TaxTMI 
TaxTMI 
2012 (10) TMI 1226
X X X X Extracts X X X X
X X X X Extracts X X X X
....he Act') was a rectifiable issue coming within purview of Sec.154 of the Act. 2. Short facts apropos are that assessee while filing its returns for impugned Assessment Years, did not claim interest paid by it to M/s.IDBI on loans taken by it. Such interest paid pertained to the preceding previous years. Assessee during the course of assessment proceedings moved application before the Assessing Authority seeking a rectification of the mistake in computation, so as to claim the interest paid to IDBI relying on Section 43B of the Act. As per assessee, such interest though relatable to the immediately preceding Years, were not claimed in such years, since payments were not effected in such years. Having been paid it during the relevant previo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed only based an the examination of the records and a detailed study was required. Particulars pertaining to the one time settlement amount had to be analyzed before coming to a conclusion as to what was the amount paid as interest. According to him, ledger extract for payments appended along with the petition under section 154 could not be considered as sufficient compliance. Ld. CIT(A) was of the opinion neither CBDT Circular No.669 dated 25.10.1993, nor the decision of Jaipur Bench of this Tribunal in the case of Luster Tiles Ltd. Vs. ACIT 291 ITR (AT) 152 (Jaipur)would come to the help of assessee. He thus, dismissed the appeals filed by the assessee. 5. Now before us, Ld. A.R. strongly assailing the order of CIT(A) submitted that the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e requirement of furnishing of evidence of payment of tax duty, etc., along with the return, contained in section 43B. 2. The Board have reconsidered the matter and are of the opinion that where the sums referred to in the first proviso under section 43B had in fact been paid on or before the due dates mentioned therein, but the evidence therefor had been omitted to be furnished along with the return, the Assessing Officers can entertain applications under section 154 for rectification of the intimations under section 143(1)(a) or orders under section 143(3), as the case may be, and decide the same on merits. 3. Circular No. 581, dated 28-9-1990 stands modified to the above extent." First sentence of the Circular mentions that it wo....