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