Case Law Details
Bijni Dooars Tea Company Ltd. Vs PCIT (ITAT Kolkata)
ITAT Kolkata held that revision of assessment order passed u/s. 143(3) unsustainable as levy of interest u/s. 115P of the Income Tax Act for short payment of Dividend Distribution Tax (DDT) u/s. 115-O of the Income Tax Act, which comes under a separate Chapter, was not part of assessment order.
Facts-
Assessee filed its return of income. AO having taken note of details submitted in the course of assessment proceeding, completed the assessment u/s. 143(3) of the Act. Subsequently, PCIT called for and examined the case records and formed a prima facie view that the impugned assessment order passed u/s. 143(3) of the Act is erroneous insofar as it is prejudicial to the interest of the revenue.
PCIT alleged that in respect of Dividend Distribution Tax (DDT) on proposed dividend of Rs. 90,00,000/- which had not been quantified in the return filed by the assessee as well as in the assessment order passed by AO. According to PCIT, there was a short payment of DDT which attracted penal interest u/s. 115P which also was not quantified. Omission to quantify the actual amount of DDT and interest thereon resulted in short levy of DDT and interest, according to PCIT.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
