Guala Closures (India) Pvt. Ltd., Panaji V. The Assistant Commissioner of Income Tax, Circle-1 (1), Panaji., Panaji

ITA 55/PAN/2017

AI Insights

The case involves Guala Closures (India) Pvt. Ltd., which appealed against the order of the Commissioner of Income Tax (Appeals)-1, Panaji, for the assessment year 2003-04. The primary issue was the denial of the claim for 100% of certified export profits. The assessee had initially been granted 50% of certified export profits in the original assessment under section 143(3) of the Income Tax Act, which was later restored by the ITAT after quashing a subsequent order under section 263 by the CIT. The CIT(A) denied the claim for 100% certified export profits, referencing the ITAT's restoration of the original assessment order. The Tribunal found no merit in the assessee's arguments and upheld the CIT(A)'s decision.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 132793 (ITAT-PANAJI)
• Duration Of Justice: 6 year(s) 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-09-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: WT(D)
• Next Hearing Date: 10-09-2023
• Assessment Year: 2003-2004
• Appeal Filed On: 16-02-2017
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P.S. SHIVSHANKAR
• Assessee Lawyers: A REMEDIOS
• Section: 263; 143(3)

Judgement Text

आयकर अपीलीय अधिकरण न्यायपीठ पणजी में । IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI (Through Virtual Court) BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.55/PAN/2017 धििाारण वर्ा / Assessment Year : 2003-04 Guala Closures (India) Pvt. Ltd., D-1, Sesa Ghor, Patto Plaza, Panaji – Goa – 403001 PAN : AAACG4447J .......अपीलार्थी / Appellant बिाम / V/s. Assistant Commissioner of Income Tax, Circle – 1(1), Panaji ......प्रत्यर्थी / Respondent Assessee by : Shri A Remedios Revenue by : Shri P.S. Shivshankar सुिवाई की तारीख / Date of Hearing : 11-09-2023 घोर्णा की तारीख / Date of Pronouncement : 20-09-2023 आदेश / ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 23-11-2016 passed by the Commissioner of Income Tax (Appeals)-1, Panaji [‘CIT(A)’] for assessment year 2003-04. 2. The assessee raised three grounds of appeal amongst which the only issue emanates for our consideration is as to whether the CIT(A) justified in 2 ITA No. 55/PAN/2017, A.Y. 2003-04 not accepting the contention of the assessee in granting 100% of certified export profits in the facts and circumstances of the case. 3. We note that the assessee filed return of income declaring a total income of Rs.18,39,13,318/- on 30-11-2009 which was accepted under assessment passed u/s. 143(3) of the Act, wherein, the claim of the assessee seeking 50% of certified export profits were allowed. The said assessment was quashed by the CIT u/s. 263 of the Act, which in turn the ITAT quashed the order of CIT passed u/s. 263 of the Act. Therefore, the original assessment made by the AO u/s. 143(3) of the Act was restored and the claim of assessee at 50% of certified export profits remained as such. The assessee has agitated the claim of 100% of certified export profits before the CIT(A). The CIT(A) considering the ITAT order, wherein, the original order of AO was restored, denied the claim of assessee in allowing 100% certified export profits. On perusal of the impugned order, we find no force in the arguments of ld. AR in seeking 100% certified export profits as there was no such claim in the original assessment order passed u/s. 143(3) of the Act which is evident from para 6.3 of the impugned order, therefore, we find no infirmity in the order of CIT(A) and the grounds raised by the assessee fails and are dismissed. 4. In the result, the appeal of assessee is dismissed. Order pronounced in the open court on 20 th September, 2023. Sd/- Sd/- (R.S. Syal) (S.S. Viswanethra Ravi) VICE PRESIDENT JUDICIAL MEMBER पुणे / Pune; ददिांक / Dated : 20 th September, 2023. रधव 3 ITA No. 55/PAN/2017, A.Y. 2003-04 आदेश की प्रधतधलधप अग्रेधर्त / Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The CIT(A)-1, Panaji. 4. The Pr. CIT, Panaji. 5. धवभागीय प्रधतधिधि, आयकर अपीलीय अधिकरण, पणजी, / DR, ITAT, Panaji. 6. गार्ा फ़ाइल / Guard File. //सत्याधपत प्रधत// True Copy// आदेशािुसार / BY ORDER, वररष्ठ धिजी सधिव / Sr. Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune