THE COMMISSIONER OF INCOME TAX, HAVING OFFICE AT AAYAKAR BHAVAN PATTO PLAZA, PANAJI GOA Vs. M/S. GOA MINERALS PVT. LTD., SALGAOCAR HOUSE, OPP. F.L. GOMES ROAD, VASCO-DA-GAMA, GOA
HIGH COURT OF BOMBAY (AT: PANAJI)
The Commissioner Of Income Tax, Having Office At Aayakar Bhavan Patto Plaza, Panaji Goa
M/S. Goa Minerals Pvt. Ltd., Salgaocar House, Opp. F.L. Gomes Road, Vasco-Da-Gama, Goa
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(1.) Heard Ms. A. Razaq, learned counsel appearing for the appellant and Mr. P. J. Pardiwalla, learned Senior Counsel appearing for the respondent.
(2.) The above appeals under Section 260-A of the Income Tax Act came to be admitted by an order dated 12.12.2011 on the following substantial question of law.
"Whether the Income Tax Appellate Tribunal was right in deleting the addition made by the A.O., disallowing the charter hire charges of Barges as being excessive under Section 40A(ii)(a) of the Income Tax Act ?"
(3.) Ms. A. Razaq, learned counsel appearing for the appellant points out that though the hire charges have been assessed in the hands of HUF, the amounts were duly received by the individual members of the HUF. The learned counsel as such points out that the impugned order passed by the Income Tax Appellate Tribunal on this count alone deserves to be quashed and set aside. The learned counsel further pointed out that as such amounts were allegedly paid in terms of the provisions of Section 40A(2)(a) of the said Act which payments are excessive and consequently the appellate authority was not justified in deleting the addition made by the Assessing Officer disallowing the hire charges of the barges as being excessive. The learned counsel further submits that the authorities below have erroneously found that the amounts were not excessive and as such the substantial question of law framed by this Court is to be answered in favour of the appellant.;
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