HIM TEKNOFORGE LTD.,BADDI V. INCOME TAX OFFICER, , PARWANOO

ITA 6/CHANDI/2024

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Him Teknoforge Ltd., a public limited company engaged in manufacturing automotive components, filed an appeal against the order of the CIT(A)/NFAC Delhi concerning the Assessment Year 2017-18. The company had undergone a scheme of amalgamation with Gujarat Automotive Gears Ltd., resulting in a revised return showing nil income. The Income Tax Officer made additions to the income which were contested. However, following the CIT(Appeals) decision and the subsequent order by the Income Tax Officer accepting the nil income, the appellant found no further grievances and sought to withdraw the appeal, which was unopposed by the revenue and thus granted.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 107794 (ITAT-CHANDIGARH)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-01-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2017-2018
• Laws Referred To: Companies Act, 1956, ESI/PF Act, Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VIVEK VARDHAN
• Assessee Lawyers: VINEET KRISHAN
• Keywords: Revised return; Depreciation; Scheme of amalgamation
• Section: 250; 143(1); 115JB

Judgement Text

"आयकर अपीलीय अिधकरण,च᭛डीगढ़ ᭠यायपीठ “एस.एम.सी” , च᭛डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCHES, “SMC” CHANDIGARH HEARING THROUGH: VIRTUAL MODE ᮰ी िवᮓम ᳲसह यादव, लेखा सद᭭य BEFORE: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA No. 06/CHD/2024 िनधाᭅरण वषᭅ / Assessment Year : 2017-18 Him Teknoforge Ltd. Billanwali, Baddi, Solan Himachal Pradesh-173205 बनाम The ITO Parwanoo (H.P) ᭭थायी लेखा सं./PAN NO:AAACG8584G अपीलाथᱮ/Appellant ᮧ᭜यथᱮ/Respondent िनधाᭅᳯरती कᳱ ओर से/Assessee by : Shri Vineet Krishan, Advocate राज᭭व कᳱ ओर से/ Revenue by : Shri Vivek Vardhan, Addl. CIT सुनवाई कᳱ तारीख/Date of Hearing : 07/01/2025 उदघोषणा कᳱ तारीख/Date of Pronouncement : 09/01/2025 आदेश/Order PER VIKRAM SINGH YADAV, AM This is an appeal filed by the Assessee against the order of the Ld. CIT(A)/NFAC Delhi dt. 10/11/2023 pertaining to Assessment Year 2017-18. 2. During the course of hearing, the Ld. Counsel for the Assessee submitted an application for withdrawal of appeal, contents of which read as under: “The appellant is a Public Limited Company registered under the Companies Act, 1956 and also listed with Bombay Stock Exchange having its Registered Office at Baddi (Himachal Pardesh). The Assesee is engaged in the business of manufacturing Automotive components for Tractors, Agricultural Implements. Commercial Vehicles. Defence and other Non-Automotive Components. It has its manufacturing Units at 2 Baddi (Himachal Pradesh) and at Pitampur, District Dhar (Madhya Pradesh) and Badodra (Gujarat). It is submitted that originally two returns were filed for the AY 2017-18. One in respect of Him Teknoforge Ltd. (PAN: AAACH3906R) and second in respect of M/s Gujrat Automative Gears Ltd. (PAN:AAACG8584G). As per the Order dated 9.01.2018 of Hon'ble National Company Tribunal, Chandigarh Bench approving the Scheme of Amalgamation (Scheme), Company named as M/s Him Teknoforge Limited having PAN-AAACH3906R is merged with Company M/s Gujarat Automotive Gears Limited having PAN AAACG8484G w.e.f. 1.04.2016. As per the Scheme, the name of the merged entity- Appellant Company is Him Teknoforge Limited with PANAAACG8584G. Accordingly, revised return clubbing Income, Expenditure, Assets and Liabilities of the both the Companies, was filed under the name and style of M/s. Him Teknoforge Limited having having PAN: AAACG8584G on 01.12.2018 showing an income of Rs. NIL. It is submitted that the Ld. Assessing Officer while computing the income did not take into consideration of clubbed return of income and has made addition of Rs. 19,65,068/- which was received from the employees towards ESI/PF on the ground that the same was not deposited before the due date of ESI/PF Act. Another addition of Rs. 4,18,800/- was made on account of dividend income. When the appeal was filed in respect of said additions, the decision of Hon'ble Supreme Court was in favour of the appellant. However, later on Hon'ble Supreme Court reversed the order which the appellant accepts. While computing the income as per CIT(A) order, unabsorved depreciation as on 01.04.2016 was at Rs 7,42,70,568/-. It is further submitted that Ld. Income Tax Officer, Parwanoo as per order under section 250 r.w.s. 143(1) dated 31.07.2024 has given the appeal effect to the order of the CIT(Appeals), NFAC, passed vide Appeal No. NFAC/2016-17/10018673 dated 10.11.2023 and nil income of the appellant was accepted and even otherwise the income of the assesse is assessed under section 115JB is Rs. 10,17,93,995/-. Now, we have no grievance as per the order of the Ld. Income Tax Officer, Parwanoo. The copy of order dated 31.07.2024, under Section 250 r.w.s. 143(1) passed by Income Tax Officer, Parwanoo is enclosed herewith for your ready reference. In view of the above submissions, it is humbly prayed that appeal filed by the appellant may kindly be treated as withdrawn as the appeal has become infructous.” 3. The Ld. DR did not raise any objection to the application seeking withdrawal of the assessee’s appeal. 3 4. Heard both the parties and pursued the material available on record. Considering the withdrawal application so moved on behalf of the assessee, the appeal of the assessee is dismissed as withdrawn. 5. In the result, appeal of the assessee is dismissed as withdrawn. (Order pronounced in the open Court on 09/01/2025) Sd/- िवᮓम ᳲसह यादव (VIKRAM SINGH YADAV) लेखा सद᭭य / ACCOUNTANT MEMBER AG Date: 09/01/2025 आदेश कᳱ ᮧितिलिप अᮕेिषत/ Copy of the order forwarded to : 1. अपीलाथᱮ/ The Appellant 2. ᮧ᭜यथᱮ/ The Respondent 3. आयकर आयुᲦ/ CIT 4. आयकर आयुᲦ (अपील)/ The CIT(A) 5. िवभागीय ᮧितिनिध, आयकर अपीलीय आिधकरण, च᭛डीगढ़/ DR, ITAT, CHANDIGARH 6. गाडᭅ फाईल/ Guard File आदेशानुसार/ By order, सहायक पंजीकार/ Assistant Registrar "