MADHYA BIHAR GRAMIN BANK,PATNA vs. C.I.T. -1,

ITA 23/PAT/2016Status: DisposedITAT Patna02 June 2023AY 2011-1213 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer had not conducted sufficient inquiry into the TDS on interest payments. Therefore, the Principal Commissioner rightly exercised powers under Section 263 to set aside the assessment order.

What were the facts?

The Assessing Officer passed an assessment order for Madhya Bihar Gramin Bank. The Principal Commissioner of Income Tax initiated proceedings under Section 263, believing the assessment order was erroneous and prejudicial to the revenue due to a lack of inquiry regarding TDS on interest payments.

What were the issues?

Whether the Assessing Officer conducted adequate inquiry regarding TDS on interest payments, and if not, whether the Principal Commissioner correctly invoked Section 263.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

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Cases cited in this judgment(4)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, KOLKATA-PATNA ‘e-COURT’, KOLKATA

Before: Shri Rajpal Yadav, Vice-(KZ) & Dr. Manish Borad

Per Rajpal Yadav, Vice-President (KZ):- The assessee is in appeal before the Tribunal against the order of ld. Principal Commissioner of Income

1 Assessment Year: 2011-2012 Madhya Bihar Gramin Bank Tax-1, Patna dated 01.02.2016 passed under section 263 of the Income Tax Act for Assessment Year 2011-12. 2. Though the assessee has taken four grounds of appeal, but its main grievance is that the l

The order continues below.

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