M/S. TRIVITRON HEALTHCARE PVT. LTD.,CHENNAI vs. PCIT, , CHENNAI-3

ITA 1745/CHNY/2024Status: DisposedITAT Chennai05 December 2024AY 2018-1920 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT's revisionary powers under Section 263 were not properly invoked for disallowing depreciation on goodwill and disallowing deduction under Section 35(2AB) without proper verification. However, the Tribunal upheld the PCIT's direction to re-verify the set-off of brought forward losses and computation of book profit under Section 115JB.

What were the facts?

The assessee company filed its return of income declaring Nil income after set-off of brought forward losses. The Principal Commissioner of Income Tax (PCIT) initiated revision proceedings under Section 263 of the Income Tax Act, 1961, citing alleged erroneous assessment prejudicial to the revenue's interest.

What were the issues?

Whether the PCIT correctly invoked Section 263 powers to revise the assessment order concerning depreciation on goodwill and deduction under Section 35(2AB), and whether re-verification of brought forward losses and book profit computation was warranted.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 35(2AB),Section 115JB,Section 154

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Income Tax Appellate Tribunal, B BENCH, CHENNAI

Before: SHRI GEORGE GEORGE K, HONBLE & SHRI S.R. RAGHUNATHA, HONBLE

Hearing: 21.11.2024Pronounced: 05.12.2024

PER S. R. RAGHUNATHA, ACCOUNTANT MEMBER:

This appeal filed by the assessee is directed against the order passed by the Principal Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 24.05.2024 and pertains to assessment year 2017-18. 2. At the outset, we find that there is a delay of 20 days in appeal filed by the assessee, for which petition for condon

The order continues below.

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