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TMI Blog2018 (5) TMI 2056X X X X Extracts X X X X X X X X Extracts X X X X ..... isions relied by the Ld.AR is not applicable to the facts of the case of the assessee because in the case of the assessee, the Ld.AO has omitted to examine certain material facts which might influence while deciding the issues. Therefore we hereby sustain the order of the Ld.PCIT U/s.263 of the Act. However we also hereby direct the Ld.AO to examine the issues without being prejudiced by the order of the Ld.PCIT and pass appropriate order based on merits and law after affording sufficient opportunity to the assessee of being heard. Appeals filed by the assessee are dismissed. - I.T.A.Nos.2167 & 2168/CHNY/2017 - - - Dated:- 15-5-2018 - SHRI A.MOHAN ALANKAMONY AND SHRI DUVVURU RL REDDY, JJ. Appellant by : Shri Y. Sridhar, CA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n-deduction of tax at source towards interest payments above ₹ 10,000/-. 4. Thereafter the Ld.PCIT invoked his jurisdiction U/s.263 of the Act for both the assessment years for the following reasons: (i) Interest U/s.234A(3) of the Act, was omitted to be charged by the Ld.AO. (ii) The assessee had claimed deduction towards provision for wage arrears amounting to ₹ 5 crores which is a contractual liability between the assessee and its employees and therefore are contingent in nature and has not crystalized as on 31.03.2009. 5. The Ld.AR submitted before us that the two conditions which must be satisfied for invoking the provisions of Section 263 of the Act, by the Ld.PCIT is absent in the case of the assessee such as: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the respective orders which the Ld.PCIT has pointed out. He further argued stating that the Ld.PCIT has only directed the Ld.AO to verify the aspects discussed in his Order and pass appropriate order in accordance with merits and law. Hence it was pleaded that the order of the Ld.PCIT is appropriate and hence may be confirmed. 7. We have heard the rival submissions and carefully perused the materials available on record. From the facts of the case it is apparent from the order of the Ld.AO, that he has not discussed the issue with respect to levy of interest U/s.234A(3) of the Act and the issue with respect to crystallization of the expense incurred towards wage arrears. It also appears that the Ld.AO has not examined the agreement b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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