DCIT, NEW DELHI vs. M/S. CENTRAL WAREHOUSING CORP., NEW DELHI

ITA 3440/DEL/2014Status: DisposedITAT Delhi31 May 2021AY 2008-0961 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that interest paid on delayed deposit of service tax is compensatory in nature and thus eligible for allowance as revenue expenditure. However, other grounds were either dismissed or partly allowed.

What were the facts?

The appeals concerned the Central Warehousing Corporation and the Income Tax Department regarding various assessment years. The core dispute revolved around the allowability of certain expenses and the interpretation of tax provisions.

What were the issues?

The primary issues were the allowability of interest on delayed service tax payment as a business expenditure and the applicability of various other tax provisions to the assessee's income and expenses.

Which sections of the Income-tax Act were involved?

Section 37(1),Section 115JA,Section 14A,Section 36(1)(xii),Section 32,Section 139(5),Section 43B

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Cases cited in this judgment(15)Show list

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IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘B’ NEW DELHI

BEFORE SHRI O.P. KANT, ACCOUNTANTMEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER [Through Video Conferencing]

ITA No.3885/Del./2011 Assessment Year: 2006-07 Circle-3(1), Warehousing Bhawan, 4/1, C.R. Building, Siri Institutional Area, New Delhi Hauz Khas, August Kranti Marg, New Delhi PAN :AAACC1206D (Appellant) (Respondent) AND ITA No.3942/Del./2011 Assessment Year: 2006-07 Circle-3(1), Corporation, C.R. Building, Warehousing Bhawan, 4/1, New Delhi Siri Institutional Area, Hauz Khas, August Kranti Marg, New Delhi PAN :AAACC1206D (Appellant) (Respondent) AND ITA No.3439/Del./2014 Assessment Year: 2007-08 Circle-3(1), Corporation, New Delhi Warehousing Bhawan, 4/1, Siri Institutional Area, Hauz Khas, August Kranti Marg, New Delhi PAN :AAACC1206D (Appellant) (Respondent)

2 ITA Nos.3885/Del./2011; 3942/Del./2011; 3439/Del/.2014; 3440/Del./2014; 2201/Del./2014; & 5784/Del./2014 C.O. Nos. 93/Del./2015; 94/Del./2015 & 158/Del./2015 AND C.O. No.93/Del./2015 [In ITA No.3439/Del./2014] Assessment Year: 2007-08 Central Warehous

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