Case Law Details
PCIT Vs Milestone Gears Private Limited (Himachal Pradesh High Court)
Introduction: In a significant ruling, the Himachal Pradesh High Court dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Milestone Gears Private Limited. The appeal, concerning a 100% deduction under Section 80IC of the Income Tax Act, 1961, was dismissed due to a substantial delay of 224 days in refiling.
Background of the Case
The case originates from an assessment made by the Income Tax Department on Milestone Gears Pvt. Ltd. for the assessment year 2012-2013. The initial order, passed on January 30, 2015, assessed the income of the respondent at Rs. 4,40,99,840. This order was partially overturned on appeal by the Commissioner of Income Tax (Appeals), Shimla, on March 30, 2017. The respondent then escalated the matter to the Income Tax Appellate Tribunal (ITAT), Chandigarh, which ruled in favor of Milestone Gears on December 6, 2018, granting a 100% deduction under Section 80IC.
The ITAT’s Reconsideration
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