Sicpa India Private Limited, Delhi vs. Assistant Commissioner of Income-Tax, Circle 22(2), Delhi
In the result, the appeal of the assessee is allowed
ITA 330/DEL/2025[2020-21]Status: DisposedITAT Delhi17 Oct 2025AY 2020-21
Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwal[ Sicpa India Private Limited, Asst. Cit, 308-312, Mercantile House, Circle -22(2), 15 K.G. Marg, Vs. Delhi. Delhi-110001. Pan-Aadcs6121L (Appellant) (Respondent) Assessee By Shri Akash Singhal, Ca Department By Shri Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 22/07/2025 Date Of Pronouncement 17/10/2025 O R D E R Per Manish Agarwal, Am: This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-24, New Delhi [Cit(A), In Short] Dated 28.11.2024 In Appeal No. Nfac/2019-20/10183865 Arising Out Of Order Passed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred As ‘The Act’) Dated 30.09.2022 For Assessment Year 2020-21. 2. Brief Facts Of The Case Are That Assessee Is A Company Engaged In The Business Of Manufacturing & Distribution Of Security Inks. The Return Of Income For The Year Under Appeal Was E-Filed On 15.02.2021 Declaring Total Income At Rs.6,74,74,000/-. The Case Of The Assessee Was Taken Up For Scrutiny & The Order Was Passed U/S 143(3) On 30.09.2022 Wherein Disallowance Of Rs.23,09,391/- Was Made On Account Of Dividend Distributions Tax & Educational Cess Claimed By The Assessee As Sicpa India Private Limited Vs. Acit Expenses & Further Disallowance U/S 14A Of Rs.25,56,078/- Was Made & The Total Income Of The Assessee Was Assessed At Rs.7,71,05,940/-.
Section 143(3)Section 14ASection 234CSection 270A
…income in the capital gain in which case provisions contained under section 14A are otherwise not attracted. 26. Identical issue has been decided by the coordinate Bench of the Tribunal in favour of the assessee in case of Avshesh Mercantile (P) Ltd. vs. ITO 148 TTJ 607 (ITAT Mumbai) by following the judgment of Hon'ble Bombay High Court in Delite Enterprises Pvt. Ltd. (ITA No.110 of 2009) by returning following findings:- "22. We have heard the rival submissions and also perused the relevant material on record. It is observed that the proceeds of premium notes (OCPN) on which the impugned redemption premium was…
