TMI Blog2017 (3) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... ulars under the third proviso to clause(i) of sub-section (3) of Section 194C to be furnished by a contractor responsible for paying any sum to such sub-contractor shall be in Form No. 15J. The High Court has treated the filling of the said Form as a prerequisite and on that basis held that provisions of Section 40(a)(ia) of the Act could not be invoked. In the process the High Court has failed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard the learned counsel for the parties at this stage finally. The appellant/assessee is involved in undertaking transport contracts. During the relevant year, it entered into a contract with the army for carriage of goods and personnel etc. In this regard, an amount of ₹ 74,81,106/- is said to have been received from the army including interest element of ₹ 1043/-. An amount of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 55,59,585/- and added it back to the income of the assessee. The Assessing Officer computed the income of the assessee as per the provisions of Section 144 of the Act which worked out to RS.9,93,069/-. Against the order of the Assessing Officer, an appeal was preferred by the assessee. The Commissioner of Income Tax (Appeals) vide its order dated 09.07.2012 reduced the net profit rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause(i) of sub-section (3) of Section 194C to be furnished by a contractor responsible for paying any sum to such sub-contractor shall be in Form No. 15J. The High Court has treated the filling of the said Form as a prerequisite and on that basis held that provisions of Section 40(a)(ia) of the Act could not be invoked. In the process the High Court has failed to notice that even that aspect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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