WOODSIDE FASHIONS LTD.,KOLKATA vs. A.C.I.T.,CIRCLE-31, KOLKATA

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ITA 1656/KOL/2019Status: DisposedITAT Kolkata28 February 2020AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the matter to the Assessing Officer for fresh adjudication and computation as per law. Both parties agreed that the assessee's grievance deserved to be re-examined.

What were the facts?

The assessee sought tax credit of MAT from total tax liability for charging interest under Section 234C. The Explanation to Section 234C was effective from AY 2013-14, not retrospectively. The CIT(A) did not address the factual matrix involved in Section 154 proceedings.

What were the issues?

Whether the assessee was entitled to MAT credit for AY 2012-13 for calculating interest under Section 234C, and whether the CIT(A) properly adjudicated the matter under Section 154.

Which sections of the Income-tax Act were involved?

Section 234C,Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C”, BENCH KOLKATA

Before: SHRI S. S. GODARA, JM & Dr. A. L. SAINI, AM

For Appellant: Shri Anil Kochar, Advocate
Hearing: 24/02/2020Pronounced: 28/02/2020

BEFORE SHRI S. S. GODARA, JM & Dr. A. L. SAINI, AM आयकर अपीलसं/ (�नधा�रण वष� / Assessment Year: 2012-13) Woodside Fashions Ltd. Vs. ACIT, Circle-31, Kolkata. 22, Camac Street, Kolkata. �थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACW3995R (Appellant) .. (Respondent) Appellant by : Shri Anil Kochar, Advocate Respondent by : Shri Supriyo Pal, JCIT सुनवाई क� तार�ख/ Date of Hearing : 24/02/2020 घोषणा क� तार�ख/Date of Pronouncement : 28/02/2020 आदेश / O R D E R Per Shri S. S. Godara: This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-4, Kolkata’s order dated 30.05.2019 in case no.38/CIT(A)-4/2018-19 involving proceedings u/s 154 of the Income Tax Act, 1961 (in short ‘the Act’). Heard Shri Anil Kochar, authorized representative for assessee and Shri Supriyo Pal, JCIT-DR appearing at the Revenue’s behest.

2.

It transpires at the outset with the able assistance of both the learned representatives that although the assessee has raised its substantive grievance of tax credit of MAT from total tax liability for the purpose of charging section 234C interest that Explanation to section 234C in clause (v) is effective from 2013-14 than carrying retrospective effect, the CIT(A)’s lower appellate adjudication has nowhere dealt with the relevant factual matrix involved in section 154 proceedings. Both parties are ad idem therefore that the assessee’s grievance canvassed in the instant lis deserves to be restored back to the Assessing Officer for fresh adjudication/computation as per law. We order accordingly. The assessee or its authorized representative shall appear before the Assessing Officer on or before 31.07.20.

3.

This assessee’s appeal is allowed for statistical purposes.

Order is pronounced in the open court on 28.02.2020.

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