Calcutta High Court
Principal Commiissioner Of Income Tax vs M/S. Ankit Metal & Power Ltd on 15 November, 2018
Author: I. P. Mukerji
Bench: I. P. Mukerji
OD-4
ORDER SHEET
ITAT 264 of 2018
GA No. 2742 of 2018
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICTION (INCOME TAX)
ORIGINAL SIDE
PRINCIPAL COMMIISSIONER OF INCOME TAX, CENTRAL-2, KOLKATA
Versus
M/S. ANKIT METAL & POWER LTD.
BEFORE:
The Hon'ble JUSTICE I. P. MUKERJI
The Hon'ble JUSTICE SUBHASIS DASGUPTA
Date : 15th November, 2018.
Appearance:
Mr. Udayan Chakraborty, Adv.
Ms. Smita Das De, Adv.
For the petitioner/appellant
Mr. J.P. Khaitan, Sr. Adv.
Mr. S. Sarkar, Adv.
Mr. G.S. Gupta, Adv.
For the respondent/assessee.
The Court :- The appeal is admitted on the following questions of law:-
"i) Whether on the facts and in the circumstances of the case the learned Tribunal was justified in law or fact in deleting the additions made by the Assessing Officer relating to interest, subsidy and power subsidy and treat both the interest and the power subsidy for the purpose of calculating MAT as capital receipt in contradiction to the decisions of the Apex Court in Appollo Tyre -Vs- CIT reported in 255 ITR 273 without considering the fact and the receipt credited in Profit & Loss Account credited in accordance with Part-I of Schedule IV of the Companies Act and as such no deduction is allowed under Section 115-JB in respect of the subsidy?2
ii) Whether on the fact and in the circumstances of the case the learned Tribunal was justified in law to uphold the decision of the CIT (A) by accepting the claim of the Assessee made by way of revised computation without filing the revised return which is in contradiction to the decisions of the Apex Court in the case of Goetze India Limited-Vs- ACIT Reported in 17 Taxman. Odisa despite the fact that no fresh claim was made by the Assessee before the CIT(A) as evident from the grounds of appeal filed by the assessee before the CIT(A)?"
Since the respondent is represented by Mr. J.P. Khaitan, learned Senior Counsel, issuance and service of notice of appeal are dispensed with.
The Appellant's Advocate-on-Record will file informal paper books by 7th December, 2018. A copy thereof should be served on the Advocate-on- Record for the respondent at least seven days before the date of hearing of the appeal.
List the appeal for hearing on 14th January, 2019. The application (GA No. 2742 of 2018) is disposed of accordingly.
(I. P. MUKERJI, J.) (SUBHASIS DASGUPTA, J.) cs