GUJARAT ENERGY TRANSMISSION CORPORATION LTD.,,VADODARA vs. THE DCIT, , VADODARA

ITA 1765/AHD/2017Status: DisposedITAT Ahmedabad24 January 2024AY 2010-11Bench: SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER AND MS.MADHUMITA ROY (Judicial Member)8 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Principal CIT erred in invoking Section 263 as the Assessing Officer had already considered the facts and accepted the assessee's submissions. There was no revenue implication or prejudice to the revenue.

What were the facts?

The assessee company's assessment order was revised by the Principal CIT under Section 263, citing disallowance of payments made without TDS deduction. The assessee argued that these payments pertained to the subsequent year and were for capital works, with TDS deducted in that year.

What were the issues?

Whether the Principal CIT was justified in invoking Section 263 to revise an assessment order where the Assessing Officer had already considered the relevant facts and no prejudice was caused to the revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 40(a)(ia),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD - BENCH ‘C’

Before: SHRI RAMIT KOCHAR

For Appellant: Shri Mehul K. Patel, AR
Hearing: 21/11/2023Pronounced: 24/01/2024

PER MADHUMITA ROY, JUDICIAL MEMEBR: The above two appeals are filed by the assessee; one against order of the ld.

Pr.Commissioner of Income Tax-I, Vadodra (hereinafter referred to as “Pr.CIT” for short) dated 2.3.2015 passed under section 263 of the Income Tax Act, 1961, and another appeal against order of the ld.Commissioner of Income Tax (Appeals)-1,

The order continues below.

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