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ITAT Excludes Inter-Branch Transfers from Turnover, Grants 25% Concessional Tax Rate
Case Law Details
- Case Name
- Power and Instrumentation (Gujarat) Ltd. Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Power and Instrumentation (Gujarat) Ltd. Vs ACIT (ITAT Ahmedabad)
In the case of Power and Instrumentation (Gujarat) Ltd. Vs. ACIT (ITAT Ahmedabad), the Income Tax Appellate Tribunal (ITAT) ruled on the eligibility of the company for the concessional tax rate under the Finance Act, 2017. The assessee, engaged in electrical contracting and trading, had filed its return for the assessment year (AY) 2018-19, declaring an income of ₹3.10 crore. However, upon processing the return, the Assistant Commissioner of Income Tax (ACIT) raised a demand based on a turnover of ₹51.18 crore, including int...
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