ADDL CIT RG 10(2), MUMBAI vs. GEOMETRIC SOFTWAR SOLUTIONS CO. LTD, MUMBAI

ITA 6219/MUM/2010Status: DisposedITAT Mumbai29 July 2022AY 2005-0617 pages
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What did the Tribunal hold?

The Tribunal held that the lease rent income should be taxed as income from house property, upholding the CIT(A)'s decision. Regarding Section 14A, the disallowance made under Rule 8D was deleted as the rule was not applicable for the A.Y. 2005-06, but a disallowance of Rs. 1 lakh was upheld based on previous years' orders. The addition to book profit under Section 115JB for Section 14A disallowance was deleted.

What were the facts?

The assessee, Geometric Software Solutions Company Ltd., appealed against the CIT(A)'s order concerning A.Y. 2005-06. The appeal involved issues related to Section 10A deduction, lease rent classification, Section 14A disallowance, and transfer pricing adjustments.

What were the issues?

The key issues were the correct head of income for lease rent, the applicability and computation of Section 14A disallowance, and the treatment of such disallowance for book profit computation under Section 115JB.

Which sections of the Income-tax Act were involved?

Section 10A,Section 14A,Section 115JB,Section 56(2)(iii),Section 92C

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

Before: SHRI PRASHANT MAHARISHI, AM & SHRI SANDEEP SINGH KARHAIL, JM

For Appellant: Shri Porus F. Kaka &, Shri Manish Kanth, ARs‟
For Respondent: Shri Sumit Kumar, DR
Hearing: 21.07.2022Pronounced: 29.07.2022

Heard together (2 matters)

CO No. 157/Mum/2011
ITA no.6219/Mum/2010

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PER PRASHANT MAHARISHI, AM: Geometric software solutions co. ltd; A.Y. 05–06

01.

These are the Cross appeals filed in case of Geometric Software Solutions Company Ltd. now merged with HCL Technologies Limited (the appellant/ assessee), fil

The order continues below.

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