5)( c )  of the I.T. Act,1961."

Briefly stated the facts giving rise to the present reference are as follows:-

The reference relates to the assessment year 1982-83. The respondent- assessee is a private limited company. An addition of Rs. 12,072/- was made by the learned assessing officer which represented the value of perquisites provided to the three directors. The assessing Officer was of the opinion that perquisites exceeded 1/5th of the salary paid to each one of them and therefore the excess was disallowed applying  the provisions of Sec.40A (5) ( c ) of the Act. The addition was deleted by the Commissioner of Income Tax (Appeals) which order has been upheld by the Tribunal.

We have heard Shri Sambhu Chopra, the learned  standing counsel for the Revenue and Shri Amitabh Agrawal, holding brief of Shri P.K. Jain, Advocate. It is agreed between the parties that the present reference is squarely covered by the decision of this Court in the case of M/s. Abbas Wazir (Pvt.) Ltd. Vs. Commissioner of Income Tax, Allahabad (2004) U.P. Tax Cases 275 which has been followed by this Court in the I.T.R. No.298 of 1983 The Commissioner of Income Tax Meerut Vs. M/s. Saru Smelting (P) Ltd., Meerut  decided on 2nd September,2003 wherein this Court has answered the question in favour of assessee and against the Revenue.

Respectfully following the aforesaid decision of this  Court we also answer the question referred to us  in favour of the assessee and against the  Department. However, there shall be no order as to costs.

Dt.10.1.2005

LBY


Copyright

Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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