DCIT Vs Turner General Entertainment Net works India Limited (ITAT Delhi)
ITAT Delhi held that assessment order passed under section 201(1) of the Income Tax Act beyond the prescribed time limit is liable to be set aside. Accordingly, appeal filed by the revenue dismissed.
Facts- The assessee is a domestic/resident company principally engaged in the business of broadcasting general entertainment television channel imagine TV (formerly known as NDTV imagine). AO has completed the assessment u/s 201(1)/ (1A) of the Act, holding that the assessee company in default to deduct tax for amount of Rs 5,00,40,103/- which was required to be deducted under various TDS sections but was not deducted.
CIT(A) allowed the appeal. Being aggrieved, revenue has preferred the present appeal.
Conclusion- Held that in the instant case the time limit for passing order u/s 201(1) of the Act pertaining to financial year 2010-11 where a statement u/s 200 of the Act has been filed was two years from the end of the financial year in which such statement was filed. It is evident from the order of the AO that the tax statement in the relevant form i.e. Form 26Q for F.Y. 2010-11 was filed by the assessee on 13-05-2011. The time limit for passing an order u/s 201(1) of the Act was up to 31-03-2014.The assessment order was completed on 28-03-2018 by the AO beyond the prescribed time limit. The sub-section (3) of the Section 201 of the Act does not applicable in this case.
