IN THE ITAT, AHMEDABAD BENCH
RAJPAL YADAV, V.P. & PRADIP KUMAR KEDIA, A.M.
ITT Corporation India (P) Ltd. v. Pr. CIT
I.T.A. No. 344/Ahd/2020
28 January, 2021
Appellant by: Dhinal Shah, Authorised Representative
Respondent by: Mohd. Usman, Commissioner
Rajpal Yadav, V.P.
The present appeal is directed at the instance of the assessee against the order of the learned Principal Commissioner-1, Vadodara, dated 22-4-2020 passed for assessment year 2014-15 under section 263 of the Income Tax Act, 1961.
2. Though the assessee has taken one ground of appeal but it contains various sub-grounds. In brief, its grievance revolves around a single issue, namely, learned Commissioner has erred in taking cognizance under section 263 of the Income Tax Act and thereby setting aside the assessment order for framing it afresh.
3. The brief facts of the case are that assessee company at the relevant time was engaged in manufacturing and trading of water pump, industrial and chemical pumps and its accessories. It has filed its return of income on 30-11-2014 declaring loss of Rs. 16,95,929. The book profit was declared at Rs. 3,84,00,911. The case of the assessee was selected for scrutiny assessment and the notice under section 143(2) of the Act was issued on 31-8-2015, which was duly served upon the assessee. Though learned assessing officer has made two additions amounting to Rs. 15.15 Crore but ultimately income was determined at nil after setting off brought forward loss.