GUJARAT LIQUI PHARMACAPS PRIVATE LIMITED,VADODARA vs. THE DY. CIT, CIRCLE-1(1)(1), VADODARA

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ITA 816/AHD/2024Status: DisposedITAT Ahmedabad03 January 2025AY 2012-13Bench: DR.BRR KUMAR, VICE PRESIDENT SHRI SIDDHARTHA NAUTIYAL (Judicial Member)1 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the issue pertained to the allowability of interest claimed and disallowed under Section 43B. Both parties agreed that rectification could be done by the Jurisdictional Assessing Officer. The assessee agreed to provide details of interest incurred, claimed, and paid.

What were the facts?

The assessee, Gujarat Liqui Pharmacaps Pvt. Ltd., filed an appeal against the order of the NFAC (Appeals) which upheld the AO's order passed under Section 147 r.w.s 143(3) of the Income Tax Act. The appeal also challenged the addition made under Section 43B.

What were the issues?

Whether the NFAC erred in upholding the AO's order for reopening under Section 147 and the addition made under Section 43B for the assessment year 2012-13.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 43B,Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD

Before: DR.BRR KUMARSHRI SIDDHARTHA NAUTIYAL

For Appellant: Shri Bandish Soparkar, Sr. Advocate with Shri Parin Shah, AR
For Respondent: Shri BP Srivastava, Sr. DR
Hearing: 19.12.2024

(Assessment Year: 2012-13) Gujarat Liqui Pharmacaps Pvt. Ltd., Vs. Deputy Commissioner of Plot No.662-666, GIDS, Income Tax, Waghodiya, Circle-1(1)(1), Vadodara-391760. Vadodara. [PAN No.AAACG7270K] (Appellant) .. (Respondent) Appellant by : Shri Bandish Soparkar, Sr. Advocate with Shri Parin Shah, AR Respondent by: Shri BP Srivastava, Sr. DR Date of Hearing 19.12.2024 03.01.2025 Date of Pronouncement O R D E R PER: DR. BRR KUMAR, VICE PRESIDENT: This appeal has been filed by the Assessee against the order passed by the Ld.Commissioner of Income Tax(Appeals), National Faceless Appeal Centre, Delhi, vide order dated 23.03.2024 passed for the Assessment Year 2012-13.

2.

The Assessee has taken the following grounds of appeal:-

1. On the facts and circumstances of the case as well as in law, the NFAC (Appeals), New Delhi erred in upholding the order of the Ld AO passed u/s.147 r.w.s 143(3) of the Income Tax Act 1961.

2. On the facts and circumstances of the case as well as in law, the NFAC (Appeals) New Delhi erred in upholding the action of AO in carrying out reopening u/s.147 of the Income Tax Act 1961

3. On the facts and in the circumstances of the case as well in law, the NFAC (Appeals), New Delhi erred in upholding the action of AO in making addition u/s.43B to the tune of Rs.1,22,69,231/-.

3. The issue before us pertains to allowability of interest claimed by the assessee and disallowed u/s 43B of the Act. Both the parties fairly submitted that the rectification of the amount can be carried out by the Jurisdictional Assessing Officer(JAO) with regard to the disallowance of amount u/s.43B of the Act. The assessee submitted that the details of the interest incurred, claimed and paid will be produced before the JAO. Hence, the matter is hereby remanded to the Assessing Officer to carry out the rectification and pass an order u/s 154 of the Act.

4.

In the result, the appeal of the assessee is allowed for statistical purposes.

This Order pronounced in Open Court on 03.01.2025

Sd/- Sd/- (SIDDHARTHA NAUTIYAL) (DR. BRR KUMAR) JUDICIAL MEMBER VICE PRESIDENT (True Copy) Ahmedabad; Dated 03.01.2025 Manish, Sr. PS TRUE COPY आदेश क� �ितिलिप अ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबंिधत आयकर आयु� / Concerned CIT 4. आयकर आयु�(अपील) / The CIT(A)- 5. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

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