Vedanta Limited v. Assistant Commissioner of Income Tax

Parties Involved

Facts Summary

Vedanta Limited, engaged in the business of manufacture and sale of aluminum and commercial power generation, filed its return of income for A.Y. 2010-11 and 2012-13. The Assessing Officer (AO) initiated reassessment proceedings under Section 148 of the Income Tax Act, 1961, alleging non-compliance with Section 14A and Section 80-IA. Vedanta Limited challenged the reassessment proceedings before the Commissioner of Income Tax (Appeals) and subsequently before the Income Tax Appellate Tribunal (ITAT). The ITAT examined the validity of the reassessment proceedings and the jurisdiction of the AO to reopen the assessments.…

Legal Issues

• 1. Addition made u/s 14A of the Act amounting to Rs. 2,06,19,999 not added back to the book profit of the Appellant u/s 115JB of the Act.
• 2. Non claim of additional depreciation amounting to Rs. 15,49,26,546 resulting in excess claim of deduction u/s 80-IA of the Act.
• 3. Non claim of additional depreciation amounting to Rs. 87,15,66,230 resulting in excess claim of deduction amounting to Rs. 9,24,14,545 u/s 80-IA of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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