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TMI Blog2022 (11) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... ing all the issues, the present impugned assessment order passed by the learned assessing officer and as confirmed by the learned CIT(A) is only on account of change of opinion and therefore also the orders of lower authorities deserves to be quashed. 1.3. There was no erroneous order at all so as to cause any prejudice to the interest of revenue. There being no earlier erroneous order, the impugned assessment order passed U/s. 143 r.w.s 263 of I.T. Act, 1961 has no legs to stand and is to be quashed. The learned CIT(A) has erred by upholding the order of the learned assessing officer which under applicable law and facts of the case deserves to be quashed. [Tax effect of above ground : Rs 33,84,980/-1 Without prejudice: 2.1. The learned Commissioner of Income tax (Appeals) has erred in upholding the addition of Rs. 49,20,000/- as made by Assessing Officer by holding provision for liquidated damages as unascertained liability. 2.2. On proper appreciation of facts of the appellant's case and applicable legal provisions, the addition of Rs. 49,20,000/- is erroneous and is liable to be deleted. 2.3. The addition as made in the assessment order resulting only in ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned A.R. submitted that the assessee is under contractual obligation to pay liquidated damages since the purchase orders raised by the customers or the contracts entered into by the assessee with its customers contain a clause for payment of liquidated damages by the assessee if the assessee fails to deliver the lubricating systems/products on or before the schedule delivery date. The learned A.R. also submitted that the provision for liquidated damages is accrued for the financial year ended on 31.03.2012 on the basis that the liability has accrued for the year ended, though the actual payment would happen on a later date. According to the learned A.R. the assessee is following mercantile system of accounting and therefore the liability to pay liquidated damages which is accrued during the year under consideration has to be provided for in the books of account and the fact that liquidated damages are payable on a later date will not dilute the liability that has accrued to the assessee. The learned A.R. further submitted that the PCIT has claimed that the details of the provisions for liquidated damages was not submitted by the assessee which is not factually correct since th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 3,443 8 L&T-MHI Turbnie Generators Pvt. Ltd 1004218 Y 10/01/2012 12 0.50% 5.00% 10.00 62,00,000 3.10,000 9 ITC LIMITED 1004174 Y 30/11/2011 18 0.50% 5.00% 10.00 2,00,000 10,000 10 ITC LIMITED 1004414 Y 29/02/2012 5 1.00% 10.00% 10.00 53,93,630 2,69,682 11 THYSSENKRUPP INDUSTRIES INDIA PVI 1004003 Y 15/11/2011 20 0.50% 5.00% 10.00 4,52,000 22,600 12 THYSSENKRUPP INDUSTRIES INDIA PV.1. 1004007 Y 30/09/201 I 27 0.50% 5.00% 10.00 46,50,000 2,32,500 13 ABHIJEET PROJECTS LTD 1003845 Y 25/12/2011 14 1.00% 10.00% 10.00 22,00,000 2,20,000 14 HOWDEN AIR & GAS INDIA PVT. LIMITED 1004465 Y 15/01/2012 11 0.50% 5.00% 10.00 38,00,000 1,90,000 15 BEML LIMITED 1004176 Y 31/10/2011 22 0.50% 5.00% 10.00 7,40,139 37.007 16 BEML LIMITED 1004177 Y 30/11/2011 18 0.50% 5.00% 10.00 14,80,277 74.014 17 BEML LIMITED 1004178 Y 31/01/2012 9 0.50% 5.00% 10.00 14,80,277 66,612 18 BEML LIMITED 1004631 Y 30/03/2012 1 0.50% 5.00% 10.00 7,98,140 3,991 19 SMS INDIA PVT. LTD., 1004556 Y 01/03/2012 5 0.50% 5.00% 10.00 67,50,000 1,68,750 20 ANUPAM INDUSTRIES LTD.. 1004234 Y 09/09/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.24,657 3,247 45 BlIARAT HEAVY ELECTRICALS LTD 2007960 Y 10/09/201 I 29 0.50% 15.00% 30.0(1 1,30,106 18,865 46 ESSAR STEEL INDIA LIMITED. 2008827 Y 07/05/2011 47 0.50% 5.00% 10.00 2,24,795 11,240 47 ABP PVT. LTD., 1004167 Y 15/09/2011 29 0.50% 5.00% 10.00 2,13.180 10,659 48 AJM ENGINEERS 2009130 Y 12/02/2012 7 0.50% 5.00% 10.00 1,06,701 3,735 49 BHUSHAN POWER & STEEL LTD., 1004603 Y 05/03/2012 4 0.50% 5.00% 10.00 1,14,000 2.280 50 BHUSHAN POWER & STEEL LTD., 2008804 Y 27/12/2011 14 0.50% 5.00% 10.00 24,938 1,247 51 McNALLY SAYAJI ENGINEERING LTD. 1004537 Y 30/03/2012 1 0.50% 10.00% 20.00 1,85,640 928 52 McNALLY SAYAJI ENGINEERING LTD. 1004797 Y 30/03/2012 I 0.50% 10.00% 20.00 2.55,000 1.275 53 JSL STAINLESS LTD. 1004689 Y 24/03/2012 1 0.50% 5.00% 10.00 4.21,800 2.109 54 SIEMENS VAI METALS TECHNOLOGIES (P) 1004666 Y 30/03/2012, 1 0.50% 5.00% 10.00 3,60,000 1.800 55 ESSAR STEEL LIMITED 2008856 Y 28/02/2012 5 0.50% 5.00% 10.00 14.341 359 56 RAJSHREE SUGARS & CHEMICALS LTD. 2008989 Y 30/01/2012 9 1.00% 5.00% 5.00 6,640 332 57 SUNFLAG IRON & STEEL CO. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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