2022 (9) TMI 1180

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....rt ld. "CIT(A)"] dated 17.12.2021 arising out of the assessment order framed u/s 143(1) of the Act dated 16.10.2019. 2. The assessee is in appeal before this Tribunal raising the following grounds: "1. For that on the facts of the case, the order passed by the Ld. C.I.T.(A) on 17.12.2021 is completely arbitrary, unjustified and illegal. 2. For that on the facts of the case, that while issuing intimation u/s. 143(1) could not deny the adjustment claimed by the assessee as the same does not come within the ambit of 'an incorrect claim apparent from any information in the return', therefore, enhanced the gross total income made by the CPC was without jurisdiction which is confirmed by the Ld. CIT(A), as such his fi....

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....planation brought in by Finance Act, 2021 with effect from 01.04.2021 on this issue is prospective; and taking note that the relevant assessment year i.e. 2019-20 the ibid explanation brought in by Finance Act, 2021, cannot be used/applied to unsettle the settled position of law passed by the Hon'ble jurisdictional High Court in the case of Vijayshree Ltd. (supra), since there is no retrospective legislative over-ruling. Therefore, the finding of the Ld. CIT(A) is completely arbitrary, unjustified and illegal. 7. For that in charging interest u/s. 234B at Rs.23,047/- & 234C at Rs.6,181/-, which is mechanically wrong and illegal. 8. For that the appellant reserves the right to adduce any further ground or grounds, if ne....

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....inally deposits the amount before the due date of filing return of income u/s 139(1) of the Act then such disallowances are uncalled for. I, therefore, respectfully following the decision of this Tribunal in the case of Lumino Industries Ltd. (supra) delete the alleged disallowance made towards contribution towards PF & ESI of Rs. 1,61,466/- and allow grounds nos. 5 & 6 raised by the assessee. 7. As regards the second issue of the adjustment of profit on sale of motor car at Rs. 3,29,314/-. I, on going through the computation of income and the depreciation chart as per the income tax notice that the assessee being a private limited company while computing the total income firstly disallowed the depreciation calculated as per the Companie....