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

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

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/-. Asst.Year –2012-13 - 2–

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 Juri ictional 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.

In the result, the appeal of the assessee is allowed for statistical purposes.