2011 (12) TMI 425 - AT - Income Tax

Summary

Issues involved: Disallowance of interest paid to Kotak Mahindra Bank Ltd. u/s 139(5) of the Income Tax Act.

Summary:
The appeal was filed by the assessee against the disallowance of interest paid to Kotak Mahindra Bank Ltd. The Assessing Officer did not consider the revised computation of income filed by the assessee, stating that only a revised return of income could be filed u/s 139(5) of the Act. The Commissioner of Income-tax (Appeals) upheld this decision, citing the need for a revised return of income as per the Supreme Court's ruling in Goetze India Ltd. v. CIT [2006] 284 ITR 323 (SC). The assessee argued that the revised computation of income should have been considered, referring to the decision in Pradeep Kumar Harlalka v. Asst. CIT [2011] 47 SOT 204 (Mumbai). The Tribunal, after considering the precedents, directed the Assessing Officer to reconsider the revised computation of income and decide the issue afresh.

In conclusion, the appeal of the assessee was allowed for statistical purposes, and the matter was remitted to the Assessing Officer for further consideration in accordance with the law.