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M/s Furniture Concepts (I) Ltd Versus Asst. Commissioner of Income Tax

2015 (11) TMI 641 - ITAT MUMBAI

Rejection of revised computation - whether the revised computation was to be considered by the Assessing Officer specially when time for filing revised return had elapsed? - Held that:- Hon'ble Bombay High Court in CIT vs Pruthvi Brokers and Share Holders Pvt. Ltd. (2012 (7) TMI 158 - BOMBAY HIGH COURT) held that appellate authorities have power to consider the claim not made in the return by following the decision from Hon'ble Apex Court in CIT vs Gurjagravureous P. Ltd. (1977 (11) TMI 1 - SUPR .....

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assessee afresh and decide in accordance with law. The assessee be given opportunity of being heard.

Disallowance u/s 40(a)(ia) - delay in depositing TDS - crux of argument advanced on behalf of the assessee is that the amount was deposited before filing the return - Held that:- In the case in hand when the assessee had deducted the tax in the last month of the previous year i.e., March 2005 and deposited the same before the due date of filing of the return under section 139(1) then .....

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from the decision of the Tribunal in BAPUSHAEB NANASAHEB DHUMAL vs ACIT ( 2010 (6) TMI 513 - ITAT MUMBAI). Since, it was not controverted by the Revenue that the tax so deducted was deposited before filing of return, therefore, we find merit in the ground of the assessee, consequently, in view of the aforesaid discussion, the ground raised by the assessee is allowed. - Decided in favour of assessee. - ITA No. 3706/Mum/2011 - Dated:- 13-10-2015 - Joginder Singh, JM And Ramit Kochar, AM For the A .....

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ion before the ld. Assessing Officer which was not considered by him and further revised return could not be filed as time for filing the revised return has already been elapsed. Reliance was placed upon the decision in CIT vs Pruthvi Brokers and Share Holders Pvt. Ltd. (2012) 349 ITR 336 (Bom.) and order of the Tribunal in CHICAGO PNEUMATIC INDIA LTD. vs DCIT 15 SOT 252 (Bom.). On the other hand, the ld. DR, though defended the conclusion arrived at in the impugned order, but had no objection i .....

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losses. The return was accompanied by audited accounts along with audit report u/s 44AB of the Income Tax Act, 1961 (hereinafter the Act). Subsequently, the case of the assessee was selected for scrutiny. During course of assessment, the counsel for the assessee realized that in original computation of income in the net profit, the assessee wrongly showed ₹ 1,11,25,326/- which was set off by claiming losses of previous year instead of net loss of ₹ 67,96,925/- as the company failed t .....

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riginal computation showing net profit of ₹ 1,12,40,326/- after disallowing certain expenses which were set off by earlier losses. On appeal, the conclusion drawn by the Assessing Officer was affirmed. The assessee is aggrieved and is in further appeal before this Tribunal. 2.2. Now, question arises whether the revised computation was to be considered by the Assessing Officer specially when time for filing revised return had elapsed? Under the facts, stated hereinabove, the Hon'ble Bom .....

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ellate authorities have discretion to permit such additional claims. Thus, we are of the view, that even otherwise, the mandate of the constitution is to levy and collect due taxes, therefore, we remand this issue to the file of the ld. Assessing Officer to examine the claim of the assessee afresh and decide in accordance with law. The assessee be given opportunity of being heard. Thus, this ground of the assessee is allowed for statistical purposes. 3. The next ground raised by the assessee per .....

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made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, and without going into much deliberation, we find that the ratio laid down by the Hon'bel Apex Court in CIT vs Alom Extrusions Ltd. (2009) 319 ITR 306, when a proviso in a section is inserted to remedy unintended consequences and to make the section workable, the .....

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ar and paid on or before the due date of filing of return as per the provisions of section 139(1) then such sum shall be allowed as deduction. In the cases where the tax is deducted during previous year other than the last month of previous year but is deposited before the last day of previous year then it will be allowed as deduction. Therefore, the conditions for allowability of the deduction is prescribed under section 40(a)(ia) itself and provisions of Chapter XVII and section 194C under Cha .....

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the subsequent year or deducted during the last month of previous year but paid after the due date under section 139(1) or deducted during the other month of the previous year except last month but paid after the end of the said previous year then the said sum shall not be allowed as deduction in computing the income of the previous year but allowed in the previous year in which the said tax has been paid. If the condition of deduction and payment prescribed under Chapter XVII/XVII-B are applica .....

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