ACIT, CHENNAI vs. M/S. INTEGRATED FINANCE COMPANY LTD., CHENNAI

ITA 1430/CHNY/2012Status: DisposedITAT Chennai05 January 2016AY 2005-069 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that additional evidence was submitted before the CIT(A) without proper opportunity for the Assessing Officer to examine it. Therefore, both issues were remitted back to the Assessing Officer for re-examination.

What were the facts?

The assessee, engaged in hire purchase and leasing, claimed a deduction for written-off hire purchase rebates and did not recognize additional finance charges due to a change in accounting method. The Assessing Officer disallowed these claims.

What were the issues?

Whether the assessee's claims for written-off hire purchase rebates and non-recognition of additional finance charges were valid, considering the evidence and accounting method changes.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 145,Section 37

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI CHANDRA POOJARI & SHRI G. PAVAN KUMAR

For Respondent: Shri. R. Vijayaraghavan, Advocate

PER G. PAVAN KUMAR, JUDICIAL MEMBER:

The appeal is filed by the Revenue against the order of Commissioner of Income-tax (Appeals)-XII, Chennai in ITA

No.78/2011-2012, Dated 30.03.2012 for the assessment year 2005- :- 2 -:

2006 passed u/s.143(3) r.w.s.263 and 250 of the Income Tax Act,

1961.

The Revenue has raised two substantive grounds on the 2. issue of deletion of

The order continues below.

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