SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT ASSESSMENT CENTRE, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, AJMER, AJMER

ITA 497/JPR/2023Status: DisposedITAT Jaipur21 February 2024AY 2017-18185 pages
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What did the Tribunal hold?

The Tribunal decided that deductions under Section 80-IA should be allowed while computing book profit under Section 115JB, as Section 115JB(5) allows for the application of other provisions of the Act unless specifically barred. It also noted that the assessee did not have an SEZ unit, distinguishing it from a prior case.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) heard multiple cross-appeals filed by the revenue and the assessee, Shree Cement Ltd., concerning assessment years 2015-16 to 2018-19. The appeals challenged orders of the CIT(A) which arose from assessments made under Section 143(3) read with Sections 144C and 144B of the Income Tax Act.

What were the issues?

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

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C,Section 144B,Section 80-IA,Section 115JB,Section 10AA

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IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM ITA Nos. 489 to 492/JP/2023 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

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

The order continues below.

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