M/S PRINCE PIPES & FITTINGS LTD.,MUMBAI vs. DY. CIT-7(3)((2), MUMBAI

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ITA 1632/MUM/2020Status: DisposedITAT Mumbai21 September 2021AY 2012-133 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal permitted the assessee to withdraw the appeal as the issue of deduction under section 80IC had become academic due to the computation of income under section 115JB.

What were the facts?

The assessee appealed against an order concerning disallowance of deduction under section 80IC. The Assessing Officer ultimately computed the income under section 115JB, making the 80IC deduction irrelevant.

What were the issues?

Whether the deduction under Section 80IC is relevant when the income is computed under Section 115JB. The appeal became academic due to the AO's computation method.

Which sections of the Income-tax Act were involved?

Section 80IC,Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “C”, MUMBAI

Before: SHRI SAKTIJIT DEY (JM) & SHRI RAJESH KUMAR (AM)

Hearing: 21/09/2021Pronounced: 21/09/2021

PER SAKTIJIT DEY, JM This is an appeal by the assessee against order dated 18.02.2020 of learned Commissioner of Income Tax (Appeals)-13, Mumbai for the assessment year 2012-13. 2. At the outset, learned counsel for the assessee submitted that the major issue concerning disallowance of deduction under section 80IC of the Income Tax Act, 1961 has become academic as the Assessing Officer (AO) has ultimately computed the income of the assessee under section 115JB of the Act. Thus, she submitted, the issue of deduction under section 80IC of the Act has become irrelevant in the context of computation of book profit under section 115JB of the Act. Therefore, on instructions, she made a request for 2 Assessment Year: 2012-13 withdrawal of the present appeal. The learned Departmental Representative did not express any objection to the aforesaid request of the assessee.

3.

Having considering rival submission, we find, the AO has ultimately computed the tax liability of the assessee on the book profit computed under section 115JB of the Act. Thus, the claim of deduction under section 80IC of the Act would have no tax implication in so far as computation of book profit under section 115JB of the Act.

4.

In view of the aforesaid, we permit the assessee to withdraw the present appeal. Accordingly, appeal is dismissed as withdrawn. However, we make it clear, we have not expressed any opinion on the merits of assessee’s claim of deduction under section 80IC of the Act.

5.

In the result, appeal is dismissed. Order pronounced in the open court on 21st September, 2021. (RAJESH KUMAR) JUDICIAL MEMBER

म ुंबई Mumbai; दिन ुंक Dated: 21/09/2021 Alindra, PS आदेश प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आय क्त(अपील) / The CIT(A)- 4. आयकर आय क्त / CIT 5. दिभ गीय प्रदिदनदि, आयकर अपीलीय अदिकरण, म ुंबई / DR, ITAT, Mumbai 6. ग र्ड फ ईल / Guard file.

3 Assessment Year: 2012-13

आदेशानुसार/ BY ORDER, सत्य दपि प्रदि //// उि/सहायक िंजीकार (Dy./Asstt.

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