Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 1434 - AT - Income TaxRevision u/s 263 - eligibility for claim of deduction u/s 80P(2)(d) - HELD THAT:- In so far as this issue with respect eligibility for deduction u/s 80P(2)(d) in our view, the order passed by the Assessing Officer is not erroneous and prejudicial to the interests of the revenue for the reason that firstly, the Assessing Officer had examined this issue during the course of assessment proceedings and secondly, various judicial precedents as highlighted above have also adjudicated on this issue in favour of the assessee including the jurisdictional Gujarat High Court and the jurisdictional Rajkot ITAT. Delay in deposit of PF - we observe that the Principal CIT has correctly observed that the Assessing Officer has not enquired into the evident delay in deposit of PF as is visible from the tax audit report. Though, the counsel for the assessee has submitted that this was owing to a mistake on part of the tax auditors, however, the Assessing Officer should have enquired into this apparent mistake which is coming from the tax audit report filed by the assessee, which clearly mentions that there has been a delay in deposit of PF on part of the assessee. Interest on income tax refunds - We observe that the AO has not enquired into this aspect at all. Though, the counsel for the assessee has submitted that the aforesaid amounts have been offered to tax by the assessee in its return of income, however, in our considered view, the AO should have enquired into this aspect during the course of assessment proceedings. Principal CIT has not erred in facts and in law in holding that the assessment order is erroneous and prejudicial to the interests of the Revenue with respect to the issue of late deposit of PF and enquiry into taxability of interest on tax refund. AO looking into the facts of the instant case, is directed to carry out the necessary enquiries and the assessee may also filed necessary documents in support of its aforesaid claim. Appeal of the assessee is partly allowed.
|