TaxTMI 
TaxTMI 
2024 (1) TMI 1568
X X X X Extracts X X X X
X X X X Extracts X X X X
....t much before the prescribed due date w/s 139(1) and in view of the facts and in the circumstances it may be held accordingly. 2. Without prejudice to Ground No. 1 above, the impugned addition and the affirmation of such addition in order u/s 143(1) by Ld. CIT(A) was in violation of judgment of Jurisdictional Tribunal and in view of the facts and in the circumstances it may be held accordingly. 3. Without prejudice to Grounds No. 1 & 2 above, the adjustment so made by the AO in respect of such sum of Rs. 21,29,570/- is not covered within the scope of sec. 143(1) and the Ld.CIT(A) was wholly unjustified in dismissing such grounds of appellant and in view of the facts and in the circumstances such order of Ld. CIT(A) as well as order u/s 143(1) may be quashed / cancelled accordingly. 4. Without prejudice to Grounds No. 1, 2 & 3 above, the amendment to Sec.36(1)(va) read with sec. 2(24)(x) in respect of Employees' Contribution to PF/ESI is not retrospective and not applicable prior to A.Y 202 1-22 and it may be held accordingly. 5. Without prejudice to validity of adjustments so made in order w/s 143(1), the AO failed to grant depreciation on co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....reciation accordingly. 6. For that in view of the facts and in the circumstances, the Ld. CIT(A) was wholly unjustified in holding charging of interest u/s 234C as consequential since such interest is chargeable on returned income only and in view of the facts and in the circumstances it may be held accordingly. 7. For that your petitioner craves the right to put additional grounds and/or to alter/ amend/modify the present grounds at the time of hearing." 2. First we take up ITA No. 466/Kol/2022 for A.Y. 2018-19. Brief facts of the case are that assessee is a company and filed its return of income declaring an income of Rs. 54,20,47,250/- and book profit of Rs. 50,26,02,831/- u/s 115JB of the I.T. Act, 1961. Subsequent to it intimation u/s 143(1) of the Act was issued to the assessee by assessing the income at Rs. 54,41,76,816/- by making an addition of Rs. 21,29,570/- added to the income of assessee u/s 36 of the Act and due to the same reduced the refund as claimed by assessee from Rs. 43,90,290/- to Rs. 36,25,442/- by the AO. The ld. AO after assessed the income of assessee at Rs. 54,41,76,816/- necessary tax was computed at Rs. 15,93,37,508/- by collecting ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o use for less than 180 days. Accordingly, the assessee claimed depreciation @ 10% being 50% of normal rate of depreciation. During the year, the assessee claimed 10% additional depreciation on the ground that the assessee had claimed only 50% depreciation in FY 2012- 13 in terms of proviso to Section 32(1) of the Act. The assessee referred to the Finance Act, 2015 inserting to proviso to Section 32(1)(iia) effective w.e.f 01.04.2016 providing that where assets has been put to use for the purpose of business for a period less than 180 days in the previous year, the deduction shall be allowed in respect of depreciation @ 50% of normal depreciation as prescribed under clause (iia) and the deduction in the remaining 50% of the amount calculated at the normal rate as prescribed under clause (iia) shall be allowed under sub-section (1) in the succeeding year. The AO disallowed the deduction on the ground that the Finance Act, 2015 has made this provisions w.e.f. 01.04.2016 and consequently the assessee is not entitled to claim the deduction for AY 2014-15 of Rs. 60,66,115/-. 14. In the appellate proceedings the Ld. CIT(A) allowed the appeal by referring to the provision of Sect....
X X X X Extracts X X X X
X X X X Extracts X X X X
....dditional depreciation on such plant and machinery has been claimed by the assessee company during the year under consideration i.e. the FY 2006-07 relevant to this assessment year 2007-08. A bare reading of clause (iia) of section 32(1) of the Act w.e.f. the AY 2006-07, provides for allowance of additional depreciation equal to 20% of actual cost of new plant and machinery acquired and installed after March, 31st 2005 by an assessee engaged in the business of manufacture or production of any article or thing. Such additional depreciation is to be allowed as deduction u/s. 32(1)(iia) of the Act but second proviso to section 32(1)(ii) restricts the allowance of depreciation at 50%, if the plant and machinery is acquired during the previous year is put to use for a period of less than 180 days in that previous year. The second proviso specifically makes a reference to an asset referred to in clause (iia) of the said section 32(1) of the Act. And it is because of the second proviso assessee claimed only 50% additional depreciation for AY 2006-07 and accordingly, claimed the balance amount of additional depreciation in the immediately subsequent year i.e. the year under consideration A....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lowing the decision rendered by this Tribunal. 7. The issue no. 6 of the appeal is in relation with charging of interest u/s 234C of the Act on assessed income in place of return income filed by the assessee while passing the impugned order by ld. CIT(A) against the assessee. On this context, the ld. AR stated that interest u/s 234C of the Act is applicable only on the returned income filed by the assessee. However, the ld. CIT(A) while passing the order holding that charging of interest u/s 234C of the Act on the assessed income which is contrary to the law. In order to substantiate his claim the ld. AR brought to our notice to the provisions of section 234C of the Act which is read as under: "Interest for deferment of advance tax 234C (1) Where in any financial year,- (a) the company which is liable to pay advance tax under section 208 has failed to pay such tax or- (i) the advance tax paid by the company on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (a) the amount of capital gains; or (b) income of the nature referred to in sub-clause (ix) of clause (24) of section 2, and the assessee has paid the whole of the amount of tax payable in respect of income referred to in clause (a) or clause (b), as the case may be, had such income been a part of the total income, as part of the [remaining installments of advance tax which are due or where no such instalments are due], by the 31st day of March of the financial year:] [Provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the Finance Act, 2000 (10 of 2000), as amended by the Taxation Laws (Amendment) Act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day of September, 2000 and the 15th day of December, 2000:] [Provided also that nothing contained in this sub-section shall apply to any shortfall in the payment of th....