Surajkiran Renewable Resources P.Ltd, New Delhi V. ACIT, Central Circle-16, New Delhi

ITA 1432/DEL/2022

AI Insights

The case involves Surajkiran Renewable Resources P. Ltd., the appellant, contesting the order of the CIT(A)-26, New Delhi, which upheld the assessment officer's (AO) processing of the original return under Section 143(1) of the Income Tax Act, 1961. The original return declared a book profit under Section 115JB, whereas the revised return opted for the new tax regime under Section 115BAA, declaring NIL income. The primary contention was whether the revised return, filed before the processing of the original return, should be considered. The Tribunal found that the revenue authorities erred in not considering the revised return and the associated Form 10-IC.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 121227 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 1 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-08-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 02-08-2023
• Assessment Year: 2020-2021
• Appeal Filed On: 16-06-2022
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: MEENU MINAL
• Keywords: Revised return
• Section: 115JB; 143(1)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Yogesh Kumar US, Judicial Member ITA No. 1432/Del/2022: Asstt. Year: 2020-21 Surajkiran Renewable Resources P. Ltd., C-105, Adani House, Anand Niketan, New Delhi-110021 Vs. ACIT, Central Circle-16, New Delhi (APPELLANT) (RESPONDENT) PAN No. AAWCS1047A Assessee by : Ms. Meenu Minal, CA Revenue by : Sh. Anuj Garg, Sr. DR Date of Hearing: 03.08.2023 Date of Pronouncement: 09.08.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against the order of ld. CIT(A)-26, New Delhi dated 21.04.2022 passed by the AO u/s 143(1) of the Income Tax Act, 1961. 2. The assessee has raised the following grounds of appeal: “1. On the facts and in the circumstances of the case, the Ld. CIT (Appeals) erred in dismissing the ground of appeal raised by the Appellant against the AO processing the revised return filed by it under Section 143(1) of the Income Tax Act, 1961 at Rs. 1,19,02,895 as against income at Rs. NIL shown by the Appellant. 2. On the facts and in the circumstances of the case, the Ld. CIT (Appeals) erred in not accepting the contention of Appellant for computing income as per provisions of Section 115BAA of the Act. ITA No. 1432/Del/2022 Surajkiran Renewable Resources P. Ltd 2 3. On the facts and in the circumstances of the case, the Ld. CIT (Appeals) erred in computing book profit under Section 115JB of the Act when such provisions are not applicable to Appellant.” 3. Pertinent facts relevant to the adjudication of the case are as under: 1. The original return was filed by the assessee on 15.02.2021 declaring book profit u/s 115JB of the Income Tax Act, 1961 at Rs.1,19,02,800/-. 2. The assessee filed revised return on 31.05.2021 declaring NIL income opting for new tax regime u/s 115BAA. 3. CPC processed the original return ignoring the revised return. 4. As per the intimation, the extended due date for filing of the return was 15.02.2021 and the assessee filed original return on 15.02.2021. 5. The assessee filed revised return on 26.05.2021 and the intimation u/s 143(1) has been issued on 18.12.2021. 6. From the above, it can be held that a valid revised return has been filed by the assessee even before the original return was processed u/s 143(1). 4. Hence, we hold that the revenue authorities ought to have taken into consideration the revised return and the Form 10-IC which has been filed along with the revised return, adhering to the provisions of Section 115BAA. ITA No. 1432/Del/2022 Surajkiran Renewable Resources P. Ltd 3 5. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 09/08/2023. Sd/- Sd/- (Yogesh Kumar US) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 09/08/2023 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR