Case Law Details
Brief Facts of the case:
The assessee in the present case is a company incorporated with the main object to generate and sale power. The generation of electricity is done through the natural gas supplied by GAIL. The operation and maintenance of the power unit of the assessee is done by M/s. Rolls Royce Industrial Power India Limited (RRIPL), London having its permanent establishment in Delhi.The generation of electricity is done through the natural gas supplied by GAIL.
A survey operationunder section 133A was carried out in the case of theassessee wherein certain defaults in the matter of TDS compliance allegedly committed by the assessee were detected. One of such defaults, according to the A.O., was the failure of the assessee to deduct tax at source amounting Rs.1,11,39,688 from the payment made to M/s. RRIPL on account of Plant Load Factor (PLF) bonus for the F.Y. 1999-2000.
He pointed out that the liability on account of PLF bonus payable to M/s. RRIPL was provided for in the books of account of the assessee company for the F.Y. 1999-2000 and since there was no exemption certificate furnished by the payee for the F.Y.1999-2000, the assessee company was liable to deduct tax at source from the amount credited to M/s. RRIPL on account of PLF bonus. Accordingly, he treated the assessee company as in default for its failure to deduct tax at source to that extent under section 201(1) and also levied interest under section 201(1A).
Aggrieved by the order of AO, assesseee preferred an appeal before CIT (A).
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Hi
Can an entry be made with Jan 2003 date for the financial year 1999-2000?