DCIT Vs Peerless General Finance & Investment & Co. Ltd. (ITAT Kolkata)
Kolkata ITAT Deletes Section 14A Disallowance for Lack of AO Satisfaction; Kolkata ITAT Treats Property Rights Sale as Capital Gains Following Past Consistency; ITAT Kolkata Upholds Deduction of Education Cess under Section 37(1); Revenue Appeals Dismissed on Section 14A, CSR, Capital Loss and Cess Issues.
Background and Procedural History
Both appeals were filed by the Revenue against separate orders passed by the Learned Commissioner of Income Tax (Appeals)-1, Kolkata [“ld. CIT(A)”] under section 250 of the Income-tax Act, 1961 (“the Act”). The orders were dated 08/03/2019 for Assessment Year (AY) 2013-14 and 04/03/2019 for AY 2015-16.
There was a delay of five days in filing both appeals. After considering the Revenue’s petitions for condonation, the Tribunal was satisfied that the Department was prevented by sufficient cause from filing the appeals within time. The delay was accordingly condoned and both appeals were admitted.
The appeals concerned M/s. The Peerless General Finance & Investment & Co. Ltd. in ITA Nos. 1469 & 1470/Kol/2019 for AYs 2013-14 and 2015-16.
Assessment Year 2013-14
Long-Term Capital Loss
The first ground concerned the carrying forward of long-term capital loss of Rs.160,65,10,531/-. The ld. CIT(A) recorded that the assessee’s claim was agreed to and directed the Assessing Officer to consult the files of previous years and, if the amount was due and unclaimed, allow the same.
