2023 (10) TMI 1384 - HC - Income Tax

Addition u/s 14A r.w. rule 8D - assessee earned exempt income during the year and the provisions u/s 14A were mandatory provisions to arrive at correct real income it was necessary to apportion the expenditure between taxable and non taxable income - 100% depreciation claimed on temporary erections - Asset used less than 180 days - addition of loss on shifting of securities from AFS/HTS category to HTM category - Disallowance u/s 36(1)(vii) - ITAT allowed all the ground in favour of assessee - HELD THAT - Out of the proposed questions of law question numbers (A) to (D) are covered by a decision rendered by this court in a bunch of appeals the lead appeal Pr. Commissioner of Income Tax vs. Oriental Bank of Commerce (now merged with Punjab National Bank Ltd) 2023 (10) TMI 1244 - DELHI HIGH COURT MAT provision applicability on assessee banking company - HELD THAT - The said appeals concern AYs 2014-15 2015-16 and 2013-14.We may note that during the said AYs admittedly the proposed question (E) was not raised by the appellant/revenue. Therefore having regard to the principle of consistency in our view proposed question no. (E) cannot be considered in the aforementioned AY i.e. AY 2016-17.

Summary

Issues Involved:
- Condonation of delay in filing the appeal
- Assailing the order of the Income Tax Appellate Tribunal for AY 2016-17
- Proposed questions of law for consideration by the court

Condonation of Delay in Filing the Appeal:
An application was moved seeking condonation of a 7-day delay in filing the appeal. The court, considering the period of delay, inclined to condone the delay and ordered accordingly. The application was disposed of in the terms mentioned.

Assailing the Tribunal's Order for AY 2016-17:
The appeal sought to challenge the order passed by the Income Tax Appellate Tribunal for AY 2016-17. The appellant/revenue presented various questions of law for the court's consideration. These questions included issues related to the addition of certain amounts, depreciation claims, deletion of certain additions made by the Assessing Officer, and the applicability of Minimum Alternate Tax (MAT) provision on a banking company.

Proposed Questions of Law for Consideration:
The appellant/revenue proposed several questions of law for the court's consideration. These questions covered matters such as the deletion of additions, depreciation claims, loss on shifting of securities, disallowance under a specific section, and the applicability of MAT provision on a banking company. The appellant acknowledged that some of the proposed questions were addressed in a previous decision by the court, emphasizing the principle of consistency. The court noted that one of the proposed questions was not raised during the relevant assessment years and, therefore, could not be considered for the AY 2016-17. Consequently, the court found that no substantial question of law arose for consideration and closed the appeal accordingly.