Santoshi Hyvolt Electricals Pvt Ltd , Delhi V. ACIT Circle-22(2) , Delhi

ITA 2491/DEL/2022

AI Insights

The case involves Santoshi Hyvolt Electricals Pvt. Ltd., the appellant, contesting an order from the National Faceless Appeal Centre (NFAC), Delhi, dated 31.08.2022, concerning the computation of profits under section 115JB of the Income Tax Act, 1961. The dispute centered on the proper consideration of Form 29B in the profit computation. Both parties agreed that the matter should be remanded to the Jurisdictional Assessing Officer for accurate reconciliation and computation.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 131662 (ITAT-DELHI)
• Duration Of Justice: 9 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-07-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 27-06-2023
• Assessment Year: 2019-2020
• Appeal Filed On: 09-10-2022
• Laws Referred To: Income Tax Act, 1961, Income Tax Rules, 1962
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 115JB

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. C. M. Garg, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2491/Del/2022 : Asstt. Year: 2019-20 Santoshi Hyvolt Electricals Pvt. Ltd., B036, Jhilmil Industrial Area, New Delhi-110095 Vs ACIT, Circle-22(2), New Delhi-110001 (APPELLANT) (RESPONDENT) PAN No. AAUCS9417N Assessee by : Sh. Bharat Beriwal, Adv. Revenue by : Sh. Ravi Kant Choudhary, Sr. DR Date of Hearing: 28.06.2023 Date of Pronouncement: 10.07.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by assessee against the order of National Faceless Appeal Centre (NFAC), Delhi dated 31.08.2022. 2. The issue pertains to computation of profits u/s 115JB of the Income Tax Act, 1961 after considering the Form 29B as prescribed under Rule 40B of the Income Tax Rules, 1962. 3. At the outset, both the parties accepted that the matter can be remanded to the file of the Jurisdictional Assessing Officer (JAO) to consider the computation after giving due cognizance of Form 29B. Hence, the matter is being remanded to the file of the ld. CIT(A) for limited purpose of reconciliation and computation u/s 115JB. ITA No. 2491/Del/2022 Santoshi Hyvolt Electricals Pvt. Ltd. 2 4. In the result, the appeal of the assessee is allowed for statistical purpose. Order Pronounced in the Open Court on 10/07/2023. Sd/- Sd/- (C. M. Garg) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 10/07/2023 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR