Mech Secons Vs. D.C.I.T., CC-3(3), Kolkata

Parties Involved

Facts Summary

The assessee company filed its return of income showing a total income of ₹3,36,38,277/-. A survey under section 133A(1) of the Income Tax Act was conducted at the office and residential premises of the assessee, and the assessment was reopened under section 147 of the Act after issuing a notice under section 148 of the Act. The assessee submitted that the return filed on 20.09.2017 may be treated as the return filed in response to the notice under section 148 of the Act. The Assessing Officer assessed the total income of the assessee at ₹3,36,38,277/-, the same as the returned income, but allowed a credit of tax at ₹65,57,786/-, which was short by ₹10 lakhs. Aggrieved by the assessment order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who dismissed the appeal. Aggrieved by this order, the assessee filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeal) erred in not allowing the credit of prepaid taxes of Rs.5,00,000/- paid on 30th March 2019 and Rs.5,00,000/- paid on 31st March 2019 under section 140A of the Income Tax Act, 1961.
• 2. Whether the Commissioner of Income Tax (Appeal) erred in not allowing the appellant's claim seeking credit of payment of tax amounting to Rs. 10,00,000/-.
• 3. Whether the Commissioner of Income Tax (Appeal) ought to have allowed the credit of prepaid taxes totalling to Rs.10,00,000/-.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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