SANTOSHI HYVOLT ELECTRICALS PVT LTD,DELHI vs. ACIT CIRCLE-22(2), DELHI

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ITA 2491/DEL/2022Status: DisposedITAT Delhi10 July 2023AY 2019-202 pages
AI SummaryRemanded

What did the Tribunal hold?

Both parties agreed that the matter should be remanded to the Jurisdictional Assessing Officer. The tribunal remanded the case for the limited purpose of reconciliation and computation under Section 115JB, considering Form 29B.

What were the facts?

The assessee filed an appeal against the order of the NFAC concerning the computation of profits under Section 115JB. The dispute involved the consideration of Form 29B prescribed under Rule 40B.

What were the issues?

The primary issue was the correct computation of book profits under Section 115JB, specifically regarding the applicability and consideration of Form 29B.

Which sections of the Income-tax Act were involved?

Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI

Before: Sh. C. M. GargDr. B. R. R. Kumar

Hearing: 28.06.2023Pronounced: 10.07.2023

ORDER

Per Dr. B. R. R. Kumar, Accountant Member:

1.

The present appeal has been filed by assessee against the order of National Faceless Appeal Centre (NFAC), Delhi dated 31.08.2022.

2.

The issue pertains to computation of profits u/s 115JB of the Income Tax Act, 1961 after considering the Form 29B as prescribed under Rule 40B of the Income Tax Rules, 1962.

3.

At the outset, both the parties accepted that the matter can be remanded to the file of the Jurisdictional Assessing Officer (JAO) to consider the computation after giving due cognizance of Form 29B. Hence, the matter is being remanded to the file of the ld. CIT(A) for limited purpose of reconciliation and computation u/s 115JB.

Santoshi Hyvolt Electricals Pvt. Ltd. 4. In the result, the appeal of the assessee is allowed for statistical purpose. Order Pronounced in the Open Court on 10/07/2023.

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