Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 62 - GUJARAT HIGH COURTAdmission of additional evidence u/s 46A – Direction made to AO to re-compute the additional tax – Opportunity of being heard provided or not - The AO acting on assessee’s letter dated 10.08.1995 rectified the order u/s 143(1)(a) by reducing the disallowance u/s 43B to the extent of ₹ 61,04,000 - Held that:- The Tribunal was rightly of the view that the AO made addition u/s 143(1) (a) in respect of accrued interest on term loans from financial institutions, which were debited to profit and loss account, but were not paid to said financial institutions - there is no question of entertaining any new evidence as same was already on the record of AO - assessee had duly intimated the AO about the wrong statement in original return of income before the intimation u/s 143(1)(a) was passed and had also furnished the revised computation of income with a request to treat the original return, revised to that extent - the assessee had intimated the AO about the wrong statement given by him at the time of filing of the return of income, but the same was not considered by the AO – the order of the Tribunal is upheld – Decided against revenue.
|