2025 (5) TMI 1712

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....he assessee being a company filed its return of income declaring total income of Rs. 38,03,23,967/- under normal provision and Rs. 37,69,97,815/- under book profit u/s 115JB of the Act Subsequently the assessee has filed a revised return u/s 139(5) on 26.11.2020 declaring total income of Rs. 38,03,23,967/- under normal provision and Rs. 37,69,97,815/- under book profit u/s 115JB of the Act. Consequence to search and seizure operation, notice u/s 153A of the Act was issued on 28.06.2021. The assessee company has filed a return in response to the said notice on 13.09.2021 declaring total income of Rs. 38,03,23,967/- under normal provision and Rs. 37,69,97,815/- under book profit u/s 115JB of the Act. The assessment has been completed u/s 153A....

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.... appeared on behalf of the assessee challenges the very impugned order thereby submitting that the Ld. CIT(A) has erred in confirming the order passed by the AO wherein it has been held that turnover of the assessee for AY 2017-18 is at Rs. 254.74 crores in place of 226.43 crores (net of excise duty amounting to Rs. 24.32 crores). The Ld. Counsel submits that the turnover for AY 2017-18 was below of Rs. 250 crores therefore applicable rate of tax for AY 2019-20 should be 25% in place of 30% as assessed by the AO confirmed by the Ld. CIT(A). The Ld. Counsel submits that the Ld. CIT(A) erred in confirming the order of AO by rejecting the rectification petition dated 13.06.2023 on the wrong observation. The Ld. Counsel cited following decision....

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.... 14 Rs.                      P. Rš.                      P. 1. Revenue from Operations (Gross) 2508123742.00 2547476677.50 Less: Excise Duty 243216003.00 278498986.00 Revenue from Operations (Net) 2264907739.00 2268977691.50 2. Other Income 15 32921804,00 28716562.00 TOTAL REVENUE 2297829543.00 2297694253.50 7. The Ld. CIT(A) has in its order held that the excise duty ought to have been excluded in calculation of turnover. The turn over exceeds more than 250 crores whe....