9911796707
TMI Blog2020 (12) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... has also raised a legal ground contesting that the A.O. should have issued notice u/s. 143(2) of the Act in respect to the revised return filed by the assessee. 2. We heard the parties and perused the record. The assessee is deriving salary income and business income. He filed his return of income for the year under consideration on 13.9.2012. Thereafter, he revised his return of income by filing a revised return on 18.10.2012. The A.O. issued notice u/s. 143(2) of the Act on 6.8.2013 and completed the assessment by adopting the total income returned by the assessee in the original return of income filed by the assessee. 3. The only addition made by the AO in the assessment order is the disallowance of Rs. 10,92,765/- made u/s. 14A of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erused the record. For adjudicating this legal issue, it is necessary to discuss the relevant facts. We notice that the original return of income was filed by the assessee on 30.9.2012 and the revised return of income was filed on 18.10.2012, i.e., within 18 days from the date of filing of original return of income. We also notice that the A.O. has issued notice u/s. 143(2) of the Act on 6.8.2013, i.e., the notice u/s. 143(2) itself was issued after filing of revised return of income. 6. Under the scheme of the Act, the assessing officer is entitled to assume jurisdiction to scrutinize the return of income filed by assessee only after the issue of notice u/s. 143(2) of the Act within the prescribed time limit. If the A.O. has validly assum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome and accordingly compute the total income. 10. Hence, we do not find any merit in the contentions of the assessee that the A.O. should have issued another notice u/s. 143(2) of the Act against the revised return of income. In any case, the coordinate bench of the Tribunal in the case of ACIT Vs. Shilpa Medicare Ltd. (ITA No. 1373 & 1374/Bang/2015 dated 6.2.2020) has held that there is no requirement of issuing notice u/s. 143(2) of the Act in response to the revised return of income filed by the assessee, when the A.O. had already issued notice u/s. 143(2) of the Act against the original return of income. The relevant observations made by the coordinate bench are extracted below: "5. We have considered the submission of ld. counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore of the view that there is no merit in grounds No. 1 & 2 raised by the assessee and accordingly the said grounds are dismissed." Accordingly, we do not find any merit in the legal issue urged by the assessee. Accordingly, we reject the same. 11. The next issue urged on merits relate to disallowance made u/s. 14A of the Act. The Ld. A.R. submitted that the Hon'ble Karnataka High Court in the case of Micro Labs Limited (ITA No. 471/2015 dated 11.3.2016) has held that no disallowance u/s. 14A of the Act out of interest expenditure is called for, when interest free funds/own funds available with the assessee is more than the value of investments. In the above said case, the Hon'ble Karnataka High Court has concurred with the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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