The matter involves three assessment years, namely,2010-11,2011-12and 2012-13.The Assessee firm was engaged in the business of trading in ferrous and nonferrous metals. During a scrutiny assessment related to A.Y. 2010-11
The assessee company was engaged in the making of High Pressure Gas Cylinder and compressed natural gas cylinders. The assessee has subsidiary company at Dubai.The A.O. disallowed interest as per ruled 8D read with section 14A of the Act w.r.t to dividend income of Rs.3191330/-
Bombay High court held In the case of M/s Vijay Udhyog vs. CIT that where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263. Also none of the clauses of section 80I(2)(i) to (iv) prohibit the assessee from taking other industrial undertakings on hire and use it for the purpose of manufacturing activity.
In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds.
In this case of United Shippers Ltd. Vs. UOI (Bombay High Court) reopening u/s 148 was challenged by way of writ on the ground that assessment was reopened after the expiry of four years and reason recorded did not indicate any material which the petitioner has not fully and truly disclosed in the assessment proceedings.
It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT
In was held by High Court of Bombay and Goa in the case of M/s V M Salgaoncar Sale International V/s ACIT, that objections raised by the assessee against the reasons recorded U/s 148 of the Act can not be disposed off on an imaginary ground by the assessing Officer.
The hon’ble High Court of Bombay and Goa held in the case of Betts India Pvt. Ltd. V/s DCIT that when all the material facts necessary for assessment has been truly and full disclosed, the assessment can not be re opened after the expiry of time limit
Raymond Limited V/s. CCEC (Bombay High Court) The Hon’ble Court is of the opinion that there is no substance in the argument that between 1st March, 2002 to 9th September, 2004 the credit of AED(T&TA) can be used for payment of any of the specified duty referred to in SubRule (1) of Rule 3.
CEAT Limited V/s CCE&C( Bombay High Court)- If the liability to pay interest between the time or the period of provisional assessment and payment of differential duty until the final assessment has to be read in the Rule, that is not possible.
