NEEV INFRASTRUCTURE PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 4(2), MUMBAI

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ITA 1166/MUM/2018Status: DisposedITAT Mumbai30 July 2019AY 2014-153 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the assessee should be given another opportunity to justify its claim before the AO. The issue was set aside and remanded back to the AO for fresh adjudication.

What were the facts?

The assessee company, a builder, declared a certain income. The AO made an addition of Rs. 15,93,485/- on account of prior period income. The CIT(A) confirmed this addition.

What were the issues?

Whether the addition made on account of prior period income was justified, and if the assessee should be granted a further opportunity to explain its claim.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

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

Before: SHRI SHAMIM YAHYA (AM) & SHRI RAM LAL NEGI (JM)

For Appellant: Shri Rajiv Khandelwal (AR)
For Respondent: Shri Abi Rama Kartikiyen (DR)
Hearing: 26/07/2019Pronounced: 30/07/2019

O R D E R

PER RAM LAL NEGI, JM

1.

This appeal has been filed by the assessee against the order dated 29.11.2017 passed by the Commissioner of Income Tax (Appeals)-52 (for short ‘the CIT(A), Mumbai, for the assessment year 2014-15, whereby the Ld. CIT(A) has partly allowed the appeal filed by the assessee against the assessment order passed u/s 143 (3) of the Income Tax Act, 1961 (for short the ‘Act’).

2.

The brief facts of the case are that the assessee company, a builder developer and civil contractor, filed its return of income for the assessment year under consideration declaring total income of Rs. 6,09, 24,760/-. Since, the case was selected for scrutiny, AO issued notice u/s 143 (2) and 142 (1) of the Act. In response thereof the authorized representative of the assessee attended the proceedings and furnished the details. The AO completed the assessment u/s 143 (3) of the Act determining the total income at Rs. 6,60,56,600/- inter alia making addition of Rs. 15,93, 485/- on account of Assessment Year: 2014-15 prior period income. In the first appeal, the Ld. CIT (A) confirmed the addition made by the AO. The assessee is in appeal against the said findings of the Ld. CIT (A).

3.

The assessee has challenged the impugned order passed by the Ld. CIT (A) on the following grounds:-

1. “The Ld. C.I.T. (Appeal) erred in confirming additions of Rs. 15,93,485/- as Prior Period Income.

2. The appellant request to delete the addition confirmed by the CIT (A).

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