Mcleod Russel India Ltd. Vs. Pr. C.I.T., Kolkata-2
Parties Involved
Facts Summary
The assessee, Mcleod Russel India Ltd., filed its return of income on 30.09.2016 declaring total income of Rs.5,43,81,450/-. The case was processed under section 143(1) of the Income Tax Act, 1961. Subsequently, the case was reopened under section 147 of the Act by issuing notice under section 148 on 13.03.2018 for certain expenses that were wrongly allowed in the computation of income. The expenses included club service/facility, penalty, contribution to Employee's PF deposited beyond the due date, and unaccounted profit from the sale of tea manufactured from purchased tea leaves. The assessment was framed on 17.03.2022 under section 147 read with section 144B of the Act. The Principal Commissioner of Income Tax (Pr. CIT) revised the assessment on 30.03.2024 under section 263 of the Act, directing the Assessing Officer (AO) to disallow excess salary paid to the director amounting to Rs.138.16 lacs.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the order passed by the Principal Commissioner of Income Tax under section 263 of the Act is valid.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
4 precedents cited in this judgement.
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