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We dismiss these two appeals as not tenable in view of value of the subject matter in each of the appeal being less than Rupees Ten Lakhs, but reserving liberty to the appellants to revive the appeals, in the event of their success before the Supreme Court in the Special Leave Petitions preferred by the revenue.
In this case, the matter was not referred by the A.O. to the DVO. We, therefore, set aside the order of the Ld. CIT (A) and restore the issue of valuation to the file of the A.O. with the direction to refer the same to the DVO in the light of our above observations.
It is seen from the methodology that the assessee takes into account the warranty liability for the accounting period after bifurcating the likely cost on account of labour, material etc. The summary of the provision also shows that wherever excess provision was made in an earlier year, the same was reversed in the subsequent period.
Commission paid to the credit card companies cannot be considered as falling within the purview of S.194H. Even though the definition of the term commission or brokerage used in the said section is an inclusive definition, it is clear that the liability to make TDS under the said section arises only when a person acts behalf of another person.
Learned counsel for the Revenue however, vehemently contended that the assessee and M/s. K.M. Patel & Co. had agreed to share the receipts in ratio of 60:40. They could not have thereafter, modified such arrangement without any written contract. From the record it however, emerges that assessee and M/s. K.M. Patel & Co. agreed to make investment in such proportion for carrying out construction work jointly undertaken by them.
In the instant case, what transferred by the assessee are the shares in the company and not the land or building or both. Assessee does not have full ownership on the flats which are owned by the company. The transfer of shares was never a part of the assessment of the Stamp duty Authorities of the State Government.
The Tribunal, upon detailed examination of the nature of relationship between the assessee and the transporter, came to the conclusion that this is not a case of sub-contract. The Tribunal noted that none of the responsibilities of the contractor vis-a-vis the execution of the work were fastened on the transporters.
As regards the payments of Rs.20,000/- or more, the assessee has not substantiated his claim that the payments of Rs.20,000/- or more with regard to the purchases were made for Rs.20,000/- or less before the AO. It is also not on record whether such claim was actually made before the AO or not. With regard to the claim before the ld. CIT(A), all the vouchers are self made vouchers and without any authenticity of the name and complete address of the recipient. From the claim of the assessee before the ld. CIT(A), the payments are claimed to have been made on different hours on the same day and accordingly on different dates.
ITAT has committed an error in dismissing the appellant’s appeal merely by observing that while deciding the appeal of revenue the stand of the CIT (Appeal) has been upheld. We find that the appellant’s contention that the net profit at 2.5% could not have been applied by CIT (Appeal) was required to be decided by the ITAT and the appellant’s appeal could not have been dismissed summarily on the basis of the decision in revenue’s appeal without dealing with the appellant’s contention. It is evident from the order of ITAT that while deciding revenue’s appeal also the said question of applying of net profit rate at 2.5% was not dealt with by it.
The expenditure is incurred by the assessee not for generation of the scrap but for generation of the finished product. There is and cannot be any expenses which are incurred for generation of scrap. Scrap is bi-product of the manufacturing activity. Therefore, there are no expenses which could be excluded from the sale of scrap.
