2003 (4) TMI 228

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....CIT(A) in the matter of an order made under s. 143(1)(a) of the Act for asst. yr. 1996-97. 2. The grounds of appeal taken up by the assessee revolve around the point related to the prima facie adjustment of Rs. 18,35,000 on account of interest debited to P&L a/c but not paid during the year under consideration. 3. The AO made prima facie adjustment of Rs. 18,35,000, amongst others, on accoun....

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....ugh the orders of the authorities below. We find that it is mentioned in the tax audit report that interest to WBIDC amounting to Rs. 18,35,000 is debited to P&L a/c but not paid during the year under consideration and nothing more than that. On perusal of the provisions of cl. (d) of s. 43B of the Act, we find that any sum payable as interest on any loan or borrowing from any public financial ins....

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....ount was debited to P&L a/c and not paid during the year, but at the same time it is not clear as to whether this amount was payable during the year itself in accordance with the terms and conditions of the agreement. The tax audit report enclosed with the return of income has given no such information as to the point as to when the interest in question had become payable. Thus, in the absence of ....

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....e Act to require the assessee to furnish the evidence and materials instead of invoking the provisions of s. 143(1)(a) of the Act. In this connection we may refer to a decision of Tribunal, 'E' Bench, Kolkata, in the case of Dy. CIT vs. Telelink Nicco Ltd. (2001) 73 TTJ (Cal) 28, on which a strong reliance has been placed by the learned counsel for the assessee. A similar view has been adopted by ....