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The Commissioner of Income-Tax LTU, The Deputy Commissioner of Income-Tax LTU Versus M/s. Hewlett-Packard India Sales Pvt Ltd

2016 (2) TMI 832 - KARNATAKA HIGH COURT

Revision u/s 263 - as per CIT(A) AO has not disallowed the expenditure under Section 40a(ia) of the Act as per the audit report submitted by the statutory auditors in Form 3-CD wherein it was specifically made clear that the assessee has not considered CBDT Circular No.715 in respect of Section 194C of the Act pertaininig to deduction of TDS on advertisement contract with M/s TLG India Pvt. Ltd - Held that:- The Tribunal having considered the explanation furnished by the assessee before the Asse .....

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ted in [2000 (5) TMI 3 - SUPREME Court]

Thus, Tribunal having considered the case on facts and law, has come to a correct conclusion that the Commissioner had no jurisdiction to invoke the provisions of Section 263 of the Act as the twin conditions which are mandatorily required to be satisfied for invoking the provisions of Section 263 of the Act i.e., (i) order to be revised is erroneous and (ii) prejudicial to the interest of the revenue are not satisfied. - Decided in favour of a .....

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r the Tribunal was correct in quashing the order u/s.263 passed by the CIT without appreciating that the form 3CD report of the auditor had contended that the assessee has not considered CBDT's Circular No.715 in respect of section 194C pertaining to deduction of TDS on advertisement contract an ₹ 8,96,04,391/- should be disallowed as an expenditure from the P&L account as per provision of section 40(a)(ia) and brought to tax? 2. Whether the Tribunal is correct in quashing the orde .....

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e assessments were concluded making a disallowance on account of depreciation on intangible assets amounting to ₹ 1,21,10,326/- to the income declared by the assessee. 3. This order was taken up in revision by the CIT(LTU) (hereinafter referred to as the 'Commissioner') on the ground that the Assessing Officer has not disallowed the expenditure under Section 40a(ia) of the Act as per the audit report submitted by the statutory auditors in Form 3-CD wherein it was specifically made .....

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