Kasturi Iron & Minerals Pvt. Ltd., Kolkata V. A.D.I.T., CPC, Bengaluru, Bengaluru

ITA 34/KOL/2023

AI Insights

The case involves Kasturi Iron & Minerals Pvt. Ltd, the appellant, contesting an income assessment made by the Central Processing Centre (CPC), Bengaluru, for the assessment year 2019-20. The primary issue was a discrepancy in the income figures reported by the assessee and those assessed by the CPC under section 143(1) of the Income Tax Act. The assessee had reported an income of Rs.25,30,794 as deemed income under section 115JB, but the CPC assessed it at Rs.44,27,533 due to a typographical error in the audit report. The Tribunal, upon hearing the arguments, directed the Assessing Officer to re-examine the matter considering the corrected audit report.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 128142 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-03-2023
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: SMC
• Next Hearing Date: 13-03-2023
• Assessment Year: 2019-2020
• Appeal Filed On: 12-01-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Deemed to accrue or arise in india; Set aside
• Section: 115JB; 143(1); 250

Judgement Text

आयकर अपीलȣय अͬधकरण, कोलकाता पीठ ‘एसएमसी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH KOLKATA Įी संजय गग[, ÛयाǓयक सदèय के सम¢ Before Shri Sanjay Garg, Judicial Member I.T.A. No.34/Kol/2023 Assessment Year: 2019-20 Kasturi Iron & Minerals Pvt. Ltd................................................... Appellant 2B, 3, Dr. U N Brahmachari Street, Kolkata- 700017. [PAN:AAECK1890K] vs. ACIT, CPC, Bengaluru........................................................... Respondent Appearances by: Shri Miraj D. Shah, AR, appeared on behalf of the appellant. Smt. Ranu Biswas, Addl. CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : March 14, 2023 Date of pronouncing the order : March 14, 2023 आदेश / ORDER The present appeal has been preferred by the assessee against the order dated 14.11.2022 of the National Faceless Appeal Centre [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). 2. The sole issue involved in this appeal is relating to the adjustment made by the CPC while processing the return of the assessee u/s 143(1) of the Act. 3. The ld. Counsel for the assessee has brought my attention to Serial No.19 of the intimation u/s 143(1) of the Act to submit that the assessee had offered the income of Rs.25,30,794/- as deemed income u/s 115JB of the Act, whereas, the CPC has assessed the income at I.T.A. No.34/Kol/2023 Assessment Year: 2019-20 Kasturi Iron & Minerals Pvt. Ltd 2 Rs.44,27,533/-. The ld. Counsel, in this respect, has submit that there was a typographical error in the audit report furnished along with the return of income from where the CPC has revised the aforesaid figure. The ld. Counsel has submitted that the assessee may be given an opportunity to explain the aforesaid typographical error in the audit report before the Assessing Officer. 4. The ld. DR has not objected to the same. 5. In view of above, the impugned order of the CIT(A) is set aside and the Assessing Officer is directed to verify the above contention of the assessee, go through the revised tax audit report and will also consider the contention of the assessee that there is some typographical error in the audit report and thereafter will take the right figure into account for determining the taxable income of the assessee. 6. In the result, the appeal of the assessee is treated as allowed for statistical purposes. Kolkata, the 14 th March, 2023. Sd/- [संजय गग[ /Sanjay Garg] ÛयाǓयक सदèय/Judicial Member Dated: 14.03.2023. RS Copy of the order forwarded to: 1. Kasturi Iron & Minerals Pvt. Ltd 2. ACIT, CPC, Bengaluru 3. CIT (A)- 4. CIT- , 5. CIT(DR), I.T.A. No.34/Kol/2023 Assessment Year: 2019-20 Kasturi Iron & Minerals Pvt. Ltd 3 //True copy// By order Assistant Registrar, Kolkata Benches