Quippo Energy Pvt. Ltd., Delhi V. ACIT, Circle- 20(2), New Delhi

CO 172/DEL/2018

AI Insights

The case involves Quippo Energy Pvt. Ltd., the appellant, contesting certain disallowances made by the Assessing Officer, which were upheld by the CIT(A). The primary issues in the appeal were related to the non-adjudication of 'Leave Encashment' and the disallowance of foreign exchange loss. The Tribunal found that the CIT(A) had not addressed the 'Leave Encashment' issue and thus referred it back for further consideration. Regarding the foreign exchange loss, the Tribunal recognized it as a business-related expense and allowed the claim.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 131825 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 6 month(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 28-02-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 04-12-2022
• Assessment Year: 2013-2014
• Appeal Filed On: 28-08-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL DELHIBENCH ‘F’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Yogesh Kumar US, Judicial Member CO No. 172/Del/2018 (in ITA No. 4783/Del/2018 : AY: 2013-14 ) Quippo Energy Pvt. Ltd., D-2, 5 th Floor, Southern Park, Saket Palace, New Delhi-110017 Vs. ACIT, Circle-20(2), New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACQ1675Q Assessee by : None Revenue by : Sh. K. K. Mishra, Sr. DR Date of Hearing: 05.12.2022 Date of Pronouncement: 01.03.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: This cross objection is filed by the assessee against the order of the ld CIT(A). 2. The issue pertaining to “Leave Encashment” has not been adjudicated by the ld. CIT(A), hence, the matter is referred back for adjudication by the ld. CIT(A). 3. With regard to disallowance of foreign exchange loss, the loss being generated during the course business of the assessee, the same needs to be allowed. 4. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 01/03/2023. Sd/- Sd/- (Yogesh Kumar US) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 01/03/2023 *Subodh Kumar/AK, Sr. PS*