nVent Thermal India Pvt. Ltd vs. ACIT
Case No: ITA No.6689/Del/2019 & ITA No.7416/Del/2019
Court: Income Tax Appellate Tribunal, Delhi Bench ‘F’
Date: 1/29/2025
Parties Involved
appellantnVent Thermal India Pvt. Ltd
respondentACIT, Circle-19(1), Delhi
appellantDCIT, Circle-19(2), Delhi
Facts Summary
The assessee, nVent Thermal India Pvt. Ltd, is a service-based company engaged in devising heat management systems. It earns revenue from services rendered and contract jobs, which include Electronic Heat Tracing (EHT) and Insulation on Engineering and Procurement (EP), Engineering and Procurement and Construction Management (EPCM) basis. The original return of income was filed based on unaudited financial statements declaring a loss, but a revised return was filed after the accounts were audite…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the revised return filed by the assessee after the issuance of notice u/s 143(2) of the Act.
- 2. Disallowance of cost of construction by the Assessing Officer.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
10 precedents cited in this judgement.