9911796707
TMI Blog2023 (9) TMI 1218X X X X Extracts X X X X X X X X Extracts X X X X ..... d before ld. Pr. CIT, he ought to have considered the same and drop the revisionary proceedings. Therefore, since the issue raised by ld. Pr. CIT relates to payment of Dividend Distribution Tax for AY 2017-18 which as per ld. Pr. CIT ought to have been deposited subsequent to the completion of financial year, we under the given facts and circumstances of the case notice that the assessee has deposited the Dividend Distribution Tax before the close of FY 2016-17 relevant to AY 2017-18 and therefore, the accounting treatment and the details of Dividend Distribution Tax were duly incorporated in the return for AY 2017-18 filed on 31.10.2017 and therefore, ld. Pr. CIT erred in raising the alleged issue in the show cause notice u/s 263 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicial to the interest of the revenue inasmuch as the amount of Rs. 68,40,169/- being Dividend Distribution Tax and Rs. 28,04,441/- being interest for delay of Dividend Distribution Tax for A.Y.: 2017-2018 was not verified by the A.O. while framing the said assessment. 4. For that the appellant craves leave to add, alter or delete all or any of the grounds of appeal. 3. The facts in brief are that are that the assessee is a limited company and assessment u/s 143(3) read with Sections 143(3A) 143(3B) of the Act was completed on 25.03.2021 accepting the returned income. Ld. Pr. CIT called for the assessment records and on observing certain issues relating to non-payment of Dividend Distribution Tax issued a show cause notice. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /quantified in the assessment order. Omission to do so resulted in non levy of DDT on the total amount of Dividend declared (Rs. 3,36,00,000/-) by the assessing officer. Therefore, the assessment order dated 25,03.2021, prima facie, appears to be erroneous in so far as it is prejudicial to the interest of revenue. 4. In compliance to the notice, the assessee replied stating that the Assessing Officer (in short ld. 'AO') had made proper enquiries in respect of the issues in question. It was also submitted that the assessee has duly deposited the Dividend Distribution Tax and the same has been duly filed in the income tax return. However, ld. Pr. CIT was not satisfied and he held the order of the AO as erroneous and prejudicial t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case under the complete scrutiny by CASS selection, Assessing Officer was required to enquire into the amount payable on dividend declared in preceding year, payment of which has fallen in relevant financial year 2017-18 relevant to assessment year 2018-19. This has not been done by the Assessing Office in this case. It is a clear case of omission on the part of the Assessing Officer. Further, failure on the part of the assessing officer, by not levying DDT while framing the assessment order, rendered the assessment order to be erroneous. The erroneous order of the Assessing Officer has caused prejudice to the revenue by the amount equal to DDT and interest thereon on total amount of Dividend declared Rs. 3,36,00,000/-. As regard to case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Details of dividend for the Financial Year 2016-17 INTERIM -1 INTERIM -II Total Dividend Paid 1,44,00,000 1,92,00,000 3,36,00,000 Date of Declaration 02/01/2017 06/03/2017 Dividend paid on 04/01/2017 08/03/2017 Amount of Dividend Tax 11,72,600 15,63,467 27,36,067 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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