M/S NICCO CORPORATION LTD.,KOLKATA vs. JCTI, (OSD), CIT-1, KOLKATA, LUCKNOW

PER S.S.Godara, Judicial Member:

- This assessee’s appeal for assessment year 2009-10 arises against the Commissioner of Income Tax (Appeals)-5, Kolkata’s order dated 01.02.2016, passed in case No.203/CIT(A)/5/(O )/11-12/14-15, in proceedings u/s 115WE(3) of the Income Tax Act, 1961; in short as ‘the Act’. Heard both the parties. Case File perused.

ITA No. 639/Kol/2016 A.Y. 2009-10 M/s Nicco Corporation Ltd. Vs. JCIT(O ), CIT-1/Kol. Page 2 during the relevant assessment year the above surcharge @ 10% would not apply as it was not a case involving profits to be exceeding ₹1 crore threshold limit. Learned counsel reiterates the same vey plea during the course of hearing that both the lower authorities have erred in law as well as on facts in imposing 10% surcharge in view of the above huge losses in the impugned assessment year. Learned Departmental Representative is very fair in submitting that all relevant facts corresponding to instant sole issue have neither being discussed in assessment order nor in the CIT(A)’s order. We therefore deem it appropriate that it would be in the larger interest justice in case the Assessing Officer adjudicates the instant issue afresh as per law after affording adequate opportunity of hearing to the assessee. The assessee’s sole substantive grievance is accepted for statistical purpose therefore.