SRF LTD.,GURGAON vs. ADDL CIT, NEW DELHI

ITA 774/DEL/2017Status: DisposedITAT Delhi23 February 2023AY 2009-1058 pages
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What did the Tribunal hold?

The Tribunal restored the issue of interest subsidy under the Technology Upgradation Fund (TUF) scheme back to the AO for fresh adjudication, citing identical facts in a previous assessment year. The issue of indexation benefit for long-term capital gains was also restored to the AO for decision. The additional ground regarding 'Education Cess' was dismissed as not pressed.

What were the facts?

The assessee, SRF Limited, engaged in various manufacturing businesses, filed its return of income for AY 2009-10. The Assessing Officer (AO) referred international transactions to the Transfer Pricing Officer (TPO), who proposed an income enhancement. The AO passed a draft assessment order, and subsequently, the final assessment order was passed. The assessee appealed to the CIT(A), which granted partial relief. Aggrieved, the assessee filed an appeal before the ITAT.

What were the issues?

The key issues involved the treatment of interest subsidy under the TUF scheme, the eligibility for indexation benefit on capital gains, and the taxability of Certified Emission Reductions (CERs).

Which sections of the Income-tax Act were involved?

Section 14A,Section 8D,Section 92CA,Section 2(24),Section 28(iv),Section 115JB,Section 37

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Income Tax Appellate Tribunal, DELHI BENCH ‘I’, NEW DELHI

For Appellant: Shri Pradeep Dinodia, Shri R. K. Kapoor C.A, Shri Ravi Kumar
For Respondent: Shri Mahesh Shah, CIT (DR), Shri Rajesh Kumar, CIT (DR)
Hearing: 10/01/2023Pronounced: 23/02/2023

PER ANIL CHATURVEDI, AM: The present appeal is filed by the assessee directed against the order dated 27.09.2016 of the Commissioner of Income Tax (Appeals)-44, New Delhi [for short, CIT(A)] under section 143(3) r.w.s 144C of the Income Tax Act, 1961 [for short, 'the Act'] for Assessment Year 2009-10. 2. Brief facts of the case as culled out from the material on record are as under:-

3.

Assessee is a company which is stated to be engaged in various businesses like Manufacturing of Nylon Tyre Cord Fabric, Manufacture of Belting Fabrics, Production of Flouro chemicals and Chloromethane, Manufacture of Packaging Films. Assessee filed its original return of income for A.

The order continues below.

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