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TMI Blog2021 (7) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... e, we set aside the order of the CIT(A) and quash the order passed by the Assessing Officer u/s. 271(1)(c) of the Act. Accordingly, the appeal of the assessee is allowed. - ITA No. 2040/H/2017 - - - Dated:- 29-6-2021 - Satbeer Singh Godara, Member (J) And Laxmi Prasad Sahu, Member (A) For the Appellant : A. V. Raghuram For the Respondents : Rohit Mujumdar ORDER PER L.P. SAHU, A. M. This appeal filed by the assessee is directed against CIT(A) - 4, Hyderabad's order dated 14/09/2017 for AY 2013-14 involving proceedings u/s. 271(1)(c) of the Income Tax Act, 1961; in short the Act , on the following grounds of appeal: 1. On the facts and in the circumstances of the case, the order of the learned CIT(A) is err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of National Thermal Power Co., Limited Vs. CIT 229 ITR 383 (SC), we admit the said additional ground of assessee. 3. Briefly the facts of the case are that the assessee company, engaged in the manufacturing of special purpose machines (SPMs like milling, drilling lathe, etc.) and general purpose machines (GPMs) and also manufacturing of machinery for captive consumption, filed return of income for the A.Y. 2013-14 admitting total income of ₹ 1,46,95,540/- and book profit u/s. 115JB at ₹ 1,51,27,764/-. The assessment in this case was completed on 30-11-2015 determining the total income at ₹ 1,86,10,598/- by making disallowance of forex loss of ₹ 42,60,676/- and disallowance u/s. 14A of ₹ 4,00,000/-. 3.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accurate particulars of income. Therefore, the notice is not validly issued. Consequently, the order passed u/s. 271(1)(c) is not valid. 7. The Learned Departmental Representative on the other hand relied on the orders of revenue authorities. 8. Considered the rival submissions and perused the material facts on record. The issue in dispute is squarely covered by the decision of the Hon'ble Supreme Court in the case of CIT Vs. SSA's Emerald Meadows, [2016] 73 Taxmann.com 248 (SC) wherein the Apex Court upheld the decision of the Hon'ble High Court, in which, the Hon'ble High Court confirmed the order of the Tribunal and dismissed the appeal of the revenue, who came in appeal against the order of the Tribunal. The Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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