9911796707
TMI Blog2021 (1) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner, which is a notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the 'IT Act' for short) informing that he has reason to believe that the income of the Petitioner chargeable to tax for the assessment year 2005-2006 has escaped assessment within the meaning of Section 147 of the IT Act, for which he proposes to re-assess income for that assessment year and the Petitioner was required to deliver within 30 days from the date of receipt of that notice, a return in the prescribed format for his income for that assessment year. 3. It must, at once, be recapitulated here that the Hon'ble Supreme Court of India in Jeans Knit Private Limited -vs- Deputy Commissioner of Income Tax, Bangalore [(2018) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st. year 2005-2006, the assessee has not disclosed the freight receipts from the Exporters and the net freight payment made to La Freightlift Pvt. Ltd. Although the assessee has not disclosed the freight receipts, they have claimed refund by enclosing all the TDS Certificates issued by the exporters and IATA agents. By not disclosing the freight receipts, the assessee has avoided filing of Form No.3 CD required to be filed u/s 44 AB. The freight payment by the assessee to La Freightlift Pvt. Ltd. is covered u/s 194C as payment to a sub-contractor. The assessee is however deducting tax on this payment from the A.Y. 2006-07 only. During the year 2004-05, relevant for the asst. year 2005-06, the assessee had paid a total sum of Rs. 3,21,79,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertion with effect from the assessment year 2005-2006 in order to remove the unintended consequences which were causing grave and genuine hardships to the assessees and remedy that position. It is further contended that the Delhi High Court had also earlier expressed the same view in Commissioner of Income Tax-1 -vs- Ansal Land Mark Township (P) Ltd., (Order dated 26.08.2015 in I.T.A. Nos. 160 and 161 of 2015). That apart, reliance is placed on another ruling of the Delhi High Court in Commissioner of Income Tax -vs- Cargo Linkers (Order dated 25.03.2008 in ITA No. 218 of 2008), where in recognition of the fact that similarly placed clearing and forwarding agents in the industry had not been deducting tax at source till 31.03.2005, it was h ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
