Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 832 - HC - Income TaxRevision u/s 263 - as per CIT(A) AO has not disallowed the expenditure under Section 40a(ia) of the Act as per the audit report submitted by the statutory auditors in Form 3-CD wherein it was specifically made clear that the assessee has not considered CBDT Circular No.715 in respect of Section 194C of the Act pertaininig to deduction of TDS on advertisement contract with M/s TLG India Pvt. Ltd - Held that:- The Tribunal having considered the explanation furnished by the assessee before the Assessing Officer which forms part of the assessment records, has come to a conclusion that the assessee has deducted TDS under Section 194H of the Act and the provisions of Section 194C of the Act are not applicable to the present case. On law, it has followed the Judgment of the Calcutta High Court reported in [2012 (12) TMI 873 - CALCUTTA HIGH COURT]. As regards the binding nature of the CBDT Circular, the Tribunal has followed the Judgment of the Apex Court in Hindustan Aeronautics Limited reported in [2000 (5) TMI 3 - SUPREME Court] Thus, Tribunal having considered the case on facts and law, has come to a correct conclusion that the Commissioner had no jurisdiction to invoke the provisions of Section 263 of the Act as the twin conditions which are mandatorily required to be satisfied for invoking the provisions of Section 263 of the Act i.e., (i) order to be revised is erroneous and (ii) prejudicial to the interest of the revenue are not satisfied. - Decided in favour of assessee
|