Appeal details
Counselvise Citation
[2023] 140 COUNSELVISE.COM (IT) 133310 (ITAT-HYDERABAD)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 year(s) 23 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
15-05-2023
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
DB-B
Next Hearing Date
03-05-2023
Assessment Year
2016-2017
Appeal Filed On
22-04-2021
Judgement Text
आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”, HYDERABAD BEFORE SHRI RAMA KANTA PANDA, ACCOUNTANT MEMBER & SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA-TP Nos. निर्धारण वर्ा / A.Y. अपीलधर्थी / Appellant प्रत् यर्थी / Respondent 177/Hyd/2021 2016-17 S&P Capital IQ (India) Private Limited, Hyderabad [PAN No. AACCS8657G] ACIT, Circle-3(1), Hyderabad 94/Hyd/2022 2017-18 S.A. No. 19/Hyd/2021 (Arising out of ITA-TP No.177/Hyd/2021) Assessment Year: 2016-17 S&P Capital IQ (India) Private Limited, Hyderabad [PAN No. AACCS8657G] Vs. ACIT, Circle-3(1), Hyderabad (आवेदक / Applicant) (प्रत् यर्थी / Respondent) निर्धाररती द्वधरध/Assessee by: Shri K.C. Devdas & Shri Kranthi, ARs रधजस् व द्वधरध/Revenue by: Shri Jeevan Lal Lavidiya, CIT-DR स ु िवधई की तधरीख/Date of hearing: 04/05/2023 घोर्णध की तधरीख/Pronouncement on: 16/05/2023 ITA-TP Nos. 177/Hyd/2021, 94/Hyd/2022 S.A.No. 19/Hyd/2021 Page 2 of 4 आदेश / ORDER PER K. NARASIMHA CHARY, JM: Aggrieved by the order(s) passed consequent to the directions of Hon'ble Dispute Resolution Panel, Bengaluru (“DRP”), in the case of M/s. S&P Capital IQ (India) Private Limited (“the assessee”), for the assessment years 2016-17 & 2017-18 under section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (for short “the Act”) assessee filed these appeals. 2. At the outset, learned AR submitted that assessee preferred appeal for the assessment year 2017-18 on as many as twenty grounds. Assessee desires to withdraw all the grounds, except ground relating to education cess, which he desires not to press. He accordingly prayed that the assessee may be permitted to not press grounds No. 16 & 17 relating to education cess and withdraw all the grounds. Learned DR reports no objection. Recording the same, appeal in IT-TPA No. 94/Hyd/2022 is dismissed as not pressed and withdrawn. 3. In respect of the appeal for assessment year 2016-17, learned AR submitted that the assessee desires to withdraw grounds No. 1 to 13 and not press ground No. 16 relating to education cess. Learned DR reports no objection. Recording the same, grounds No. 1 to 13 are dismissed as withdrawn and ground No. 16 is dismissed as not pressed. Ground No. 14 relates to interest under section 234B of the Act, which is consequential in nature and does not require any adjudication. Hence dismissed. 4. What remains to be addressed is ground No. 15. In this ground, the grievance of the assessee is that while computing the tax liability of assessed income, learned Assessing Officer considered the income from business or profession at Rs. 1,51,75,02,477/- instead of Rs. 1,50,99,03,110/- and in that process, learned Assessing Officer ignored the fact that balance amount of Rs. 75,99,367/- was considered separately as well as under the head ‘income from other source’. On this ground, ITA-TP Nos. 177/Hyd/2021, 94/Hyd/2022 S.A.No. 19/Hyd/2021 Page 3 of 4 learned AR submits that it resulted in double taxation of the same amount. Learned DR submitted that this fact requires verification at the end of the learned Assessing Officer and without such verification, no conclusion could be reached. 5. Having regard to the plea advanced on either side, we are of the considered opinion that in the interest of justice, it would be necessary to set aside this issue to the file of the learned Assessing Officer for verification of the fact whether Rs. 75,99,367/- was considered twice for taxation thereby resulting in double taxation. We accordingly set aside this issue to the file of the learned Assessing Officer. 6. Stay Application of assessee for the assessment year 2016-17 becomes infructuous and accordingly dismissed. 7. To sum up, appeal of assessee for the assessment year 2017-18 is dismissed, appeal of assessee for the assessment year 2016-17 is treated as allowed for statistical purposes and stay application is dismissed. Order pronounced in the open court on this the 16 th day of May, 2023. Sd/- Sd/- (RAMA KANTA PANDA) (K. NARASIMHA CHARY) ACCOUNTANT MEMBER JUDICIAL MEMBER Hyderabad, Dated: 16/05/2023 TNMM ITA-TP Nos. 177/Hyd/2021, 94/Hyd/2022 S.A.No. 19/Hyd/2021 Page 4 of 4 Copy forwarded to: 1. S&P Capital IQ (India) Private Limited, Survey No. 83/1, Sky View 10, Floor No. 19, 20, 21, Knowledge City, Raidurgam Village, Serilingampally Mandal, Hyderabad. 2. Asst. Commissioner of Income Tax, Circle-3(1), Hyderabad. 3. The Dispute Resolution Panel (DRP), Bengaluru. 4. The Director of Income Tax (IT & TP), Hyderabad. 5. The Addl. Commissioner of Income Tax (Transfer Pricing), Hyderabad. 6. DR, ITAT, Hyderabad. 7. GUARD FILE TRUE COPY ASSISTANT REGISTRAR ITAT, HYDERABAD
AI Insights
The case involves S&P Capital IQ (India) Private Limited, which appealed against the orders passed by the Assessing Officer following the directions of the Dispute Resolution Panel, Bengaluru, for the assessment years 2016-17 and 2017-18. The appeals primarily concerned the computation of income and the application of education cess. The appellant withdrew most of the grounds in both assessment years, except for issues related to the incorrect computation of income and the application of education cess for 2016-17. The Income Tax Appellate Tribunal (ITAT) decided to set aside the issue of income computation for verification by the Assessing Officer, while other grounds were dismissed as withdrawn or not pressed.
