Ginza Industries Ltd, Kolkata V. DCIT, Cir. 5(1) , Kolkata

MA 58/KOL/2022

AI Insights

The case involves Ginza Industries Ltd., the appellant, against the Deputy Commissioner of Income Tax, Circle-5(1), Kolkata, the respondent. The dispute arose from the assessment year 2014-15, where the assessee claimed a credit of Minimum Alternate Tax (MAT) amounting to Rs. 1,11,94,855 in their return of income. The Assessing Officer did not allow this credit, a decision which was upheld by the CIT(A). The Tribunal initially overlooked this specific ground in their judgment dated 08/12/2022. Upon realization, a miscellaneous application was filed by the assessee to address this oversight, leading to the current order where the Tribunal directed the Assessing Officer to re-evaluate and grant the appropriate MAT credit.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 136098 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-06-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 23-02-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 27-12-2022
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside

Judgement Text

। आयकर अपीलीय अिधकरण Ɋायपीठ, कोलकाता । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER & SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER M.A. No. 58/Kol/2022 I.T.A. No. 620/Kol/2021 Assessment Years: 2014-15 Ginza Industries Ltd. A-501 & 502 Lotus Corporate Jay Coach Lane Off Western Express Highway Goregaon (East) Mumbai – 400063 [PAN: AABCG0675P] Vs. DCIT, Circle-5(1), Kolkata (Appellant) (Respondent) Assessee by : None Revenue by : Shri P.P. Barman, Addl. CIT, D/R सुनवाई की तारीख/Date of Hearing : 24/02/2023 घोषणा की तारीख/Date of Pronouncement : 05/06/2023 O R D E R PER DR. MANISH BORAD, ACCOUNTANT MEMBER: This miscellaneous application filed by the assessee is arising out of the order of the Tribunal dated 08/12/2022 of the Coordinate Bench in ITA Nos. 619/Kol/2021 & 620/Kol/2021. 2. The assessee has submitted that the Tribunal has inadvertently not adjudicated Ground No. 6 of the grounds raised by the assessee in ITA No. 620/Kol/2021 for AY 2014-15, which reads as under:- “6. The CIT(A) erred in upholding the action of the Assessing Officer in not allowing credit of minimum alternate tax of Rs. 1,11,94,855 claimed per return of income. The appellants contend that on the facts and in the circumstances of the case and in law, the CIT(A) ought not to have upheld the action of the Assessing Officer in not allowing credit of minimum alternate tax of Rs 1,11,94,855 claimed per return of 2 M.A. No. 58/Kol/2022 I.T.A. No. 620/Kol/2021 Assessment Years: 2014-15 Ginza Industries Ltd. income inasmuch as the same is not in accordance with the prescription of the provisions of section 115JAA of the Act." 3. After perusing the order of the Tribunal dt. 08/12/2022, we find that the Tribunal, has inadvertently not adjudicated Ground No. 6 in ITA No. 620/Kol/2021 for AY 2014-15. The same is being adjudicated at para 4 of this order. 4. Ground No. 6, relates to the action of the ld. CIT(A) in not allowing credit of MAT of Rs.1,11,94,855/-. We are of the considered opinion that the issue requires to be set aside to the file of the AO, who shall calculate and grant credit for the correct amount of MAT credit for which the assessee is eligible as prescribed in the Act. Accordingly, Ground No. 6 of the assessee is allowed for statistical purposes. 5. In the result, this miscellaneous application of the assessee is allowed. Order pronounced in the open court on 05.06.2023. Sd/- Sd/- (SONJOY SARMA) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER Kolkata, Dated: 05.06.2023 SC. Sr. P.S. Copy to: 1. The Appellant: 2. Respondent : 3. The CIT(A)- Kolkata 4. The CIT , Kolkata. 5. The DR ITAT, Kolkata. //True Copy// By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata