2016 (2) TMI 832

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....ya Narayana, Adv JUDGMENT This appeal is by the revenue under Section 260 A of the Income Tax Act 1961 (the 'Act' for short) against the order passed by the Income Tax Appellate Tribunal, Bangalore Bench "A", Bangalore relating to the assessment year 2007-08 by raising the following substantial questions of law: "1. Whether the Tribunal was correct in quashing the order u/s.263 passed ....

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....ss of manufacturing and trading of computer accessories and had filed its return of income for the assessment year 2007-08. The assessments were concluded making a disallowance on account of depreciation on intangible assets amounting to Rs. 1,21,10,326/- to the income declared by the assessee. 3. This order was taken up in revision by the CIT(LTU) (hereinafter referred to as the 'Commissione....

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....come to a conclusion that the assessee has deducted TDS under Section 194H of the Act and the provisions of Section 194C of the Act are not applicable to the present case. On law, it has followed the Judgment of the Calcutta High Court reported in 2014(36)ITR 432. As regards the binding nature of the CBDT Circular, the Tribunal has followed the Judgment of the Apex Court in Hindustan Aeronautics L....