INTAS BIOPHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, R-2(1)(1),, AHMEDABAD

ITA 1035/AHD/2016Status: DisposedITAT Ahmedabad12 February 2025AY 2012-13Bench: Ms. SUCHITRA KAMBLE (Judicial Member), SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)18 pages
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What did the Tribunal hold?

The Tribunal decided several grounds in favour of the assessee, particularly regarding Section 14A additions to book profit and foreign commission expenditure. Other grounds, such as those concerning bad debts, MAT, and foreign tax credit, were remanded back to the Assessing Officer for further verification and adjudication.

What were the facts?

The assessee, Intas Biopharmaceuticals Ltd., filed an appeal against the CIT(A)'s order for AY 2012-13. The appeal raised multiple grounds concerning additions and disallowances made by the Assessing Officer and confirmed by the CIT(A). These included issues related to Section 14A, Section 43B, Section 35, Section 35(2AB), grant receipts, interest expenses, exchange fluctuations, foreign commission, bad debts, book profit, MAT, foreign tax credit, TDS credit, and interest under Sections 234A-D.

What were the issues?

The key issues involved the applicability of Section 14A and Rule 8D, allowability of various expenses including R&D, interest, and foreign commission, and the correct computation of book profit and MAT. The tribunal also considered issues related to foreign tax credits and TDS credits.

Which sections of the Income-tax Act were involved?

Section 14A,Section 43B,Section 35,Section 35(2AB),Section 115JB,Section 40,Section 195,Section 90,Section 91,Section 234A,Section 234B,Section 234C,Section 234D

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Income Tax Appellate Tribunal, AHMEDABAD “D” BENCH, AHMEDABAD

Before: Ms. SUCHITRA KAMBLE & SHRI MAKARAND VASANT MAHADEOKAR

For Appellant: Shri Bandish Soparkar, AR &, Shri Parin Shah, AR
For Respondent: Shri Prathviraj Meena, CIT-DR
Hearing: 08.01.2025Pronounced: 12.02.2025

PER SUCHITRA KAMBLE, JUDICIAL MEMBER:

This appeal is filed by the Assessee against order dated 15.02.2016 passed by the CIT(A)-2, Ahmedabad for the Assessment Year 2012-13. 2. The assessee has raised the following grounds of appeal :-

“1 In law and in the facts and circumstances of the appellant’s case, the impugned Assessment Order is void and deserves to be cancelled and/or modified.

2.

In law and in the facts and circumstances of the appellant's case, the learned Assessing Officer has grossly erre

The order continues below.

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