Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1462 - ITAT MUMBAIRevision u/s 263 - Lack of enquiry or inadequate enquiry - HELD THAT:- Insofar as two issues, i.e. excise duty not paid and claim of reversal of provision, the AO has made addition in the order passed u/s 143(3) r.w.s. 263 dated 29-09-2016. Further, we are of the considered view that the PCIT was erred in invoking the jurisdiction conferred u/s 263 under the guise of lack of enquiry or inadequate enquiry. Therefore, we are of the considered view that the issues questioned by the PCIT are not coming within the ambit of lack of enquiry or inadequate enquiry. For remaining issues assessee has already suo moto disallowed liability of contingent nature in statement of total income for AY 2008-09 and also capital expenditure debited to P&L Account has been disallowed in the statement of total income. As regards non disallowance of certain expenditure u/s 40(a)(ia), AR has brought out all materials to prove that there is no loss of revenue as provisions of section 40(a)(ia) has been amended w.e.f. 01-04-2010 by the Finance Act, 2010, relaxing the time limit to deposit tax up to the date of filing of return of income. Various Courts have held that such amendment to provision is retrospective in nature. The assessee also filed necessary details to prove that it has paid the TDS on or before due date of filing return of income. Similarly, the assessee has explained the issue of excess deduction u/s 43(6) so as to make it clear that there is no loss of revenue as it has given proper treatment in its books of account and statement of total income. AR further made it clear that this issue had not been questioned by the then CIT-1, Mumbai in the first found of proceedings u/s 263 and hence, under similar set of facts, the issue cannot be questioned once again by the PCIT. - Decided in favour of assessee.
|