RAIN CEMENTS LIMITED, HYD,HYDERABAD vs. DCIT, CIRCLE-3(1), HYDERABAD, HYDERABAD
In the result, appeal filed by the assessee is allowed
ITA 864/HYD/2017[2008-09]Status: DisposedITAT Hyderabad31 May 2023AY 2008-09
Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2008-09 M/S. Rain Cements Ltd Vs. Dy. Commissioner Of (Formerly Known As Rain Income Tax, Circle 3 (1) Cii Carbon (India) Ltd Hyderabad Hyderabad Pan:Aabcr8858F (Appellant) (Respondent) Assessee By: Advocate Prathishta Singh & Advocate Deepak Chopra Revenue By: Dr.Rajendra Kumar, Cit-Dr Date Of Hearing: 20/03/2023 Date Of Pronouncement: 31/05/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Final Assessment Order Dated 24.03.2017 Passed U/S 143(3) R.W.S. 144C(5) R.W.S. 260 Of The I.T. Act For The A.Y 2008-09. 2. This Appeal Was Earlier Decided By The Tribunal Vide Order Dated 18.10.2019. Subsequently Vide Ma No.15/Hyd/2020, Dated 23.3.2021, The Tribunal Recalled The Entire Order For Fresh Adjudication. Therefore, This Is A Recalled Matter.
For Appellant: Advocate Prathishta Singh &For Respondent: Dr.Rajendra Kumar, CIT-DR
Section 10BSection 115JSection 143(2)Section 143(3)Section 147Section 148Section 92C
reassessment proceedings, there is no additional tax liability and that Appellant is liable to pay tax under the provisions of Minimum Alternative Tax (no adjustment made to the book profits) and thus the question of income having escaped assessment does not arise.
Corporate Tax Matters:
17. The d A0/DRP erred in assuming the finance charges for loans taken
