ASSISSTANT COMMISSIONER OF INCOME TAX, AJMER vs. SHREE CEMENT LTD, BEAWAR

ITA 490/JPR/2023Status: DisposedITAT Jaipur21 February 2024AY 2016-17185 pages
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What did the Tribunal hold?

The Tribunal held that deductions under Section 80-IA are allowable while computing book profits under Section 115JB, as Section 115JB(5) allows for the application of other provisions of the Income Tax Act unless specifically barred. The Tribunal also noted that the assessee did not have a SEZ unit, making certain prior decisions inapplicable.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) heard cross-appeals by the revenue and assessee concerning assessment years 2015-16 to 2018-19. The appeals involved disputes over deductions under Section 80-IA, transfer pricing adjustments, and the computation of book profits under Section 115JB.

What were the issues?

The key issues were whether deductions under Section 80-IA are admissible for computing book profits under Section 115JB and the validity of assessment orders passed under Section 144B.

Which sections of the Income-tax Act were involved?

Section 80-IA,Section 115JB,Section 143(3),Section 144C,Section 144B

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ITA Nos. 489 to 492/JP/2023 ACIT vs. Shree Cement Ltd. 2 These are eight cross appeals filed by the revenue and assessee which are directed against the respective orders of the ld. Commissioner of Income Tax (Appeals), Delhi- 44 [hereinafter referred to as (ld. CIT(A)] dated 08.06.2023 & 09.06.2023 for the Assessment Years 2015-16, 2016-17, 2017-18 & 2018-19. These orders of the ld. CIT(A) are in turn arise out of an order passed by ACIT, NFAC, Delhi passed u/s 143 (3) r.w.s 144C(3) r.w.s 144B of the Income Tax Act, 1961 [ here in after referred to act “Act”] on 10.06.2021, 16.05.2021, 12.08.2021 & 01.12.2021. 2. At the instant of both the parties these appeals were heard together and are disposed off with common order. The grounds of appeal raised by the assessee and revenue in these bunch of appeals are as under:- ASSESSMENT YEAR 2015-16 ITA NO. 500/JPR/2023(ASSESSEE)

1.

That on the facts and in the circumstances of the case, the Ld. CIT(Appeals) was not justified and erred in not considering the assessment order u/s 143(3) r.w.s. 144C as invalid and void ab initio which is liable to be quashed since not passed in accordance with the provisions of Section 144B(1)(xvi)(b) of the A

The order continues below.

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