CABOT TECHNOLOGY SOLUTION PRIVATE LIMITED,KOCHI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, KOCHI-1, KOCHI
In the result, the assessee’s appeal is disposed of on the afore-stated terms
ITA 609/COCH/2022[2017-2018]Status: DisposedITAT Cochin31 Oct 2023AY 2017-2018
Bench: Shri Sanjay Arora & Shri Manomohan Dascabot Technology Solutions Principal Commissioner Of Pvt. Ltd. Income Tax – 1 204, 2Nd Floor, Lulu Cyber Tower Vs. Cr Building , Is Press Infopark, Kochi 682042 Road, Kochi 682018 [Pan:Aadcc 9320K] (Appellant) (Respondent) Assessee By: Shri Allen Joseph, Ca Revenue By: Shri Sajit Kumar Das, Cit- D.R. Date Of Hearing: 18.10.2023 Date Of Pronouncement: 31.10.2023 O R D E R Per Sanjay Arora, Am This Is An Appeal By The Assessee Agitating The Revision Of It’S Order Under Section 143(3) Of The Income Tax Act, 1961 (‘The Act’) Dated 20.12.2019 For Assessment Year (Ay) 2017-18 By The Principal Commissioner Of Income Act (Pr. Cit), Vide His Order Dated 18.01.2022. 2.1 The Brief Facts Of The Case Are That The Assessee, A Company In Software Development Business, Returned, For The Relevant Year, An Income Of Rs.3,67,574 Under The Regular Provisions Of The Act & A Book-Profit Of Rs.14,33,474 U/S.115Jb Of The Act, Paying The Higher Tax On The Latter. The Same Was Subject To Regular Assessment, Determining The Income Under The Regular Provisions At Rs. 8,10,750 & At The Returned Book-Profit Under Mat Provisions. The Assessment Record Was Subsequently Examined By The Learned Pr. Cit In Exercise Of His Revisionary
For Appellant: Shri Allen Joseph, CAFor Respondent: Shri Sajit Kumar Das, CIT- D.R
Section 10ASection 115JSection 142(1)Section 143(3)Section 263
depreciation in a higher sum, even as the same would not impact the tax liability, being still higher u/s.115JB of the Act. As regards deduction u/s. 10AA of the Act, the amendment to the said section by Finance Act,
2017, w.e.f. 01.04.2018, made it amply clear that the deduction thereunder is to be with reference to the ‘total income’ computed
