Back
IN THE HIGH COURT OF KERALA AT ERNAKULAM
A.MUHAMED MUSTAQUE, HARISANKAR V. MENON, JJ
ASPINWALL AND COMPANY LIMITED – Appellant
Versus
THE COMMISSIONER OF INCOME TAX – Respondent
| Table of Content |
|---|
| 1. assessment and procedural errors in tax appeal context. (Para 2) |
| 2. final ruling on tax deduction implications. (Para 4 , 11) |
| 3. arguments on eligibility of interest deduction. (Para 5 , 6) |
| 4. court's rationale on tax deduction eligibility. (Para 8 , 9 , 10) |
Harisankar V. Menon, J.
This appeal, at the instance of the assessee, seeks to challenge the order dated 19.05.2020 of the Income Appellate Tribunal, Cochin Bench in I.T.A. No.128/Coch/2017, as regards the assessment year 2012-13.
2. While processing the return of income filed by the assessee under Section 143 (3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), the Assessing Officer (AO) noticed that interest was paid by the assessee on Agricultural Income Tax (AIT) dues at Rs.94,00,179/- and disallowed the claim made by the assessee invoking the provisions of Section 40 (a)(ii) of the Act, read with Rule 7A of the Income Tax Rules, 1962 (hereinafter referred to as ‘the Rules’) adding back 35% of the interest paid as above, amounting to Rs.32,90,063/-. The first appellate authority, while disposing of the appeal filed against the afore assessment, took the view that disallowance ought not to hav
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
