2019 (11) TMI 1825 - HC - Income Tax

Calcutta HC to Hear Appeal on Excess Dividend Distribution Tax Interest & Section 263 Proceedings Quashing.

Principal Commissioner of Income Tax-3, Kolkata Versus ITC Limited

The HC of Calcutta admitted an appeal under Section 260A of the Income Tax Act, 1961, concerning substantial questions of law about interest on excess ... Allowability of interest on excess dividend distribution tax paid - appreciation of provisions of Section 244A read with Section 115-O - substantial question of law - HELD THAT:- Appeal u/s 260A of the Income Tax Act, 1961 is admitted on the following substantial questions of law only:- 1. Whether on the facts and in the circumstances of the case the tribunal exercised its jurisdiction properly in allowing interest on excess dividend distribution tax paid by the assessee in the assessment year 2009-2010 and quashing the proceeding under Section 263 of the Income Tax Act, 1961? 2. Whether on the facts and in the circumstances of the case the tribunal appreciated the provisions of Section 244A read with Section 115-O of the said Act correctly? As the respondent is represented by learned counsel, issuance and service of notice of appeal are dispensed with. Let informal paper books be filed by the appellant’s advocate-on-record by 2nd December, 2019, serving a copy thereof on the advocate-on-record for the respondent at least seven days before the date of hearing of this appeal. List this appeal for hearing on 16th December, 2019. The High Court of Calcutta admitted an appeal under Section 260A of the Income Tax Act, 1961 on substantial questions of law regarding interest on excess dividend distribution tax and quashing of proceedings under Section 263. The appeal is scheduled for hearing on 16th December, 2019.