M/S. NORTH EASTERN ELECTRIC POWER CORPORATION LTD.,SHILLONG vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - SHILLONG, SHILLONG

ITA 418/GTY/2019Status: DisposedITAT Guwahati12 December 2022AY 2014-1542 pages
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What did the Tribunal hold?

The Tribunal held that the Assessing Officer's view of treating LPS on a cash basis was permissible and not erroneous or prejudicial to the revenue. The revisionary order under Section 263 was quashed.

What were the facts?

The assessee challenged a revisionary order under Section 263 of the Income Tax Act and a subsequent CIT(A) order. The core issue was the treatment of Late Payment Surcharge (LPS) as accrued income versus cash basis.

What were the issues?

Whether the Principal Commissioner of Income Tax was justified in invoking Section 263 to revise the assessment order, and whether the treatment of Late Payment Surcharge on a cash basis was valid.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

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Cases cited in this judgment(22)Show list

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Heard together (2 matters)

ITA No. 45/GAU/2019
I.T.A. No. 418/GAU/2019

Read from the judgment's own cause title. This page is filed under one of them.

ITA No. 45/GAU/2019 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA-GUWAHATI ‘e-COURT’, KOLKATA [Virtual Court Hearing]

Before Shri Rajpal Yadav, Vice-President (KZ) & Dr. Manish Borad, Accountant Member Assessment Year: 2014-2015

M/s. North Eastern Electric Power Corporation Limited,………………………………………………… Appellant Brookland Compound, Lower New Colony, Shillong-793003 [PAN:AAACN9991J]

-Vs.-

Principal Commissioner of Income Tax,....Respondent Aayakar Bhawan, M.G. Road, Shillong, Meghalaya-793001

& Assessment Year: 2014-2015

M/s. North Eastern Electric Power Corporation Limited,…………………………………………………. Appellant Brookland Compound, Lower New Colony, Shillong-793003 [PAN:AAACN9991J]

-Vs.-

1 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited Assistant Commissioner of Income Tax,...Respondent Circle- Shillong, Aayakar Bhawan, M.G. Road, Shillong, Meghalaya-793001

Appearances by: Shri Ved Jain, A.R., appeared on behalf of the assessee Shri N.T. Sherpa, JCIT, appeared

The order continues below.

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