Case Number: ITA 1461/DEL/2019
Appellant: Nihon Parkerizing (India) Pvt. Ltd., Gurgaon
Respondent: ACIT (OSD), Circle-18(1), New Delhi
Assessment Year: 2014-15
Case Filed On: 2019-02-21
Order Type: Final Tribunal Order
Date of Order: 2023-08-07
Pronounced On: 2023-08-07
This appeal by Nihon Parkerizing (India) Pvt. Ltd. (hereinafter referred to as the Assessee) is directed against the order dated 28th December 2018 of the Ld. CIT (Appeals)-6, Delhi, pertaining to the assessment year 2014-15.
The assessee, Nihon Parkerizing (India) Pvt. Ltd., filed an appeal challenging the disallowance of carry forward loss amounting to Rs. 4,77,22,597 of Nipa Chemicals Limited (the amalgamating company) by the ACIT (OSD), Circle-18(1), New Delhi. The primary issue in contention was the non-allowance of the carry forward loss due to alleged non-compliance with certain conditions under Section 72A(2) of the Income Tax Act, 1961.
The grounds of appeal taken by the assessee are as follows:
The tribunal, comprising Shri Shamim Yahya, Accountant Member, and Ms. Astha Chandra, Judicial Member, reviewed the submissions made by both parties. The Ld. Counsel for the assessee argued that the assessee had met all the conditions for the allowance of carry forward loss and that the disallowance was made solely because the claim was not made in the return of income.
The tribunal noted that the ld. CIT (A) had denied the carry forward loss on the grounds that the claim was not made in the return of income and that Form-62 was not submitted. The tribunal found merit in the assessee’s contention that all conditions for the allowance were met and deemed it appropriate to remit the issue back to the ld. CIT (A) for fresh consideration.
Accordingly, the tribunal directed the ld. CIT (A) to decide the issue afresh after providing the assessee with a proper opportunity to be heard.
In conclusion, the appeal filed by Nihon Parkerizing (India) Pvt. Ltd. for the assessment year 2014-15 was allowed for statistical purposes. The tribunal directed the ld. CIT (A) to reconsider the issue of carry forward loss of Rs. 4,77,22,597 of the amalgamating company, ensuring that the assessee is given a fair opportunity to present their case.
Order pronounced in the open court on this 7th day of August, 2022, after the conclusion of the hearing.
Case Reference:
ITA No. 1461/Del./2019
Appellant: Nihon Parkerizing (India) Pvt. Ltd., Gurgaon
Respondent: ACIT (OSD), Circle-18(1), New Delhi
Assessment Year: 2014-15
The final judgment for the appeal (ITA No. 1461/DEL/2019) was pronounced in the open court on 07/08/2023 by the Vice-President and Judicial Member of the tribunal, directing the ld. CIT (A) to reconsider the issue of carry forward loss.
Order pronounced in the open court on 07/08/2023 by:
(ASTHA CHANDRA)
JUDICIAL MEMBER
(SHAMIM YAHYA)
ACCOUNTANT MEMBER
Dated the 7th day of August, 2022
TS
Copy forwarded to:
Assistant Registrar
Nihon Parkerizing (India) vs ACIT Circle-18(1): Appeal for Carry Forward Loss Denial for AY 2014-15
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