MAHESH CHACHAN,GUWAHATI vs. PR. CONMMISSIONER OF INCOME TAX-2, GUWAHATI
In the result, appeal of the assessee is allowed
ITA 25/GTY/2020[2015-16]Status: DisposedITAT Guwahati27 Apr 2023AY 2015-16
Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2015-16 Mahesh Chachan Pr. Cit, Guwahati - 2 Kayal Market, Fancy Bazar, Vs. Guwahati-781001. Pan: Afxpc 3051 R (Appellant) (Respondent) Present For: Appellant By : Shri Jay Prakash Gupta, Fca Respondent By : Shri N.T. Sherpa, Jcit Date Of Hearing : 03.04.2023 Date Of Pronouncement : 27.04.2023 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax (Appeals) – Guwahati-2, (Hereinafter The ‘Ld. Cit(A)’ Dated 30.08.2019 For Assessment Year 2015- 16 Against The Order Passed U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-4(2), Guwahati, Dated 05.04.2017. 2. Grounds Raised By The Assesee Is On Challenging The Treatment Of Vat Remission As Not Eligible For Deduction U/S 80Ie Of The Act By Invoking The Provisions Of Revision U/S 263 Of The Act.
For Appellant: Shri Jay Prakash Gupta, FCAFor Respondent: Shri N.T. Sherpa, JCIT
Section 142(1)Section 143(2)Section 143(3)Section 263Section 80I
deposit which was earned against FDR placed as security for cash credit loan taken from bank and was used for funding for manufacturing activity. Also, in respect of discount and rebates, it was submitted that these were received from its suppliers for purchases made by the assessee, used in the manufacturing process.
4.1. On considering the submissions made
