Owens Corning India Pvt. Ltd. Vs ACIT (ITAT Mumbai)
The appeal was filed by the assessee against the order dated 28.09.2021 passed by the Commissioner of Income Tax (Appeals)-57, Mumbai, under Section 250 of the Income Tax Act, 1961, for Assessment Year (AY) 2014-15.
The appeal came up for hearing pursuant to the order dated 03.02.2023 of the coordinate bench of the Income Tax Appellate Tribunal (ITAT), which had recalled its earlier order dated 24.08.2022, limited to the adjudication of Ground No. 1 raised by the assessee.
At the outset, the assessee submitted that it had filed a declaration in Form No. 8 under Section 158A of the Income Tax Act. The assessee stated that an identical question of law was already pending before the jurisdictional High Court in its own case for AY 2004-05. It therefore requested the Tribunal to pass an appropriate order under Section 158A(3). In support of its claim, the assessee placed on record the declaration in Form No. 8 and the High Court’s order dated 05.03.2013 in its appeal.
Ground No. 1 in the present appeal challenged the disallowance of ₹20,14,928, representing the amortised amount of the premium paid for acquiring lease rights over a plot of land. The assessee contended that the amortised amount was deductible while computing its total income and sought deletion of the disallowance and recomputation of its income.
