2023 (5) TMI 832

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....referred to as 'the Act') by ACIT, Circle-1, Guwahati, dated 27.12.2017. 2. Grounds taken by the assessee are as under: i. For that the assessment order is not based on correct facts and findings and is erroneous on points of law. ii. For that on the facts and circumstances of the case as well as on the points of law the AO erred in making an addition of Rs. 23,01,612/- u/s 68 of the Income Tax Act and the Ld. CIT(A) also erred in confirming the same. iii. For that on the facts and circumstances of the case as well as on the points of law the AO erred in making an addition of Rs. 3,15,066/- being investment in FDR as deemed income u/s 69A of the Income Tax Act and the Ld. CIT(A) also erred in confirming the sam....

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....pleted the assessment by making additions as proposed by him. 3. Aggrieved, assessee went in appeal before the ld. CIT(A) who by referring to notification no. 59/2016 dated 20.07.2016 dismissed the appeal of the assessee. For want of final certificate in Form 4 under IDS, 2016, the appeal of the assessee was dismissed. Ld. CIT(A) also observed that the last installment of tax, surcharge and penalty under IDS 2016 was due by 30.09.2017 which assessee had paid only on 21.12.2017 for an amount of Rs. 27,36,334/-. 4. Aggrieved, assessee is in appeal before the Tribunal. 5. Ld. Counsel for the assessee, at the outset, submitted that all the documents in Form No. 1 for making declaration under the IDS 2016, Form No. 2 for acknowledgement....

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....0,000/- 5 28.03.2017 5,00,000/- 6 29.03.2017 3,69,200/- 7 21.12.2017 27,36,334/- 8. After the final payment on 21.12.2017, Form No. 3 was filed on 22.01.2020. Ld. Counsel asserted that the last date for payment of amount payable under the IDS, 2016 was extended upto 31.01.2020, against which assessee had already deposited the entire amount by 21.12.2017 which is much before the extended last date, more so even before the issuance of the said notification which was issued on 13.12.2019. Despite this compliance, Form No. 4 under the IDS, 2016 has not been issued to the assessee, for which a prayer has been put on record vide letter dated 20.01.2023 in the office of ld. Pr. CIT, Guwahati. Assessee claims that ther....

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....17 that is on 21.12.2017. We take note of the Notification No. 103/2019 dated 13.12.2019 which has extended the due date for payment of tax under the IDS, 2016 along with interest and penalty in respect of income declared under the IDS, 2016 to 31.01.2020. 11. Considering the fact of deposit of tax payable under the IDS, 2016 by the assessee though after the original due date but much prior to the extended due date as well as prior to the issuance of Notification No. 103/2019, we find it proper to remit the matter back to the file of ld. AO for the purpose of verification of these facts and compute the interest if, applicable, in terms of the notification referred above. We also direct that if no interest is payable in respect of last in....