M/S. JYOTI CONSTRUCTION,KEONJHAR vs. PRINCIPAL CIT, CUTTACK

ITA 188/CTK/2016Status: DisposedITAT Cuttack29 August 2017AY 2011-124 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT's order was sustainable to the extent of disallowance under Section 40(a)(ia) for interest payments on vehicle loans due to non-deduction of TDS. The AO's compliance with other directions was noted.

What were the facts?

The assessee firm's assessment was revised under Section 263 by the CIT due to discrepancies in contract receipts, non-disclosure of rental income, and non-deduction of TDS on vehicle loan interest. The CIT found the original assessment order erroneous and prejudicial to revenue.

What were the issues?

Whether the CIT's revision order under Section 263 was justified, and if the disallowance for non-deduction of TDS on vehicle loan interest was correct.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 40(a)(ia),Section 194H,Section 139(1),Section 143(2),Section 142(1),Section 43B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM

Hearing: 24/08/2017Pronounced: 29/08/2017

Per Shri Pavan Kumar Gadale, JM: The assessee has filed an appeal against the order of CIT(A), Cuttack, dated 15.03.2016, passed u/s.263 of the Income Tax Act, 1961. 2. The sole substantive ground raised by the assessee that the order passed by ld.CIT is without merit and does not satisfy the twin conditions required under the law.

3.

Brief facts of the case are that the assessee is a partnership firm and engaged in contract works and filed the return of income electronically on 19.10.2011 with total income of Rs.70,67,777/-. Subsequently case was selected for scrutiny

The order continues below.

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