Graphite India Ltd. Vs. PCIT-4, Kolkata
Parties Involved
Facts Summary
The assessee company, Graphite India Ltd., filed its return of income for Assessment Year 2013-14 declaring a total income of Rs. 1,49,52,82,441/- and book profit under section 115JB at Rs. 2,37,33,07,368/-. The case was selected for scrutiny and notices under section 142(1) of the Income Tax Act were issued. The Assessing Officer (AO) determined the assessed income of Rs. 1,65,73,07,934/- and book profit of Rs. 2,37,33,07,368/-. Subsequently, the assessment record was called for on the basis of material available, and it was found that the order of assessment was erroneous and prejudicial to the interest of the revenue. An order was passed under section 263 directing the AO to pass a fresh assessment order after providing a reasonable opportunity to the assessee company. Being aggrieved and dissatisfied with this order, the assessee preferred an appeal before the ITAT.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessment order passed by the AO was erroneous and prejudicial to the interest of the revenue.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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