CAPITAL PHARMA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) IN this appeal filed by the assessee directed against an order dated 02 -09 -2002 of CIT(A), Mysore, it has raised 10 grounds in toto of which grounds 1 & 10 are general, needing no specific adjudication. Through its grounds 2 to 4, assessee challenges the re -opening done for the impugned assessment year.

(2.) LEARNED counsel for the assessee submitted that no income coming within meaning of Sec. 147 r.w.s. 2(24) of the IT Act, 1961 (in short the Act). According to him, definition of income as given in Sec. 2(24)(i) mentioned profit and gains. Further, as per learned AR Sec. 28 defined what could be the profits and gains of business or profession and addition arising out of disallowance made under sec. 40(a)(ia) for non -deduction of tax at source would not fall under it. In any case, according to him, no speaking order was passed on the objection raised by the assessee to the notice u/s. 148. Counsel for the revenue on the other hand, stated that re -opening was rightly done.

(3.) VIDE its grounds 5 to 9 assessee states that provision of section 40(a)(ia) was not applicable to it. As per the assessee the recipients furnished Form 15G/H and it had no obligation to deduct tax.