9911796707
Advanced Search 
TMI Blog2009 (12) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal, 'C' Bench, Chennai dated 22.06.2009 made in ITA No.2014/Mds/2008. 2. The minimum facts required for disposal of this appeal, as culled out from the statement of facts are as follows: The assessee is a public limited company carrying on business in manufacture and sale of fibre cement sheet, accessories, fibre cement pipes and cotton yarn. For the assessment year 2001-01 the assessee filed its return of income on 29.11.2000 admitting a total income of Rs.6,78,42,400/-. The assessment was completed under section 143(3) of the Act on 07.03.2003 determining the total income at Rs.10,96,71,500/- in which Rs.4,88,20,435/- was allowed as depreciation and Rs.2,45,59,438/- was allowed as deduction under section 10B of the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was right in law in holding that the interest under section 234-D of the Act cannot be levied for the period prior to 01.06.2003 is valid? 3. Heard the learned counsel for the revenue and perused the materials available on record. 4. It could be seen from the records available that the Commissioner of Income Tax (Appeals), after going through the audit objection and the stand of the assessing officer, found that the assessing officer has blindly followed the audit objection without applying his mind to the correct method of working of taxable income. Admittedly, the assessee started with the figure of profit as per books for all the units at Rs.17,21,45,681/- and there was no dispute on this. The book profit relating to section 10B uni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The reasons stated by the Commissioner for setting aside the assessment order has been accepted by the Tribunal. Before us, the revenue is not able to establish that the view taken by the Commissioner of Income Tax (Appeals) and confirmed by the Tribunal is not in accordance with law. So is the issue with regard to section 234D penalty. The Commissioner of Income tax (Appeals) has observed that section 234D of the Act is applicable only where any refund is granted to the assessee under section 143(1) of the act and the same is payable back to the department on completion of the assessment under section 143(3) of the Act. The assessing officer has not granted refund under section 143(1) of the Act and in the circumstances section 234D ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
