M/S KEWAL ENGINEERING PVT. LTD.,BANGALORE vs. ITO, BANGALORE

ITA 628/BANG/2015Status: DisposedITAT Bangalore14 August 2015AY 2010-114 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the Supreme Court's decision in Goetze India Ltd. limits the Assessing Officer's power but not the appellate authorities' power to entertain claims not made via a revised return. The issue was remanded to the Assessing Officer for fresh consideration.

What were the facts?

The assessee company declared a loss and later sought to claim dividend income as exempt, offering a disallowance for expenses incurred in earning it. The Assessing Officer and CIT(Appeals) rejected this claim, citing the Supreme Court's ruling in Goetze India Ltd. regarding revised returns.

What were the issues?

Whether appellate authorities can entertain claims not made through a revised return, despite the Assessing Officer's limitations as per Goetze India Ltd.

Which sections of the Income-tax Act were involved?

Section 10,Section 14A,Section 254

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Income Tax Appellate Tribunal, “C” BENCH : BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI ABRAHAM P. GEORGE

For Appellant: Shri S. Ramasubramanian, CA
For Respondent: Shri Sunil Kumar Agarwala, Jt. CIT(DR)
Hearing: 04.08.2015Pronounced: 14.08.2015

Per N.V. Vasudevan, Judicial Member

This appeal by the assessee is against the order dated 10.3.2015 of the CIT(Appeals)-IV, Bangalore relating to assessment year 2010-11. 2. The assessee is a company engaged in the business of manufacture of tools & dyes and machined components. For AY 2010-11, assessee filed return of income declaring a loss of Rs.18,51,842. During the previous year, assessee received dividend income of Rs.7,99,422, but the same was exempt u/s. 10 of the Act. The assessee filed revised computation in the course of assessment proceedings claiming dividend income as exempt and also offered a d

The order continues below.

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