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The assessee, a domestic company, contested the tax rate applied by the authorities for the assessment year 2018-19. The Finance Act, 2017 introduced a concessional tax rate of 25% for domestic companies with a turnover not exceeding Rs. 50 crores in the base year 2015-16. The assessee's audited turnover for 2015-16 was Rs. 51.19 crores, including inter-branch transfers of Rs. 1.41 crores. Excluding inter-branch transfers, the revised turnover was Rs. 49.77 crores, qualifying for the concessional rate. The authorities erroneously included inter-branch transfers in turnover, contrary to statutory provisions and accounting principles. The Appellate Tribunal set aside the orders, directing the Assessing Officer to exclude inter-branch transfers, apply the 25% tax rate, recalculate the tax liability for 2018-19 accordingly, and provide the assessee an opportunity to present evidence. The assessee's appeal was allowed.
The assessee, a domestic company, contested the tax rate applied by the authorities for the assessment year 2018-19. The Finance Act, 2017 introduced a concessional tax rate of 25% for domestic companies with a turnover not exceeding Rs. 50 crores in the base year 2015-16. The assessee's audited turnover for 2015-16 was Rs. 51.19 crores, including inter-branch transfers of Rs. 1.41 crores. Excluding inter-branch transfers, the revised turnover was Rs. 49.77 crores, qualifying for the concessional rate. The authorities erroneously included inter-branch transfers in turnover, contrary to statutory provisions and accounting principles. The Appellate Tribunal set aside the orders, directing the Assessing Officer to exclude inter-branch transfers, apply the 25% tax rate, recalculate the tax liability for 2018-19 accordingly, and provide the assessee an opportunity to present evidence. The assessee's appeal was allowed.
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