9911796707
TMI Blog2014 (7) TMI 1053X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act was done on 23/12/2008, determining total income at Rs. 11,65,970/-. since tax on book profit was found to be more, book profit as per section 115J was taken as total income at Rs. 8,24,14,402/-. Later the assessment was reopened u/s. 147 of the IT Act for which notice u/s. 148 was issued on 30/03/2012. The reason for escapement of income has been non-deduction of TDS on an amount of Rs. 7,33,77,497/- paid to the firm M/s. Muthoot Pappachan Consultancy and Management Services (MPCMS) on account of administrative charges. It has been observed by the Assessing officer that such payment, i.e., payment on administrative charges attracts the TDS u/s. 194C of the Act and falls within the explanation provided vide CBDT Circular No. 681 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eference to the provisions of TDS under the Act, assessing officer has to proceed further." 4. Considering the findings of the Tribunal and the Hon'ble Jurisdictional High Court, we are inclined to remit the matter back to the file of the Assessing officer on similar observations. 5. In the result, the appeal filed by the assessee in I.T.A. No. 61/Coch/2014 is allowed for statistical purposes. 6. I.T.A. No. 62/Coch/2014 The facts of the case are that the assessee was engaged in making payments of interest on secured debentures etc. The original assessment u/s. 143(3) of the Act was made on 28/12/2009 by determining total income at Rs. 10,90,87,305/-. Later, it was found by the Assessing officer that TDS was not deducted in respect of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income Tax, rather than invoking the provisions of section 40a(ia). 3. The officers below did not appreciate the fact that filing of declaration is only directory and not mandatory. 4. The officers below also went wrong in computing surcharge and educational cess before giving credit to the tax paid u/s. 115JAA. 5. The officers below have taken a narrow interpretation of the meaning of Tax as given in section 2(43). 7. The Ld. DR submitted that the assessee has not properly filed Form Nos. 15G and 15H in respect of payment of interest on secured debentures and the copy of Form No. 15G/H was not made available for verification in the case of non-deduction of TDS. The Ld. AR submi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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