IT : Where assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, revisional order could not be passed on ground that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind
IT : Where Assessing Officer allowed assessee's claim of dividend income as exempt, without making any disallowance under section 14A, Commissioner was justified in passing a revisional order setting aside assessment order in question
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[2015] 53 taxmann.com 149 (Hyderabad - Trib.)
IN THE ITAT HYDERABAD BENCH 'B'
Maruthi Securities Ltd.
v.
Assistant Commissioner of Income-tax, Circle-16 (2), Hyderabad*
B. RAMAKOTAIAH, ACCOUNTANT MEMBER
AND SAKTIJIT DEY, JUDICIAL MEMBER
IT APPEAL NOS. 841 & 1176 (HYD.) OF 2012
[ASSESSMENT YEAR 2007-08]
DECEMBER 3, 2014
Section 145, read with section 263, of the Income-tax Act, 1961 - Method of accounting - Valuation of stock (AS-13) - Assessment year 2007-08 - Assessee, engaged in business of investment and securities, filed its return declaring loss - Assessing Officer completed assessment under section 143(3) - Commissioner passed a revisional order holding that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind - Whether since assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, impugned revisional order was not sustainable - Held, yes [Para 22] [In favour of assessee]
Section 14A, read with section 263, of the Income-tax Act, 1961 - Expenditure incurred in relation to income not includible in total income (Dividend) - Assessment year 2007-08 - Whether where assessee claimed dividend income of Rs. 39.51 lakh as exempt, since Assessing Officer did not make any disallowance under section 14A while completing assessment, Commissioner was justified in passing a revisional order setting aside assessment order in question - Held, yes [Para 24] [In favour of revenue]
IT : Where Assessing Officer allowed assessee's claim of dividend income as exempt, without making any disallowance under section 14A, Commissioner was justified in passing a revisional order setting aside assessment order in question
■■■
[2015] 53 taxmann.com 149 (Hyderabad - Trib.)
IN THE ITAT HYDERABAD BENCH 'B'
Maruthi Securities Ltd.
v.
Assistant Commissioner of Income-tax, Circle-16 (2), Hyderabad*
B. RAMAKOTAIAH, ACCOUNTANT MEMBER
AND SAKTIJIT DEY, JUDICIAL MEMBER
IT APPEAL NOS. 841 & 1176 (HYD.) OF 2012
[ASSESSMENT YEAR 2007-08]
DECEMBER 3, 2014
Section 145, read with section 263, of the Income-tax Act, 1961 - Method of accounting - Valuation of stock (AS-13) - Assessment year 2007-08 - Assessee, engaged in business of investment and securities, filed its return declaring loss - Assessing Officer completed assessment under section 143(3) - Commissioner passed a revisional order holding that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind - Whether since assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, impugned revisional order was not sustainable - Held, yes [Para 22] [In favour of assessee]
Section 14A, read with section 263, of the Income-tax Act, 1961 - Expenditure incurred in relation to income not includible in total income (Dividend) - Assessment year 2007-08 - Whether where assessee claimed dividend income of Rs. 39.51 lakh as exempt, since Assessing Officer did not make any disallowance under section 14A while completing assessment, Commissioner was justified in passing a revisional order setting aside assessment order in question - Held, yes [Para 24] [In favour of revenue]
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