Case Law Details
Damco India Pvt Ltd Vs CIT (ITAT Mumbai)
Introduction: In a recent landmark ruling on August 10, 2023, the Income-tax Appellate Tribunal (ITAT) Mumbai division sided with the taxpayer, Damco India Pvt Ltd. This case was brought against the Commissioner of Income Tax (CIT), specifically related to the issue of granting advance tax credits that were not claimed by the taxpayer.
Overview of the Case: Damco India Pvt Ltd challenged the earlier ruling passed under section 250 of the Income Tax Act, 1961, by the learned CIT for the assessment year 2013–14. The primary point of contention was the denial of an advance tax credit amounting to INR 1,10,00,000 paid by the company.
Grounds for Appeal: Damco India Pvt Ltd laid out multiple grounds for the appeal. The company questioned the legal justifications of the decisions taken by the Assessing Officer (AO) and the CIT(A). The grounds for appeal included:
1. Denial of advance tax credit.
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