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I.P.BANSAL, N.K.BILLAIYA
Deputy Commissioner of Income-tax-1(1) – Appellant
Versus
Colour Chem Ltd. – Respondent
N.K. Billaiya, Accountant Member - This appeal by the Revenue is directed against the order of the Ld. CIT(A)-15, Mumbai dt.3.1.2011 pertaining to A.Y. 2004-05.
2. The grievance of the Revenue read as under:
"1. Whether on the facts and circumstances of the case and in law, the CIT(A) erred in deleting the disallowance of ex-gratia payment u/s. 37(1) of Rs. 71,43,000/-
2. The Ld. CIT(A) has further erred in deleting the disallowance of entrance fees paid to clubs of Rs. 1,73,085/-
3. The Ld. CIT(A) has further erred in deleting the addition made by the AO estimating the value of land @ Rs. 200/- sq. mt.
3.1. The CIT(A) ought to have referred the matter to the valuation cell (DVO) or adopted the circle rate.
4. The Ld. CIT(A) has further erred in deleting the addition of Rs. 30,10,523/- made by the AO in respect of transfer pricing adjustments."
3. The assessee is engaged in the business of manufacturing and trading of various kinds of dyes and pigments for paint, ink, plastic, rubber, leather, agrochemicals, pharmaceuticals etc.
4. During the course of the scrutiny assessment proceedings, the Assessing Officer noticed that in the balance-sheet, there is ex-gratia gratuity payable to
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