The Hon’ble President, ITAT has constituted a Special Bench comprising of Shri GC Gupta, Vice-President (HZ), Shri BR Mittal, Judicial Member and Shri BV Mehrotra, Accountant Member to decide the following question in the case of M/s Merilyn Shipping & Transports, Visakhapatnam vs. ACIT, ITA No. 477/Vizag/2008 for A.Y.2005-06
Whether Sec. 40(a)(ia) of the Income Tax Act can be, invoked only to disallow expenditure of the nature referred to therein which is shown as “payable” as on the date of the balance sheet or it can be invoked also to disallow such expenditure which become payable at any time during the relevant previous year and was actually paid within the previous year?
The hearing will take place on 22.07.2011 at 10:30AM at Visakhapatnam Bench. Those advocates or other Representatives who are desirous of appearing before the Special Bench as Interveners are requested to contact the Assistant Registrar, Income Tax Appellate Tribunal, 5th floor, LIC Building, Visakhapatnam-S30004, Tele: 0891-2795058, Fax: 0891-2525961, enclosing the copies of the pending appeals along with its enclosure in triplicate, well in advance, so that necessary arrangements can be made.