TaxTMI 
TaxTMI 
2024 (7) TMI 1135
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....-03-2024 in the matter of an assessment framed by Ld. AO u/s. 147 r.w.s 144B of the Act on 21- 03-2022. The grounds taken by the assessee are as under: - 1.1 The order passed by the Principal Commissioner of Income Tax Corporate Circle - 3 ('Ld. PCIT') dated 31 March 2024, under section 263 of the Income-tax Act, 1961 ('the Act'), is bad in law and on facts. 1.2 The PCIT has erred in law and in the circumstances of the case in partly setting aside the order passed under section 147 r.w.s. 144B of the Act dated 21 March 2022 thereby, directing the Assessing Officer ('Ld. AO') to disallow the amount of INR 20,766,481 paid to Life insurance Corporation of India ('LIC') towards superannuation fu....
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....urse of reassessment proceedings specifically with respect to contribution made to LIC towards superannuation fund. 3 Contribution to Government controlled LIC superannuation fund is an allowable expenditure 3.1 Without prejudice to the above, the Ld. PCIT has failed to appreciate that the contribution made towards superannuation fund to LIC, a Government Controlled Organization, was exclusively for the benefit of the employees wherein the Appellant has no control over such funds and accordingly, such deduction ought to be allowed as a deduction under section 37 of the Act as the same was incurred towards its business. 2. The Ld. AR advanced arguments and relied on various documents as placed in the paper-book. The Ld. ....
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....er. 5. The assessee defended the assessment order on the ground that twin conditions to invoke the revision u/s 263 were not fulfilled. Another argument was that the issue was specifically examined during the course of reassessment proceedings and therefore, the same could not be examined again. The assessee furnished the required information during reassessment proceedings and Ld. AO completed the assessment after considering all the facts. The assessee also submitted that two views were possible on the issue and accordingly, revision could not be sustained in law. Further it was not a case of lack of enquiry. Another submission, on merits, was that the payment was made to superannuation fund of LIC. The contribution was made for the be....
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....ssessee. Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 7. The factual matrix is not in dispute. The Tax Audit Report, in From 3CD, has mentioned that certain contribution made by the assessee would be disallowable u/s 40A(9). This was, in fact, one of the reasons to reopen the case of the assessee. In the queries raised by Ld. AO (Page No.58 of paper-book) during re-assessment proceedings, It was objected to by Ld. AO that the bank statement furnished by the assessee do not identify the name of the holder of the bank account or bank number. The contribution receipts were in the name of M/s Invensys India Pvt. Ltd. and the same do not pertain to the assessee company. The evidences furnished by th....