M/s. Infocon International Limited, Bengaluru V. Assistant Commissioner of Income Tax, Circle3(1)(1), Bengaluru

ITA 2691/BANG/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6949 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 4 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2014-2015
• Appeal Filed On: 11-12-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DR P V PRADEEP KUMAR
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P BOAZ , ACCOUNTANT MEMBER ITA NO. 2691 /BANG/201 7 ASSESSMENT YEAR : 20 1 4 - 1 5 M/S. INFOCON INTERNATIONAL LTD., 1985, SS COMPLEX, 9 TH MAIN, 26 TH CROSS, BANASHANKARI II STAGE, BANGALORE 560 070. PAN : AAACI 3319 P VS. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 3(1)(1), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI. SANDEEP C, CA REVENUE BY : DR. P. V. PRADEEP KUMAR, ADDL. CIT DATE OF HEARING : 29 . 0 4 .201 9 DATE OF PRONOUNCEMENT : 30 . 0 4 .201 9 O R D E R PER SHRI JASON P BOAZ, A.M. : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A)-3, BANGALORE, DATED 12.10.2017 FOR ASSESSMENT YEAR 2014-15. 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE AS UNDER: 2.1 THE ASSESSEE, A COMPANY ENGAGED IN THE BUSINESS OF TRADING IN COMPUTER AND ACCESSORIES AND RENDERING SERVICES RELATED TO COMPUTER SOFTWARE, FILED ITS RETURN OF INCOME FOR ASSESSMENT YEAR 2014-15 ON 16.09.2015 DECLARING INCOME OF ITA NO. 2691/BANG/2017 PAGE 2 OF 6 RS.6,34,88,610/-. THE CASE WAS SUBSEQUENTLY TAKEN UP FOR SCRUTINY FOR THIS ASSESSMENT YEAR AND THE ASSESSMENT WAS CONCLUDED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT) VIDE ORDER DATED 21.12.2016 WHEREIN THE ASSESSEES INCOME WAS DETERMINED AT RS.6,34,88,610/-. THE ASSESSEES APPEAL WAS DISMISSED BY CIT(A)-3, BANGALORE VIDE ORDER DATED 12.10.2017. 3. AGGRIEVED BY THE ORDER OF CIT(A)-7, BANGALORE, DATED 21.12.2016 FOR ASSESSMENT YEAR 2014-15, THE ASSESSEE HAS PREFERRED THIS APPEAL BEFORE THE TRIBUNAL, WHEREIN IT HAS RAISED THE FOLLOWING GROUNDS: 1. THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) IN SO FAR IS PREJUDICIAL TO THE INTEREST OF THE APPELLANT IS BAD AND ERRONEOUS IN LAW AND AGAINST THE FACTS AND CIRCUMSTANCES OF THE CASE. 2. THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN LAW AND ON FACTS IN HOLDING THAT THE ISSUE OF MAT CREDIT IS DEBATABLE ONE AND CANNOT BE RECTIFIED BY INVOKING PROVISIONS OF SECTION 154 OF THE ACT. 3. THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN LAW AND ON FACTS IN NOT ADDUCING ANY REASON WHATSOEVER FOR NOT CONSIDERING THE MAT CREDIT OF RS.72,64,964 (INCLUSIVE OF SURCHARGE AND CESS). 4. THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) OUGHT TO HAVE SET OFF THE MAT CREDIT AT RS. 72,64,964. 5. THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) OUGHT TO HAVE CONSIDERED THE MAT CREDIT INCLUSIVE OF SURCHARGE AND CESS. EACH OF THE ABOVE GROUNDS IS WITHOUT PREJUDICE TO ONE ANOTHER AND THE APPELLANT CRAVES LEAVE OF THE HON'BLE INCOME TAX APPELLATE TRIBUNAL, BANGALORE, TO ADD, DELETE, AMEND, OR MODIFY ONE OR MORE OF THE ABOVE GROUNDS EITHER BEFORE OR AT THE TIME OF HEARING. ITA NO. 2691/BANG/2017 PAGE 3 OF 6 4. AT THE OUTSET OF THE HEARING, THE LEARNED AR OF THE ASSESSEE SUBMITTED LETTER DATED 27.04.2019 ADDRESSED TO THE TRIBUNAL SEEKING WITHDRAWAL OF THE ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15; WHICH READS AS UNDER: ITA NO. 2691/BANG/2017 PAGE 4 OF 6 ITA NO. 2691/BANG/2017 PAGE 5 OF 6 5. IN VIEW OF THE ABOVE LETTER (SUPRA), WITHDRAWING THE ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15, THE GROUNDS RAISED ARE RENDERED INFRUCTUOUS AND THE ASSESSEES APPEAL IS ACCORDINGLY DISMISSED AS WITHDRAWN. 6. IN THE RESULT, THE ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 30 TH DAY OF APRIL, 2019. SD/- SD/ - SD/ - (N. V. VASUDEVAN) VICE PRESIDENT (JASON P BOAZ) ACCOUNTANT MEMBER BANGALORE. DATED: 30 TH APRIL, 2019. /NS/* ITA NO. 2691/BANG/2017 PAGE 6 OF 6 COPY TO: 1. APPELLANTS 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE.