9911796707
TMI Blog2024 (5) TMI 958X X X X Extracts X X X X X X X X Extracts X X X X ..... s earliest. When the dividend was declared and payment of DDT was made in the financial year 2014-15 it could not have been accounted for in the return for earlier year. DDT has to be accounted for only in the return for the financial year in which it was actually paid. As the DDT was paid on 27-08-2014 in this case, it should have been accounted for in return for the financial year 2014-15 relevant to the A.Y. 2015-16. Assessee had filed a revised Form 3CD for A.Y. 2014- 15 and 2015-16 on 21/05/2019 rectifying the mistake in accounting of DDT. CIT(A) has rejected the revised Form 3CD on the ground that the revised Form 3CD were required to be filed before the end of the relevant assessment year only. The assessee is not making any fresh cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit for the dividend distribution tax paid for A.Y. 2015-16 be allowed in respect of A.Y. 2014-15. 4. The appellant craves leave to add to or amend the grounds of appeal before disposal of the appeal. 3. The brief facts of the case are that the assessee had declared dividend of Rs. 40,00,000/- on 25/08/2014 on which Dividend Distribution Tax (DDT) of Rs. 6,79,800/- was paid on 27/08/2014. The details of DDT of Rs. 6,79,800/- pertaining to A.Y. 2015-16 was wrongly shown in the Tax Audit Report in Form 3CD and in the Income Tax Return for the A.Y. 2014-15. The assessee had filed a rectification application u/s 154 of the Income Tax Act (hereinafter referred as the Act ) before the A.O. on 31/12/2018 for the A.Y. 2014-15 and also for A.Y. 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annual General Meeting of the assessee company dated 25t h August 2014, the final dividend of Rs. 400/- per equity share was declared for the financial year ended on 31/03/2014. Thus the dividend was pertaining to A.Y. 2014-15 only, on which the DDT was paid. He further submitted that if the assessee had made certain mistake in the Income Tax Return, the same could have been rectified only by filing a revised return and that there was no mistake apparent from record, which could have been rectified u/s 154 of the Act by the A.O. 6. We have carefully considered the facts of the case and the materials brought on record. There is no dispute to the fact that dividend of Rs. 40,00,000/- was declared on 25/08/2014 on which DDT of Rs. 6,79,800/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the mistake in accounting of DDT. The finding of the Ld. CIT(A) is that declaration of dividend and tax thereon pertained to A.Y. 2014-15. Even though, the dividend was declared for the year ended on 31/03/2014, the declaration took place in the financial year 2015-16 and DDT was also paid during this year only. Therefore, the payment of DDT should have been accounted for in the return for A.Y. 2015-16 and not in the A.Y. 2014-15. In the course of hearing, the Ld. A.R. has submitted that no dividend was declared neither any such DDT was paid in the preceding financial year 2013-14 which could have been accounted for in the return for the A.Y. 2014-15. 8. In view of above facts and the discussions, the Department should allow credit for DDT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
