ACIT, CEN.CIR. 3(3), KOLKATA vs. M/S SURYA ALLOY INDUSTRIES LTD., KOLKATA

PDF · subscribers
ITA 553/KOL/2021Status: DisposedITAT Kolkata07 July 2023AY 2015-164 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the dispute was resolved by the Settlement Commission and the Revenue had given effect to its order. Therefore, the appeal filed by the Revenue was not maintainable.

What were the facts?

The Revenue filed an appeal before the ITAT against an order of the CIT(A). The assessee contended that the dispute regarding taxable income was resolved before the Settlement Commission, and the Revenue had given effect to the Settlement Commission's order.

What were the issues?

Whether an appeal by the Revenue is maintainable when the dispute has been settled by the Settlement Commission and its order has been given effect to.

Which sections of the Income-tax Act were involved?

Section 245D(4),Section 245C(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C’ BENCH, KOLKATA

Before: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

Per Shri Rajpal Yadav, Vice-President (KZ):- The Revenue is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals)-22, Kolkata dated 29th June, 20121passed for A.Y. 2015-16.

Assessment Year : 2015-2016 Surya Alloy Industries Limited

2.

The Registry has pointed out that the appeal is time-barred but we find that the period during which this appeal was filed was a COVID period and its stand already excluded from computation of limitation by the judgment of the Hon’ble Supreme Court. Hence, this appeal is not time-barred.

3.

The ld. Counsel for the assesese at the very outset submitted that the dispute with the Department regarding determination of taxable income has been resolved by the assessee before the Settlement Commission. The Revenue has given effect to the order passed under section 245D(4) of the Income Tax Act. The order given effect reads as under:-

1.

“OFFICE OF THE DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3(3), KOLKATA 110, Shanti Pally, E M Bypass. Kolkata -700 107 PHONE No. 033 24410187, e- mail: kolkata.dcit.cen3.3@inconietax.gov.in. SURYA ALLOYS NAME OF ASSESSEE INDUSTRIES LIMITED ADDRESS 1/1, CAMAC STREET, 3RD FLOOR, PARK STREET, KOL- 700016 AADCS5890E Pan/GIR No. DCIT, CENTRAL CIRCLE 3(3], DISTRICT/WARD/CIRCLE KOLKATA COMPANY STATUS 2015-16 ASSESSMENT YEAR 11.05.2023 DATE OF ORDER Effect of the Order u/s 245D (4) of the Income Tax Act, 1961 The assessee company filed an application before the Hon’ble Interim Board for Settlement-V, Mumbai u/s.245C(1] of the IT Act, 1961 on 22.09.2021. The Hon’ble Interim Board for Settlement-V, Mumbai passed order u/s.245D(4) of The Income Tax Act, 1961 on 24.03.2023/27.03.2023. Effect of the said order is given here as under: COMPUTATION 2

Assessment Year : 2015-2016 Surya Alloy Industries Limited Particulars Amount in Rs. Regular assessed income as per order (-)52,96,83,331 u/s 251/143(3) dated 03.08.2021 Add : Disclosure considered in 153A return 38,41,58,000 Income as per return filed 153A on 17.11.2020 of (-)Rs.34683331/- Income as per revised return filed (-)14,55,25,331 153A on 17.09.2021 manually Add : Additional Income u/s 245C 3,08,25,000 Revised total income (-) 11,47,00,331 Add: Further addition made in 33,23,606 order u/s 245D(4) Final total income settled (-) 11,13,76,725 Total Tax 0 Less : Taxes paid fa) TDS (As per 26AS) 81,97,562 (b) TCS (As per 26AS) 81,497 Total TDS & TCS 82,79,059 Advance Tax Paid 0 Tax Payable/Refundable 82,79,059 Add : Interest payable Total interest payable 0 Total Refundable (-) 82,79,059 Total taxes paid 0 Add : Refund already issued/adjusted 0 Final Tax Refundable (-) 82,79,059 Interest u/s 244A (-) 38,26,239 Final Tax Refundable (-) 1,21,05,298

4.

In view of the determination of income at the end of the Settlement Commission, this appeal of the Revenue is not maintainable, accordingly dismissed.

Assessment Year : 2015-2016 Surya Alloy Industries Limited

5.

In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on July 07, 2023.

More judgments on Section 245D(4)

All 189 judgments and leading authorities on Section 245D(4) →

Recent GST High Court judgments

Search GST case law →