Mismatch in the amount paid to related persons u/s 40A(2)(b) reported in Audit Report and ITR

Last updated: 10 May 2021
Quick Summary
This Income Tax Appellate Tribunal case involves Hill Queen Investment (P) Ltd. appealing a revision order concerning the 2015-16 assessment year. The original assessment was completed with a higher total income than initially declared. The Principal Commissioner of Income Tax initiated revision proceedings due to a mismatch in the amount paid to related persons as reported in the audit report versus the Income Tax Return (ITR). The Tribunal condoned a significant delay in the appeal filing, citing sufficient cause.

Court :
ITAT Kolkata

Brief :
This appeal filed by the assessee is directed against the order of the Learned Principal Commissioner of Income Tax (Appeals) - 2, (hereinafter the “ld. CIT(A)”), passed u/s. 263 of the Income Tax Act, 1961 (the ‘Act’), dt. 20/03/2020, for the Assessment Year 2015-16.

Citation :
ITA No. 643/Kol/2020

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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