9911796707
TMI Blog2013 (6) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... 98,24,750/- on 14-01-1998. In this case the assessment was reopened u/s 147(a) of the Income Tax Act, 1961 (the Act) by issue of notice u/s 148 of the Act dtd. 20-11-1998. Thereafter, the A.O. issued statutory notices u/s 143(2) and 142(1) of the Act. In the absence of any details furnished by the assessee, the A.O. proceeded to complete the assessment ex parte u/s 144 of the Act based on the details available on record. During the course of assessment proceeding, it was, inter alia, observed by the A.O. that the assessee is entitled to tax equalization from the employer in U.S. The tax equalization has been worked out at Rs. 16,84,498/- by the assessee. The working has been based on the Indian Tax Liability amounting to Rs. 32,30,104/- an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of perquisite at Rs. 39,03,900/- on the ground that the tax perquisite ought to be considered only at Rs. 16,84,498/- and this amount was already offered for tax." 4. At the time of hearing the ld. D.R. supports the order of the A.O. 5. On the other hand, the ld. Counsel for the assessee while referring to the chart of computation of taxable income and tax liability along with relevant annexure appearing at page 7, 8 & 9 of the assessee's paper book submits that the issue stands covered in favour of the assessee by the decision of the Hon'ble jurisdictional High Court in CIT vs. Mr. Jaidev H. Raja (2012) 211 Taxmann 188 (Bombay). He, therefore, submits that the order passed by the ld. CIT(A) be upheld. 6. We have carefully conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition made by the A.O. 7. In Jaidev H. Raja (supra) it has been observed and held in para 5 of the judgment as under:- "5. On further appeal, the ITAT in Paragraph 11 of its order has recorded a finding that the total salary received by the assessee in India was Rs. 77.00 lakhs on which the tax payable at the maximum rate of 44.8% comes to Rs. 35.00 lakhs. Since the assessee under the Tax Equalization Policy was entitled to get reimbursement of the tax payable on the amount of Rs. 77.00 lacs, the assessee was justified in computing the salary income at Rs. 113.00 lakhs (Rs. 77.00 lacs plus Rs. 35.00 lacs) which almost tallies with the income declared by the assessee. The Tribunal has further recorded that though the assessee had paid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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