9911796707
TMI Blog2021 (12) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... hat :- "1. On the facts and circumstances of the case and in law, the order 04/06/2016 passed u/s 154 by the Learned assessing officer is wrong and bad in law. 2. On the facts and circumstances of the case and in law, the Learned assessing officer has erred in making an addition of Rs. 60,88,057/- as income of the assessee by treating the exempt income u/s 10(25) earned by approved provident fund as taxable income and the learned CIT Appeals has erred in upholding the addition. 3. On the facts and circumstances of the case and in law, the Learned assessing officer has erred in making an addition of Rs. 60,88,057/- as income of the assessee by treating the exempt income u/s 10(25) as taxable income ignoring certificate issued by Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vered Under FPS" to take effect from 01.04.1976. For the year under consideration i.e. AY 2014-15, assessee company filed return of income on 30.03.2015 in the abbreviated name as "IECS Ltd. Employees P.F. covered under FPS" declaring nil income after claiming exemption u/s 10(25)(ii) of the Act qua interest income of Rs. 60,88057/-. Rectified return filed by the assessee u/s 139(9) of the Act was processed by Central Processing Centre in terms of section 143(1) of the Act at the income of Rs. 60,88,057/- as against nil income declared by the assessee by denying the claim of exemption made by the assessee u/s 10(25)(ii) of the Act. Thereafter, assessee filed rectification application dated 26.05.2016 to rectify the adjustment made in the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. 6. When we examine the impugned order passed by the ld. CIT(A) in the light of the aforesaid undisputed facts, it is apparent on record that denial of exemption u/s 10(25)(ii) of the Act of the assessee from the interest income is solely on the ground of not filing return in the complete name of the assessee i.e. Indo Euro Chemical Services Limited Employees Provident Fund covered under FPS rather filed the return in the abbreviated name as "IECS Ltd. Employees P.F. Covered under FPS". Moreover, adjustment made by the Revenue Department by denying the exemption claimed by the assessee u/s 10(25)(ii) of the Act cannot be and shall not be subject matter of section 143(1) of the Act. This can only be done u/s 143(3) of the Act. Because u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
