DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI , MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

ITA 3161/MUM/2023Status: DisposedITAT Mumbai05 February 2025AY 2014-15Bench: SHRI SAKTIJIT DEY, HON'BLE (Vice President), SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member)10 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were invalid as the AO had already applied his mind to the issue during the original assessment and there was no concealment of information. The Tribunal also found parity with previous decisions of coordinate benches on identical facts.

What were the facts?

The Assessing Officer (AO) initiated reassessment proceedings under Section 147 of the Income Tax Act, alleging excess deduction claimed by the assessee for bad debts. The assessee had claimed deductions under Section 36(1)(vii) and Section 36(1)(viia)(c), and the AO believed a provision allowed in a prior year should have reduced the current year's claim.

What were the issues?

The key issues were the validity of reassessment proceedings initiated under Section 147 and the correct calculation of deduction for bad debts under Section 36(1)(vii) and 36(1)(viia)(c).

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 36(1)(vii),Section 36(1)(viia)(c)

AI-generated summary — verify with the full judgment below

Heard together (6 matters)

I.T.A. No. 3164/Mum/2023
I.T.A. No. 3161/Mum/2023
I.T.A. No. 3157/Mum/2023
C.O. No. 36/Mum/2024
C.O. No. 37/Mum/2024
C.O. No. 11/Mum/2024

Read from the judgment's own cause title. This page is filed under one of them.

| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON’BLE VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER Assessment Year: 2013-14 Assessment Year: 2014-15 & Assessment Year: 2017-18 Dy. Commissioner of Income tax, Small Industries Development Bank Circle -3(3)(1), Mumbai of India, Mumbai Vs SME Development Centre C-11, G Block Bandra Kurla Complex Bandra East Maharashtra - 400051 [PAN: AABCS3480N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

C.O. No. 36/Mum/2024 Assessment Year: 2013-14 C.O. No. 37/Mum/2024 Assessment Year: 2014-15 & C.O. No. 11/Mum/2024 Assessment Year: 2017-18 Small Industries Development Dy. Commissioner of Income tax, Bank of India, Mumbai Vs Circle -3(3)(1), Mumbai SME Development Centre C-11, G Block Bandra Kurla Complex Bandra East Maharashtra - 400051 [PAN: AABCS3480N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Rakesh Joshi, A/R Revenue by : Shri Mahesh Akhade, CIT D/R

I.T.A. No. 3164/Mum/2023; C.O. No. 36/Mum/2024 I.T.A. No. 3161/Mum/2023; C.O. No. 37/Mum/2024 I.T.A. No. 31

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