TMI Blog2018 (11) TMI 1654X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 148 after expiry of four years in cases where originally assessment was framed under section 143(3) of the Act. He can issue such a notice only if it is established that the assessee failed to make a return under section 139 or in response to the notice issued under section 142(1) or section 148 or to disclose all material facts fully and truly necessary for its assessment. A perusal of the reasons extracted nowhere reveals that the AO has pointed out any fact which was not disclosed by the assessee fully and truly. The facts recorded by him with regard non-payment of employees contribution towards ESIC and PF are taken from the audit report. This audit report was already available with him. He has passed assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) is to be made. Accordingly, we set aside this issue to the file of the AO for verification. The ld.AO shall call for details from parties mentioned hereinabove, and verify whether they have accounted these interest receipts in their income tax returns or not. If they are accounted, then no disallowance shall be made. It is also observed that the assessee should also make effort for submitting these details of recipient companies. Accordingly, this ground of appeal is allowed for statistical purpose. - ITA No.2527 and 2528/Ahd/2015 Asstt. Year: 2006-07 and 2011-12 - - - Dated:- 13-11-2018 - Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member Revenue by: Smt.Smitha V. Nair, Sr.DR Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case are that the assessee filed its return of income 31.12.2006 declaring total income at ₹ 99,75,320/-. The assessment order was passed under section 143(3) of the Act on 26.12.2008 determining total income at ₹ 1,0989,390/-. The ld.AO thereafter issued notice under section 148 of the Act on 20.3.2013. He has reopened the assessment. The reasons recorded by the AO for reopening of the assessment has been placed on page no.50 of the paper book, which reads as under: REASON RECORDED FOR RE-OPENING THE ASSESSMENT UNDER SECTION 147 OF THE I.T. ACT, 1961 On verification of the statements 2 and 3 to clause 16(b) of the Audit Report filed in From No.3CD, it was noticed that the employees' cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, the ld.DR relied upon the orders of the Revenue authorities below. 6. We have duly considered rival contentions and gone through the record carefully. It is an admitted position that notice under section 148 was issued after expiry of four years from the end of the assessment year. The assessment year involved in Asstt.Year 2006-07 and notice under section 148 was issued by the AO on 20.3.20123. Four years from the end of relevant assessment year is expired on 31.3.2011. It shows that notice has been issued after four years. Interdiction provided in proviso appended to section 147 puts an embargo on the powers of the AO to issue notice under section 148 after expiry of four years in cases where originally assessment was framed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pective PF and ESCI Acts. Thus, the ld.AO disallowed the claim of the assessee. On appeal, the ld.CIT(A) has confirmed the disallowance by following judgment of jurisdictional High Court in the case of CIT Vs. Gujarat State Road Transportation Corporation, 265 CTR 64. 8. With the assistance of the ld.representatives, we have gone through the record carefully. The ld.counsel for the assessee contended that Hon ble Rajasthan High Court in the case of Pr.CIT Vs. Rajasthan State Beverages Corpn. Ltd., 84 taxmann.com 185 (SC) has allowed deduction of such payment, if the payments were made before the due date of filing of return. Department has filed SLP Hon ble Supreme Court against judgment of Hon ble Rajasthan High Court and the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest to non-banking financial companies viz. Sundaram Finance and Shriram Finance. It failed to deduct TDS, hence interest expenditure claimed by it has been disallowed by the AO with the aid of section 40(a)(ia) of the Act. On this issue, we have heard both the parties. 13. We have duly considered rival contentions and gone through the record carefully. We find that the impugned additions have made with the aid of section 40(a)(ia) on account of non-deduction of TDS. Hon ble Delhi High Court in the case of CIT Vs. Ansal Land Mark Township Ltd., 377 ITR 635 has observed that second proviso to sec 40(a)(ia) of the Income Tax Act, 1961 is to be read as applicable with retrospective effect. According to this proviso, if a payee ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
