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TMI Blog2013 (1) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; "a) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the nonconvertible debentures had not been issued to M/s.Gujarat Lease Financing Limited (GLFL)? b) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the assessing officer was not justified in applying the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961 by holding that the assessee had not issued convertible debentures to Gujarat Lease Financing Limited in spite of the fact that pursuant to the Memorandum of Understanding dated 29th September 1997, debentures were issued to M/s.Gujarat Lease Financing Limited and the interest on such debentures were credited to the account of Gujarat Lease Financing Limited in the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rat Lease Financing Limited. 5. During the course of search held on 3rd December 2002, it was noticed that while crediting the interest to the account of M/s. Gujarat Lease Financing Limited, the assessee had not deducted the tax at source. Accordingly, proceedings were initiated and order was passed under Section 201(1) and Section 201(1A) of the Income Tax Act, 1961 imposing penalty upon the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. It is not in dispute that in the regular assessment, the assessing officer has accepted the method of computation of total income made by the assessee. Once it is accepted in the regular assessment that interest paid by the assessee was not the debenture interest, it was not open to the Income Tax Officer (TDS) to treat that interest paid were debenture interest and pass an order under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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