M/S. EVERYDAY COMMERCIAL PVT. LTD.,RAJASTHAN vs. ITO, WARD - 2(2), KOLKATA

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ITA 301/KOL/2023Status: DisposedITAT Kolkata16 November 2023AY 2018-195 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the assessee company was amalgamated and the appeal was filed by the amalgamated entity. The Tribunal directed the assessee to file a fresh appeal in the name of the amalgamated entity.

What were the facts?

The assessee company was amalgamated with Monitor Real Estate Pvt. Ltd. (MREPL) by an NCLT order. The assessee appealed against the CIT(A)'s order confirming additions to rental income and disallowance of interest on borrowed capital.

What were the issues?

Whether the appeal filed by the amalgamated entity is maintainable and how to proceed with the appeal after amalgamation.

Which sections of the Income-tax Act were involved?

Section 250,Section 24(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, KOLKATA

Before: SHRI SANJAY GARG, HON’BLE & DR. MANISH BORAD, HON’BLE

For Appellant: Shri Miraj D. Shah, A/R
Hearing: 26/09/2023Pronounced: 16/11/2023

O R D E R

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

1.

The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter the “ld. CIT(A)”) dt. 02/02/2023, passed u/s 250 of the Income Tax Act, 1961 (“the Act”) for the Assessment Year 2018-19. 2. The assessee has raised the following grounds of appeal:- “1. That the Order u/s 250 is bad in law as well as on facts of the case.

2. That the Hon'ble CIT, NFAC erred in law as well as on facts of the by confirming the addition in respect of rental income of Rs 1,80,000/- by treating the same as income from other sources.

3. That the Hon'ble CIT, NFAC erred in law as well as on facts of the case by confirming the disallowance in respect of interest on borrowed capital of Rs 24,99,064/-which was claimed u/s 24(b) under the head of Income from House Property by the Assessee

4. That the appellant craves to leave, add, amend or adduce any of the grounds of appeal during the course of assessment proceedings.”

Assessment Year: 2018-19 M/s. Everyday Commercial Pvt. Ltd.

3.

At the outset, the ld. Counsel for the assessee submitted that vide the order of the National Company Law Tribunal (NCLT), the assessee company was amalgamated with Monitor Real Estate Pvt. Ltd. (MREPL) vide order dt. 15/03/2019 and a letter was given to the Income tax Officer, Ward – 2(1), Kolkata along with copy of the petition stating that the matter relating to amalgamation of assessee company and other companies with MREPL is listed before the Hon’ble NCLT and the Hon’ble NCLT vide its order directed to serve notice of petition to various authorities, namely, Central Government, Income tax Authorities,

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