AMNS Ports Vizag Terminals Ltd. Vs PCIT (ITAT Allahabad)
ITAT Allahabad held that order passed by PCIT without considering the contentions of the assessee is against the principles of natural justice and accordingly is liable to be set aside. Accordingly, appeal of the assessee allowed.
Facts-Present appeal has been p referred by the assessee against order passed by PCIT u/s. 263. Notably, the order of the ld. PCIT reveals that he found the assessment order passed by the AO u/s 143(3) of the Act in the case of the assessee for the impugned year erroneous causing prejudice to the revenue on two counts i.e. claim of employers contribution to staff provident fund in excess of 27% of the salary ,which was contrary to Rule 87 of the Income Tax Rules, 1962, and depreciation on addition of new plant and machineries amounting to Rs. 35,73,93,105/- while the same ought to have been limited to the amortized value of the assets amounting to Rs. 4,81,095/-.
Conclusion- No attempt has been made by the Ld. PCIT to contradict the contention of the assessee before him after dealing with the specifics relating to the same. It is just a general cursory finding of the Ld. PCIT, without considering or dealing with the contention of the assessee before him.
