CISCO SYSTEMS (INDIA) PRIVATE LIMITED,BANGALORE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX - 2, KORAMANGALA, BANGALORE

ITA 1234/BANG/2025Status: DisposedITAT Bangalore30 January 20261 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO's assessment order was erroneous and prejudicial to the revenue due to a complete absence of inquiry on significant claims. The revisionary order passed by the PCIT under Section 263 was upheld.

What were the facts?

The assessee claimed deductions for post-employment benefit obligations and adjusted foreign exchange gains. The PCIT initiated revision proceedings under Section 263, alleging the Assessing Officer (AO) failed to conduct proper inquiries on these substantial claims.

What were the issues?

Whether the AO's assessment order was erroneous and prejudicial to the revenue due to lack of inquiry on claims related to post-employment benefits and foreign exchange gains.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 144B,Section 37(1),Section 43A,Section 36(1)(iv),Section 36(1)(v),Section 43B

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH, BANGALORE

Before: SHRI WASEEM AHMED & SHRI SOUNDARARAJAN K

For Appellant: Shri Nageshwar Rao, Advocate
For Respondent: Shri Shivanad Kalakeri, CIT (DR)
Hearing: 09.01.2026Pronounced: 30.01.2026

PER WASEEM AHMED, ACCOUNTANT MEMBER:

The present appeal has been instituted by the assessee against the order of the Ld. PCIT passed u/s 263 of the Act dated 29.03.2025

2.

The assessee in the memo of appeal raised multiple grounds numbered 1 to 7, which we, for the sake of brevity and convenience are not inclined to reproduce here.

3.

The grounds of appeal filed by the assessee are interconnected and pertains to revisionary order u/s 263 passed by the Ld. PCIT.

4.

The brief facts of the case in hand are that the assessee filed its ROI for the subjected AY declaring an amount of Rs. 8,69,50,52,060/-. The case of assessee was s

The order continues below.

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