2023 (3) TMI 1514

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....acts and circumstances of the case, Ernst & Young Merchant Banking Services LLP ("the Appellant"), respectfully craves to prefer an appeal against the Order dated 19th July 2022 passed by the Learned Commissioner of Income-tax (Appeals) NFAC ["CIT(A)"]. Delhi (received by the Appellant on 19^th July 2022) under Section 250 of the Income-tax Act, 1961 ("the Act") on the following grounds which are independent and without prejudice to each other: On the facts and in the circumstances of the case and in law, the Learned Assistant Director of Income Tax, CPC ("AO") and CIT(A) has: General 1. erred in confirming the action of Ld. AO in computing total income of the Appellant at Rs. 23,76,78,649 as against income of Rs.....

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....ble only from AY 2021-22: Short grant of TDS Credit by Rs. 50,73,806 6. erred in not directing the Ld. AO to allow TDS credit of Rs. 4,08,51,036 claimed by the Appellant in its Revised Return of Income as against Rs. 3,57,77,230 allowed in the Intimation under section 143(1) of the Act dated 24 Dec 2021. Levy of Interest under Section 234B of the Act 7. erred in levying interest under Section 234B of the Act of Rs. 11,08,191 though no such Interest is chargeable as per the Revised Return of Income: Levy of interest under Section 234C of the Act 8. erred in levying interest under Section 234C of the Act of Rs. 5,02,244 instead ofRs. 92,712 computed in the Revised Return of Income: ....

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.... law has not been followed, hence action of CPC, Bangalore in adjusting returned income is null and void and without jurisdiction. This fact is emanating from record produced before us and there is no challenge to this fact by the department also. In view of this Ground Nos. 1 & 2 raised by the assessee is allowed. 5. Ground Nos. 3, 4 and 5 are interrelated and pertains to disallowance made under section 36(1) (va) r.w.s. 43B. Theses grounds were not pressed by the assessee, still on this issue we have gone through the order of Ld. CIT (A) and submissions of the assessee as the same is affected by our finding at Para 4(supra). Without going into the merits of the grounds, same is allowed in consequence to our finding at Para 4(supra) as ....