Question 1

What are the key legal issues in M/s. Cygni Energy Private Limited vs. Dy. Commissioner of Income Tax?

Accepted Answer

1. Whether the delay in filing the appeal before the Commissioner of Income Tax (Appeals) can be condoned?

Question 2

What are the facts of M/s. Cygni Energy Private Limited vs. Dy. Commissioner of Income Tax?

Accepted Answer

M/s. Cygni Energy Private Limited, a company, filed their return of income for the Assessment Year 2022-23 on 29.09.2022 declaring total income at Rs. Nil. The company opted for section 115BAA of the Income Tax Act, 1961, which made them ineligible for certain deductions, including deduction u/s.35(2AB) of the Act. However, the company disclosed an amount of Rs.1,26,19,626/- as eligible deduction u/s.35(2AB) of the Act in their return of income, which they had not actually claimed. The Centralized Processing Centre, Income Tax Department proposed an addition of Rs.1,26,19,626/- on account of this claim. The company filed an objection against this proposed addition, but the CPC passed the intimation u/s.143(1) on 26.07.2023, making the addition. The company's case was selected for scrutiny, and notice u/s.143(2) of the Act was issued on 01.06.2023. The Assessing Officer passed an order u/s.143(3) of the Act on 21.03.2024, making an adjustment of Rs.17,08,29,780/-. The company filed an appeal against the intimation of the CPC u/s.143(1) of the Act dated 26.07.2023 and the order of the Assessing Officer u/s.143(3) of the Act dated 21.03.2024 before the Commissioner of Income Tax (Appeals). The appeal against the intimation of the CPC was dismissed due to a delay of 237 days, while the appeal against the order of the Assessing Officer is still pending.

M/s. Cygni Energy Private Limited vs. Dy. Commissioner of Income Tax

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