Dismissing the appeal of the Revenue the Court held that the Tribunal was justified in deleting the disallowance of Rs. 15.46 crores made under section 40(a)(ia) by holding that the assessment order under section 143(1) is concluded and unabated and it cannot be disturbed as the copy of ledger account of subcontractor expenditure seized during the search does not constitute incriminating material. No substantial question of law. (AY. 2011-12)
PCIT v. Shyama Power India Ltd. (2023) 294 Taxman 652 /(2024)461 ITR 350 (Gau.)(HC)
S. 153A : Assessment-Search-Ledge account-Not incriminating material-Unabated and concluded assessment u/s 143(1)-Failure to deduct tax at source-No disallowance can be made. [S.10 (26), 40(a)(ia), 132, 143(1)]