Case Law Details
Supreme Treon Pvt. Ltd. Vs DCIT (ITAT Mumbai)
Introduction: The case of Supreme Treon Pvt. Ltd. versus DCIT (ITAT Mumbai) revolves around the allowance of deduction under section 80-IC of the Income Tax Act. The appeal challenges the order passed by the Commissioner of Income Tax (Appeals) arising from an intimation issued under section 143(1) of the Act for the assessment year 2015-16.
Detailed Analysis: The appellant, Supreme Treon Pvt. Ltd., contested the disallowance of a deduction claimed under section 80-IC amounting to Rs. 1,35,62,893 for its unit in Rudrapur, Uttarakhand. The dispute primarily centered around the timing of filing the Audit Report in Form 10CCB, which is a prerequisite for claiming the deduction under section 80-IC.
The appellant argued that they filed the original return of income before the due date of filing, which was 30th November 2015, as per section 139(1) of the Income Tax Act. They further contended that since the accounts were not finalized due to shareholder disputes, the return was based on management accounts. Additionally, they filed Form 10CCB, disclosing relevant details for the deduction claim.
However, the Commissioner of Income Tax (Appeals) upheld the disallowance, citing non-compliance with the provisions of section 92E and section 80-IC(7) of the Act. They determined the due date for filing the return as 31st October 2015, based on the failure to furnish the audit report under section 92E.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
