NAGAHAT TEA ESTATE PRIVATE LIMITED,KOLKATA vs. INCOME TAX OFFICER WARD -1, JORHAT

Bench: SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

801A(7) states that "the deduction from profits and gains derived from an undertaking shall not be admissible unless the accounts of the undertaking for the previous year relevant to the assessment for which the deduction is claimed have been audited by accountant, as defined in the explanation below sub-section (2) of section 288 (Chartered Accountant-emphasis added before

NAGAHAT TEA ESTATE PRIVATE LIMITED,KOLKATA vs. INCOME TAX OFFICER WARD -1, JORHAT

Bench: SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

801A(7) states that "the deduction from profits and gains derived from an undertaking shall not be admissible unless the accounts of the undertaking for the previous year relevant to the assessment for which the deduction is claimed have been audited by accountant, as defined in the explanation below sub-section (2) of section 288 (Chartered Accountant-emphasis added before

PLASCOM INDUSTRIES LLP,KOLKATA vs. THE INCOME TAX OFFICER, WARD-1(3), GUWAHATI

In the result, appeal of the assessee is allowed

Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI LAXMI PRASAD SAHU (Accountant Member)

disallowed as over valuation of sales and undervaluation of purchase from related parties transactions and reduced from the claim for deduction u/s.801E of the IT Act and taxed as regular income as per provisions of section 801E(6) r.w.s. 801A