DEPUTY COMMISSIONER OF INCOME TAX 3(3) 2, MUMBAI SUPARNA CHEMICALS LIMITED , MUMBAI


Quick Summary
The Income Tax Appellate Tribunal (ITAT) in Mumbai has dismissed two appeals filed by the Deputy Commissioner of Income Tax against Suparna Chemicals Ltd. The appeals, concerning assessment years 2014-15 and 2015-16, were dismissed because the tax effect of the disputed additions fell below the threshold limit of Rs. 50 Lakhs, as per the CBDT's Circular No. 17/2019. The tribunal granted the revenue liberty to seek recall if future findings indicate exceptions to the circular or a higher tax effect.

Court :
ITAT Mumbai

Brief :
Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeals by revenue for Assessment Years [in shortreferred to as ‘AY’] 2014-15 & 2015-16 contest separate orders oflearned first Appellate Authority which has granted certain relief to the assessee on account of weighted deduction u/s 35(2AB). 

Citation :
I.T.A. No.3854/Mum/2019

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Published in Income Tax
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