EQUINITI INDIA LIMITED,CHENNAI vs. ACIT CROP .CIRCLE 2(1), CHENNAI

O R D E R

PER V. DURGA RAO, JUDICIAL MEMBER:

Grounds of Appeal

1. General Equiniti India Private Limited ('Equiniti India' or 'the Appellant') submits that the Order dated 21 February 2023 passed by the Commissioner of Income-Tax, Appeals (CIT(A)'), National Faceless

Appeal Centre, Delhi under section 250 of the Income-tax Act, 1961 (the Act') is bad in law and is contrary to the facts and circumstances of the present case. The detailed grounds of appeal

, including the position in law and facts is set out in the ensuing paragraphs.

2. Non-grant of deduction claimed under section 10AA of the Act for SEZ Unit 1 amounting to INR 7,71,89,258 (Tax effect - INR 2,67,13,658) 2.1 The Ld. CIT(A) has erred in not considering the fact that the Appellant was eligible to claim deduction under section 10AA of the Act for SEZ Unit 1 during the subject AY and had made such claim during the appellate proceedings. 2.2 The Ld. CIT(A) has erred in not granting the claim of deduction under section 10AA of the Act on the basis that such claim was made by way of other than filing income-tax return without appreciating the fact that appellate authorities have the power to allow claim of deduction made otherwise than by way of filing revised return.

3. The Appellant craves leave to add to or alter, by deletion, substitution or otherwise, any or all of the above grounds of appeal, and to submit such statements, documents and papers as may be considered necessary either at or at any time before the hearing of this appeal. Consequential Relief The Appellant prays that directions be given to grant all such relief arising from the grounds of appeal mentioned supra as also all consequential relief thereto, including and not limited to reinstatement of appropriate amount of taxable income.

2. Brief facts of the case are that the assessee filed its return of income for the assessment year 2017-18 on 29.11.2017 by admitting total income of ₹.7,20,07,300/- and book profit income of ₹.14,32,85,573/- under section 115JB of the Income Tax Act, 1961 [“Act” in short]. The case of the assessee has been selected for complete scrutiny under CASS. After following due procedures, the Assessing Officer has completed the assessment under section 143(3) of the Act dated 26.11.2019 by accepting the returned income of the assessee without acknowledging the additional claim for deduction under section 10AA of the Act with respect to its SEZ unit I, which was filed on 22.11.2019.

3. The assessee carried the matter in appeal before the ld. CIT(A) against non-consideration of claim of deduction under section 10AA of the Act. By referring to various judgements, the ld. CIT(A) dismissed the appeal of the assessee by holding that the assessee has not filed any revised return of income for claiming the deduction under section 10AA of the Act.

4. On being aggrieved, the assessee is in appeal before the Tribunal. The ld. Counsel for the assessee has submitted that neither the Assessing Officer nor the ld. CIT(A) decided the appeal of the assessee on merits and therefore, prayed that the issue may be remitted back to the file of the Assessing Officer and decide the issue on merits.

5. On the other hand, the ld. DR has submitted that the ld. CIT(A) has decided the issue involved in this appeal on merits and there is no need to remit the matter back to the file of the Assessing Officer and seriously objected to the submissions of the ld. Counsel.