ITAT Surat: 263 Orders Passed Just to ‘Keep Issue Alive’ Set Aside for Fresh Adjudication

Sachin Notified Area Vs PCIT (TAT Surat)

Background

• SNA, constituted under Gujarat Industrial Development Act (GIDA), filed NIL returns claiming exemption u/s 10(20).
• Reassessments completed u/s 147 r.w.s. 144B on 30.03.2022, denying exemption following SC ruling in NOIDA vs. CCIT (95 taxmann.com 58).
• AO accepted treatment of FDR interest ₹9.16 Cr directly credited to reserves in balance sheet, without routing through I&E a/c
• PCIT held AO erred in not taxing interest under “income from other sources” & issued 263 orders.<

  Please become a Premium member. If you are already a Premium member, login here to access the full content.