Deepshikha Trading Company Pvt. Ltd. Vs. ITO, Ward-6(2), Kolkata
Parties Involved
Facts Summary
The assessee, Deepshikha Trading Company Pvt. Ltd., filed the return of income on 30.09.2018 showing total income of Rs. 16,92,420/-. The case was selected for scrutiny under CASS due to 'amalgamation or demerger during the year' and 'large any other amount allowable as deduction claimed in Schedule BP of return'. Notice u/s 143(2) of the Act was issued, and the assessee furnished the reply. After considering the reply, the income declared at Rs. 16,92,420/- was accepted in the order u/s 143(3) of the Act. However, neither in the initial intimation issued u/s 143(1) of the Act nor in the computation sheet forming part of the order u/s 143(3) of the Act, the credit for TDS and advance tax of Rs. 1,23,331/- and Rs. 1,75,000/- respectively pertaining to the amalgamating company was allowed. Aggrieved with the non-allowance of the two credits, the assessee filed the appeal before the Ld. CIT(A). The appeal contested the non-allowance of TDS and Advance Tax credits of Rs. 1,23,331/- and Rs. 1,75,000/- respectively in the assessment order dated 12.02.2021 passed u/s 143(3) of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the TDS credit of INR 1,23,331 and Advance Tax of INR 1,75,000 pertaining to the amalgamating company should have been granted.
- 2. Whether the appeal against the order u/s 143(3) is infructuous as the cause of action had arisen in the intimation u/s 143(1) of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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