DY. COMMISSIONER OF INCOME TAX , CIRCLE-8, PUNE, PUNE vs. ADVIK HI-TECH PRIVATE LIMITED , PUNE

ITA 1203/PUN/2023Status: DisposedITAT Pune14 May 2024AY 2014-15Bench: SHRI SATBEER SINGH GODARA (Judicial Member), DR. DIPAK P. RIPOTE (Accountant Member)21 pages
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What did the Tribunal hold?

The Tribunal followed a previous decision in the assessee's own case regarding the PSI scheme subsidy. It held that the subsidy was capital in nature and should not be reduced from the cost of assets for depreciation purposes. The assessee's appeal for AY 2018-2019 was dismissed as withdrawn.

What were the facts?

The assessee received an IPS subsidy under the PSI scheme, which the AO reduced from the cost of assets, thereby reducing depreciation. The assessee argued this subsidy was capital in nature and not taxable. The appeals dealt with assessment years 2014-2015 and 2018-2019.

What were the issues?

Whether the IPS subsidy received by the assessee is to be reduced from the cost of assets for depreciation calculation, and whether it is a capital receipt.

Which sections of the Income-tax Act were involved?

Section 43(1),Section 80IA

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Income Tax Appellate Tribunal, PUNE “A” BENCH : PUNE

Before: SHRI SATBEER SINGH GODARA & DR. DIPAK P. RIPOTE

Hearing: 02.05.2024Pronounced: 14.05.2024

PER SATBEER SINGH GODARA, J.M. :

The instant batch of three appeals pertains to a single assessee viz., Advik Hi Tech Pvt. Ltd. Former

assessment year 2014-2015 herein involves assessee’s and Revenue’s cross-appeals I.T.A.Nos.1156 & 1203/PUN./2023;

preferred against the National Faceless Appeal Centre [in short

the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/

2023-24/1056268156(1), dated 19.09.2023; whereas, the latter assessment year 2018-2019 contains the taxpayer’s

appeal in ITA.No.115

The order continues below.

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