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The Commissioner of Income Tax-II, Amritsar Versus M/s. Vijay Bharat Cigarette Store, Pathankot

2015 (6) TMI 101 - PUNJAB & HARYANA HIGH COURT

Revision u/s 263 - payment of interest was in accordance with the provisions of Section 40(b)(iv) - Held that:- In view of the fact that the order dated 02.01.2012 has attained finality, it would in any event not be possible to proceed any further in the parallel proceedings under section 263 of the Act. The observations in the order dated 02.01.2012 regarding the validity of the payment of interest by the respondent/assessee have also attained finality.

The appellant can not succeed .....

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: Mr. Denesh Goyal, Adv. For the Respondent : Mr. S.K.Mukhi, Adv. JUDGMENT S. J. Vazifdar, Acting Chief Justice This is an appeal against the order of the Income Tax Appellate Tribunal allowing the respondent s appeal against the order of the Commissioner of Income Tax (Appeals) passed under Section 263 of the Income Tax Act, 1961 (for short the Act ) for the assessment year 2004-05. The appellant contends that the following substantial question of law arises in this appeal:- "Whether on t .....

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f the Act. The Assessing Officer adopted proceedings for reopening under Sections 147 and 148 of the Act and on 03.07.2007 made an assessment under section 143(3) and 147 of the Act at an income of ₹ 9,21,340/-. 3. On 13.08.2007, the respondent filed an appeal against the above order of assessment dated 03.07.2007. The Commissioner of Income Tax (Appeals) dealt with in detail the respondent s case regarding payment of interest to its partners. By an order dated 02.01.2012, C.I.T. (A) noted .....

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₹ 2,13,710/-. It is important to note that it was held that the partners had a credit balance on the last date of the previous accounting year and could claim interest on this balance as per the terms of the partnership deed. This order has attained finality and has not been challenged. 4. In the meantime, the C.I.T. (A) had initiated proceedings under section 263 of the Act contending that the Assessing Officer had failed to make necessary enquiries and to consider the matter in its corre .....

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