TaxTMI 
TaxTMI 
2024 (3) TMI 616
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....the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 29.09.2021 by the Assessing Officer, National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as "ld. AO"). 2. The assessee has raised the following grounds of appeal before us:- "1. That, in view of the facts and circumstances of the case and in law, the order passed by the National Faceless Assessment Centre ('NFAC-AO') dated 29.09.2021 as upheld by the National Faceless Appeal Centre ('NFAC') dated 16.03.2023 and also the additions/disallowance made therein is illegal, unjust, bad in law, without jurisdiction and highly excessive. The NFAC has also erred in partially confirming the additions made therein vide order passed under Section ....
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.... Distribution Tax ("DDT") - Rs. 4,07,72,163 3.1 That, in view of the facts and circumstances of the case and in law, the NFAC- AO/NFAC has erred in not extending the benefit of applicable Double Taxation Avoidance Agreement between India and USA, & India and Mauritius ("DTAA") qua the rate of tax on payment of dividend to the shareholders. 3.2 That, in view of the facts and circumstances of the case and in law, the NFACAO/ NFAC has grossly erred in not granting the refund of excess DDT amounting to Rs. 4,07,72,163/- deposited by the Appellant during the year under consideration. 3.3 That, in view of the facts and circumstances of the case and in law, the NFACAO/ NFAC has grossly erred in not considering that the dividend paid by the a....
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....ompanies. The return of income for the Asst Year 2018- 19 was filed by the assessee company on 26.11.2018 declaring total income of Rs 185,15,56,720/-. During the coruse of scrutiny assessment proceedings, the ld. AO observed that assessee had debited rental expenditure amounting to Rs 21,34,73,145/- in its profit and loss account. The assessee submitted that the same was recorded by it on straight line basis, however, the actual cash outflow for the lease payments was Rs 18,54,35,963/- on which applicable taxes have been withheld. Accordingly, the provision for lease equalization debited in excess of actual cash outflor amounting to Rs 2,80,37,182 (213473145 - 185435963) has been suo moto disallowed by the assessee in the return of income.....
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....ssessee in the return of income. 4.3. The ld. CIT(A) observed that as per tax audit report, in respect of item a) above, tax of Rs 50,42,482/- was deducted on payment of rent u/s 194IB of the Act and not u/s 194I of the Act. Accordingly, the deduction claimed by the assessee was denied and disallowance was confirmed to this extent. However, the ld. CIT(A) granted relief of Rs 2,80,37,182/- as it was suo moto disallowed by the assessee in the return of income. With regard to item b) above, the ld. CIT(A) agreed to the fact that a sum of Rs 2,07,244/- representing part of rent expenditure does not warrant any deduction of tax at source as it was below the minimum threshold limit. Hence the only issue that survives before us is the disallowan....
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.... 2,19,828 10.00% 15 DARSHIT KANUBHAI PATEL BFUPP0268R 26,284 2,628 10.00% 16 MADHUSUDAN CHAUDHARY HUF AAAHM7393A 5,57,521 55,753 10.00% 17 MANISH GARG AGQPG6093B 3,86,304 38,632 10.00% 18 MEENU KAKKAR AQWPK7494C 1,15,500 11,550 10.00% 19 PANKAJ KAKKAR ALMPK7436M 1,15,500 11,550 10.00% 20 RMZ ECOWORLD INFRASTRUCTURE PRIVATE LIMITED AABCA7596B 1,80,51,017 1,35,384 0417AB474C 0.75% 21 RMZ ECOWORLD INFRASTRUCTURE PRIVATE LIMITED AABCA7596B 60,17,006 6,01,701 10.00% 22 Satish Khemka AAJPK8421C 3,96,000 39,600 10.00% Total amount reported in TAR clause 34.a. S.No.....