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Commissioner of Income Tax, Rohtak Versus M/s Cebon India Ltd, Gurgaon

2016 (2) TMI 708 - PUNJAB & HARYANA HIGH COURT

Adjustments of interest payable to IFCI and sales tax penalty under section 43B while processing the case under section 143(1)(a) - Held that:- It has been categorically recorded by the Tribunal that adjustments could be made only on the basis of the details available on record. For making such disallowances, it was open for the Assessing Officer to follow the procedure laid down in the Act by issuance of notice under Section 143(2) of the Act. There was nothing wrong in issuing the notice under .....

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verse in any manner. Thus, the question of law referred is answered against the revenue and in favour of the assessee - ITR No. 1 of 2004 - Dated:- 13-1-2016 - Ajay Kumar Mittal And Raj Rahul Garg, JJ. For the Appellant : Mr. Tejinder K.Joshi, Adv For the Respondent : Mr. S.K.Mukhi, Adv JUDGMENT Ajay Kumar Mittal, J. 1. At the instance of the revenue, the following question of law has been referred for the opinion of this Court by the Income Tax Appellate Tribunal, Delhi Bench, Delhi (in short, .....

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nts?" 2. A few facts relevant for the decision of the controversy involved as available on the record of the case may be noticed. The assessee company filed its return of income for the assessment year in question on 30.11.1995 declaring nil income. The total income of the assessee before setting off the unabsorbed depreciation was ₹ 1,16,48,477/-. The unabsorbed deprecation was ₹ 1,43,96,287/-. The total income was set off against the unabsorbed depreciation and accordingly the .....

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tax and penalty recoverable under section 43B ₹ 13,88,741/- Less: Unabsorbed depreciation claimed in the return adjusted ₹ 1,43,96,287/- The above adjustments were made in the intimation dated 4.11.1996. The assessee filed appeal against this intimation before the Commissioner of Income Tax (Appeals) [CIT(A)]which was dismissed vide order dated 17.9.1997. On further appeal before the Tribunal by the assessee, it was held that such adjustments were beyond the scope of Section 143(1)(a .....

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n of law to it for its opinion. Hence the instant reference at the instance of the revenue. 3. We have heard learned counsel for the parties. 4. It has been categorically recorded by the Tribunal that adjustments could be made only on the basis of the details available on record. For making such disallowances, it was open for the Assessing Officer to follow the procedure laid down in the Act by issuance of notice under Section 143(2) of the Act. There was nothing wrong in issuing the notice unde .....

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oduced with a view to enable the administration to speed up the work of assessment in making summary adjustments assessing Officer is within his power, inter alia to disallow any deduction, allowing or relief claimed in the return but which on the basis of the information available in such return could be said to be prima facie inadmissible. A debatable issue does not fall within the ken of prima facie adjustments. Such adjustments could be made only on the basis of the details available on reco .....

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