Interest u/s. 234D Income Tax Act: ITAT Ruling

Quick Summary

This judgement from the Income Tax Appellate Tribunal (ITAT) Kolkata concerns appeals filed by M/s. G.S. Atwal & Co. (Engg.) Pvt. Ltd. against orders related to assessment years 2005-06 and 2006-07. The core issue revolves around the taxability of interest awarded from an arbitration dispute. The assessee argued that the reopening of assessment was invalid as the interest accrued only after the relevant assessment year, and that additional depreciation under Section 32(1)(iia) was wrongly disallowed.

Court :
ITAT Kolkata

Brief :
Both these appeals are filed by the assessee directed against the Common order of the Learned Commissioner of Income Tax (Appeals)-20, Kolkata [hereinafter the “CIT(A)”], passed u/s 250 of the Income Tax Act, 1961 (hereinafter the ‘Act’), dated 06.06.2019 for the Assessment Years 2005-06 & 2006-07. As the issues arising in both these appeals are common and as the facts are identical, for the sake of convenience, they are heard together and disposed off by way of this common order.

Citation :
ITA 1938/KOL/2019

Daily Limit Reached