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2013 (10) TMI 1078 - AT - Income TaxExercising power u/s 263 of the Income Tax Act – TDS not deposited within the due date – Disallowance u/s 40(a)(ia) of the Income Tax Act – Held that:- Reliance has been placed upon the Delhi High Court judgment in the case of CIT vs. Rajinder Kumar [2013 (7) TMI 454 - DELHI HIGH COURT], wherein it has been held that impugned amendment to section 40(a)(ia) permits remittance of TDS to the Central Government account on or before the due date of filing return of income u/s. 139(1) of the Act is retrospective in nature – In the present case, though deducted TDS before 31st March of the previous year relevant to the assessment year and paid the same in to the Central Government Account before the due date of filing of return of income, the expenditure cannot be disallowed u/s. 40(a)(ia) of the Act - There is no dispute regarding the payment of TDS amount in to the Central Government account before the due date of filing the return of income of the assessee. Being so, exercising the power u/s. 263 of the Act by the CIT on this issue is not justified – Decided in favor of Assessee.
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