GUJARAT LIQUI PHARMACAPS PRIVATE LIMITED,VADODARA vs. THE DY. CIT, CIRCLE-1(1)(1), VADODARA

(Assessment Year: 2012-13) Gujarat Liqui Pharmacaps Pvt. Ltd., Vs. Deputy Commissioner of Plot No.662-666, GIDS, Income Tax, Waghodiya, Circle-1(1)(1), Vadodara-391760. Vadodara. [PAN No.AAACG7270K] (Appellant) .. (Respondent) Appellant by : Shri Bandish Soparkar, Sr. Advocate with Shri Parin Shah, AR Respondent by: Shri BP Srivastava, Sr. DR Date of Hearing 19.12.2024 03.01.2025 Date of Pronouncement O R D E R PER: DR. BRR KUMAR, VICE PRESIDENT: This appeal has been filed by the Assessee against the order passed by the Ld.Commissioner of Income Tax(Appeals), National Faceless Appeal Centre, Delhi, vide order dated 23.03.2024 passed for the Assessment Year 2012-13.

1. On the facts and circumstances of the case as well as in law, the NFAC (Appeals), New Delhi erred in upholding the order of the Ld AO passed u/s.147 r.w.s 143(3) of the Income Tax Act 1961.

2. On the facts and circumstances of the case as well as in law, the NFAC (Appeals) New Delhi erred in upholding the action of AO in carrying out reopening u/s.147 of the Income Tax Act 1961

3. On the facts and in the circumstances of the case as well in law, the NFAC (Appeals), New Delhi erred in upholding the action of AO in making addition u/s.43B to the tune of Rs.1,22,69,231/-.

3. The issue before us pertains to allowability of interest claimed by the assessee and disallowed u/s 43B of the Act. Both the parties fairly submitted that the rectification of the amount can be carried out by the Jurisdictional Assessing Officer(JAO) with regard to the disallowance of amount u/s.43B of the Act. The assessee submitted that the details of the interest incurred, claimed and paid will be produced before the JAO. Hence, the matter is hereby remanded to the Assessing Officer to carry out the rectification and pass an order u/s 154 of the Act.