2023 (1) TMI 831

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..... ause 26(i)(B)(b) alone and whereas the Ld. FAA holistically considered the figure of TAR and allowed the appeal for statistical purpose but without reference to expenditure charged to Profit Loss Account, hence for the reasons the matter requested for remand back to the file of AO for a limited purpose of verification of qualifying expense u/s 43 of the Act. Assessee adverting to adjudication .....

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..... 250 of the Income Tax Act, 1961 [for short the Act ] which in turn dove out of order of rectification passed u/s 154 of the Act, by the Deputy Commissioner of Income Tax, Circle-8, Pune [for short CPC ] for assessment year [for short AY ] 2015-16. 2. Before we ride onto grounds of appeal, let us state the facts of the case as borne out of case records are; 2.1 The respondent assessee is .....

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..... to provisions of section 43B, invoked the rectification jurisdiction u/s 154 of the Act and by a notice dt. 28/04/2021 called upon the respondent to furnish explanation about the short payment. When the first notice remained unattended, the Ld. AO without further notice to the assessee, disallowed an amount of ₹19,38,687 u/s 43B of the Act, being the difference between an amount reported und .....

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..... e and in law, the Ld. CIT(A) has erred in law and on facts by directing the AO to allow the relief to the assessee without verification of the facts that whether the expenses claimed are disallowed in earlier years? 3.For these and such other reasons as may be urged at the time of hearing, the order of the CIT(A) may be vacated and that of the Assessing Officer be resorted. 4.The appella .....

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..... tion of qualifying expense u/s 43 of the Act. 7. The learned representative of the assessee [for short AR ] adverting to adjudication laid by the Ld. NFAC, concurred with the request of department in remanding the matter back to the file of jurisdictional AO with a limited purpose to examine the issue of deductibility of expense reported in clause 26(i)(A) (B) of TAR in the light of section .....

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