2025 (8) TMI 1765

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....made as above, the appellant filed an appeal before the ITAT with following grounds of appeal :- The Appellant presents this appeal against the impugned order viz. the Appellate Order dated 30th March, 2025 passed by the Commissioner of Income-tax (Appeals), Additional/Joint Commissioner of Income Tax (Appeals) - 2, Noida, under section 250 of the Income Tax Act, 1961 (the Act) on the following amongst other grounds each of which are in the alternative and without prejudice to any others: I. DENIAL OF DEDUCTION FOR UTILISATION UNDER SECTION 11(3) OF THE ACT OF THE SURPLUS ACCUMULATED UNDER SECTION 11(2) OF THE ACT IN EARLIER YEARS - RS. 81,35,976/- On the facts and circumstances of the case and in law, 1.....

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....thereafter, be taxed u/s 11(3) of the Act. 1.5. The learned CIT (Appeals) erred in upholding the taxation of the said amount under Section 115BBI of the Act. 1.6. The learned Assessing Officer and the learned CIT(Appeals) failed to appreciate and consider the submissions made and explanation offered by the Appellant in justification of its claim for deduction. 1.7. Without prejudice to the above, in case application of income of Rs. 81,35,976/- is not allowed against accumulation of income u/s. 11(2) of the Act for AY 2017-18, then the amount so applied be treated as allowed against current income and to that extent accumulation applied under section 11(2) for AY 2023-24 be reduced. The Appellant pra....

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....d its return of income on 20.11.2023 showing total income as NIL. The appellant has filed Form No. 10 on 30.10.2023 for accumulation under section 11(2) of the I.T. Act. In A.Y. 2017-18, accumulated amount of Rs. 93 lakh was added to the total income by the Ld. AO while passing assessment order under section 143(3) of the Act. As the Ld. CIT (A) confirmed the addition made by the Ld. AO, appellant filed this appeal with grounds of appeal mentioned above. 5. During the hearing before the ITAT, Ld. AR of the appellant has argued that the additions made by Ld. CPC are highly debatable and addition cannot be made under section 143(1) of the Act. Secondly, Ld. AR of the appellant argued that the amendment to section 11(3) brought by....