Thermax Babcock & Wilcox Limited v. ACIT, Circle-10, Pune
[Citation -2019-LL-1001-41]
| Citation | 2019-LL-1001-41 |
|---|---|
| Appellant Name | Thermax Babcock & Wilcox Limited |
| Respondent Name | ACIT, Circle-10, Pune |
| Court | ITAT-Pune |
| Relevant Act | Income-tax |
| Date of Order | 01/10/2019 |
| Assessment Year | 2004-05 |
| Judgment | View Judgment |
| Keyword Tags | levy of penalty • disallowance of commission expenditure |
| Bot Summary: | Counsel brought our attention to the order of the Tribunal on merits vide ITA No.402/PUN/2013 2 ITA No.2052/PUN/2017 along with C.O. No.22/PUN2014 and others dated 05.09.2019 and submitted that the contents of para 16 and its sub-paragraphs are relevant. Referring to the said para 16 of the order of the Tribunal, ld. For the sake of completeness, the relevant lines of sub-para 16.3 of the order of the Tribunal are extracted hereunder :- 16.3 The reasons for disallowing commission is purely on surmises and conjectures. DR for the Revenue relied heavily on the orders of the Assessing Officer and the CIT(A). We heard both the sides and perused the orders of the revenue authorities and also the order of the Tribunal on merits. From the above extracted lines of the order of the Tribunal, it is evident that the disallowance of Rs.66,25,000/-, the commission payment made to couple of companies, are found eventually allowable by the Tribunal. Considering the relief granted to the assessee on merits by the Tribunal, we are of the opinion that the penalty order has no legs to stand. |