2025 (2) TMI 1640

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....f appeal : "1. On facts and circumstances prevailing in the case and as per provisions & scheme of the Income-tax Act, 1961 ("the Act") it be held that the Ld. Principal Commissioner of Income Tax ("PCIT") has erred in holding that order passed by the Learned Assessing Officer ("Ld. AO) u/s 143(3) of the Act dated 12th April, 2021 is erroneous and prejudicial to the interest of the Revenue. The Appellant be granted just and proper relief in this respect. 2. On facts and circumstances prevailing in the case and as per provisions and scheme of the Act, it be held that the PCIT has erred in not appreciating that where a legally permissible view is adopted while passing the Assessment order, the same cannot be considered as er....

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....ed 19.02.2024 under section 263 of the Act, was issued to which detailed reply was furnished. However, ld.Pr.CIT was not satisfied and he directed the AO to reframe the assessment after due examination of the issue referred in show cause notice i.e. Unutilised Input Tax Credit of GST of Rs. 17,19,319/- and GST written-off at Rs. 18,71,321/- and to this extent the assessment order was held to be erroneous and prejudicial to the interest of the Revenue. Now, the assessee is in appeal before this Tribunal. 5. Ld.Counsel for the assessee referring to the paper book containing 59 pages, firstly, referred to the submissions filed to the notice issued under section 142(1) of the Act stating that the Audited Financial Statement were filed before....

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....ng Officer in the Questionnaire has been replied with all evidences and documents by the assessee. Schedule 19 of the Audited Balance Sheet provides details of Indirect expenses and at S.No.9 and 12 of this schedule are the Inadmissible Tax of Rs. 17,19,319/- and GST written-off at Rs. 18,71,321/- are appearing. We notice that inadmissible tax at Rs. 17,19,319/- are towards debiting the Unutilised Input Tax of GST. It is a known fact that GST Act was made applicable during F.Y.2017-18 i.e.A.Y.2018-19. Prior to GST Act, assessee was governed under Value-Added Tax(VAT) and there were input tax credit available with the assessee close of F.Y.2016-17 which were carry forwarded to the F.Y.2017-18 i.e. year under appeal. The alleged sum of Rs. 17....