ACIT, Cen.Cir. 3(3), Kolkata V. M/s Surya Alloy Industries Ltd., Kolkata

ITA 553/KOL/2021

AI Insights

The case involves the Assistant Commissioner of Income Tax, Central Circle-3(3), Kolkata, as the appellant, and Surya Alloy Industries Limited as the respondent. The dispute centered on the determination of taxable income for the Assessment Year 2015-2016. The matter was initially contested in the Income Tax Department but was later brought before the Settlement Commission, which resolved the dispute. The Revenue's appeal to the Income Tax Appellate Tribunal was found to be time-barred; however, it was accepted due to the COVID-19 pandemic's impact on legal proceedings. The Tribunal dismissed the appeal, referencing the Settlement Commission's order under section 245D(4) of the Income Tax Act, which had been effectively implemented by the Revenue.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 129112 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 7 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-07-2023
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 27-06-2023
• Assessment Year: 2015-2016
• Appeal Filed On: 06-12-2021
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: TDS
• Section: 244A; 153A

Judgement Text

ITA No. 553/KOL/2021 Assessment Year : 2015-2016 Surya Alloy Industries Limited 1 IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President & Shri Rajesh Kumar, Accountant Member I.T.A. No. 553/KOL/2021 Assessment Year: 2015-2016 Assistant Commissioner of Income Tax,...Appellant Central Circle-3(3), Kolkata, Room No. 416, 4 th Floor, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 -Vs.- Surya Alloy Industries Limited...........,..Respondent 1/1, Camac Street, 3 rd Floor, Kolkata-700017 [PAN: AADCS5890E] Appearances by: Shri Guru Bhashyam, CIT (DR), appeared on behalf of the Revenue Shri N.S. Saini, A.R., appeared on behalf of the assesseee Date of concluding the hearing : July 06, 2023 Date of pronouncing the order : July 07, 2023 O R D E R Per Shri Rajpal Yadav, Vice-President (KZ):- The Revenue is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals)-22, Kolkata dated 29 th June, 20121passed for A.Y. 2015-16. ITA No. 553/KOL/2021 Assessment Year : 2015-2016 Surya Alloy Industries Limited 2 2. The Registry has pointed out that the appeal is time-barred but we find that the period during which this appeal was filed was a COVID period and its stand already excluded from computation of limitation by the judgment of the Hon’ble Supreme Court. Hence, this appeal is not time-barred. 3. The ld. Counsel for the assesese at the very outset submitted that the dispute with the Department regarding determination of taxable income has been resolved by the assessee before the Settlement Commission. The Revenue has given effect to the order passed under section 245D(4) of the Income Tax Act. The order given effect reads as under:- “OFFICE OF THE DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3(3), KOLKATA 110, Shanti Pally, E M Bypass. Kolkata -700 107 PHONE No. 033 24410187, e- mail: [e-mail]. NAME OF ASSESSEE SURYA ALLOYS INDUSTRIES LIMITED ADDRESS 1/1, CAMAC STREET, 3 RD FLOOR, PARK STREET, KOL- 700016 Pan/GIR No. AADCS5890E DISTRICT/WARD/CIRCLE DCIT, CENTRAL CIRCLE 3(3], KOLKATA STATUS COMPANY ASSESSMENT YEAR 2015-16 DATE OF ORDER 11.05.2023 Effect of the Order u/s 245D (4) of the Income Tax Act, 1961 The assessee company filed an application before the Hon’ble Interim Board for Settlement-V, Mumbai u/s.245C(1] of the IT Act, 1961 on 22.09.2021. The Hon’ble Interim Board for Settlement-V, Mumbai passed order u/s.245D(4) of The Income Tax Act, 1961 on 24.03.2023/27.03.2023. Effect of the said order is given here as under: COMPUTATION ITA No. 553/KOL/2021 Assessment Year : 2015-2016 Surya Alloy Industries Limited 3 Particulars Amount in Rs. Regular assessed income as per order u/s 251/143(3) dated 03.08.2021 (-)52,96,83,331 Add : Disclosure considered in 153A return 38,41,58,000 Income as per return filed 153A on 17.11.2020 of (-)Rs.34683331/- Income as per revised return filed 153A on 17.09.2021 manually (-)14,55,25,331 Add : Additional Income u/s 245C 3,08,25,000 Revised total income (-) 11,47,00,331 Add: Further addition made in order u/s 245D(4) 33,23,606 Final total income settled (-) 11,13,76,725 Total Tax 0 Less : Taxes paid fa) TDS (As per 26AS) 81,97,562 (b) TCS (As per 26AS) 81,497 Total TDS & TCS 82,79,059 Advance Tax Paid 0 Tax Payable/Refundable 82,79,059 Add : Interest payable Total interest payable 0 Total Refundable (-) 82,79,059 Total taxes paid 0 Add : Refund already issued/adjusted 0 Final Tax Refundable (-) 82,79,059 Interest u/s 244A (-) 38,26,239 Final Tax Refundable (-) 1,21,05,298 4. In view of the determination of income at the end of the Settlement Commission, this appeal of the Revenue is not maintainable, accordingly dismissed. ITA No. 553/KOL/2021 Assessment Year : 2015-2016 Surya Alloy Industries Limited 4 5. In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on July 07, 2023. Sd/- Sd/- (Rajesh Kumar) (Rajpal Yadav) Accountant Member Vice-President(KZ) Kolkata, the 7 th day of July, 2023 Copies to : (1) Assistant Commissioner of Income Tax, Central Circle-3(3), Kolkata, Room No. 416, 4 th Floor, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 (2) Surya Alloy Industries Limited, 1/1, Camac Street, 3 rd Floor, Kolkata-700017 (3) Commissioner of Income Tax (Appeals), Kolkata-22, (4) Commissioner of Income Tax- , (5) The Departmental Representative (6) Guard File TRUE COPY By order Assistant Registrar Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.