TaxTMI 
TaxTMI 
2023 (9) TMI 1218
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....nt order framed u/s 143(3) read with Sections 143(3A) & 143(3B) of the Act dated 25.03.2021. 2. The assessee is in appeal before the Tribunal raising the following grounds: "1. a) For that on the facts and in the circumstances of the case, the order passed by the Ld. Pr. CIT u/s 263 of the Act is bad in law and is liable to be quashed. (b) For that on the facts and in the circumstances of the case, the Ld. Pr. CIT was not justified in initiating proceedings u/s 263. 2. For that order passed u/s 143(3) dated 25.03.2021 is not valid in the eye of law. As such, the instant order passed u/s 263 dated 25.03.2023 by the Pr. CIT, Kolkata-2 revising the said order u/s 143(3) is also not sustainable in law and is liable....
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.... for F.Y. 2016-17 was Rs. 3,36,00,000/- & Rs. 27,26,067/- respectively. From the Income Tax Return for the A.Y. 2017-18, furnished on 31.10.2017, it is observed that a Dividend of Rs. 3,36,00,000/- along with Tax on Dividend of Rs. 27,36,067/- had been appropriated from the available balance. Here, the date of filing of return for A.Y. 2018-19 (31.10.2017) could be taken as the date of declaration of Dividend. Since that date falls in the F.Y. 2017-18, any DDT thereon would qualify for the A.Y. 2018-19. But neither in the return of income for the A.Y. 2018-19 nor in the scrutiny assessment order thereof had such DDT been quantified. Therefore, it could be held that although Dividend was declared, no DDT has been paid. Since the Dividend was....
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....stribution Tax (DDT) and amount of dividend declared for earlier financial year i.e. F.Y. 2016-17 relevant to Assessment Year 2017-18. As the said dividend was declared in financial year 2016-17, Dividend Distribution Tax (DDT) was on the said dividend of Rs. 3,36,00,000/- was payable in the F.Y. 2017-18 relevant to the assessment year under consideration i.e. 2018-19. Neither any payment details of Dividend Distribution Tax (DDT) nor any copy of the challan has been produced regarding the dividend declared in preceding year. The assessee was liable to pay Dividend Distribution Tax (DDT) of Rs. 68,40,169/- and the interest for the delay of the Dividend Distribution Tax (DDT) u/s. 115P comes to Rs. 28,04,441/-. Accordingly, the total amount ....
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....clares the dividend has to pay the Dividend Distribution Tax and he cannot escape the said liability. 6. On the other hand, ld. D/R vehemently argued supporting the order of ld. Pr. CIT. 7. We have heard rival contentions and perused the records placed before us. Revisionary proceeding u/s 263 of the Act has been carried out by ld. Pr. CIT on the issue of payment of Dividend Distribution Tax. Ld. Pr. CIT has held that dividend was declared as per Section 115O & 115P of the Act but the assessee failed to deposit such tax and interest has not been demanded/quantified in the assessment order and omission to do so resulted in non-levy of Dividend Distribution Tax on the total amount of dividend declared. Before us, ld. Counsel for the ass....