Case Law Details
ACIT, New Delhi Vs Indian Farmer Fertilisers Co- op Ltd. (ITAT Delhi)- From the tax audit report, we also find that amount of Rs. 13,03,74,047/- has been shown as paid on or before due date for furnishing return of income for the previous year u/s 139(1) of the Act. Form 3CD has been prepared and signed by Rajnish & Associates, CA. The accounts of the assessee have been audited by statutory auditors. The assessee had filed the details of payment of Rs. 13,03,74,047/-. The assessee is entitled for deduction u/s 43B of the Act in respect of amount of Rs. 13,03,74,047/-. Accordingly, we do not find any infirmity in the order passed by the CIT(A) deleting the addition made u/s 43B of the Act.
Business expenditure and Principle of consistency – Assessee is entitled to deduction u/s. 37 for provision for contribution of administrative expenses of Coop. Education fund as per Multi State Co-operative Society as in the preceding years, the AO itself allowed such claim and without any material change it cannot be rejected.
Expenses cannot be disallowed @ 100% of the exempted income earned and the dis-allowance was rightly restricted as per Rule 8D.
ACIT Vs Indian Farmer Fertilisers Coop Ltd
Decided by – ITAT Delhi
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