DCW LIMITED Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Since pleadings are completed, with the consent of Counsels, we take up the Petition for hearing at the admission stage. Rule. Rule returnable forthwith.

(2.) Petitioner had filed its return of income for Assessment Year 2014-15 on 29/11/2014. It was processed and intimation under Sec. 143(1) of the Income Tax Act, 1961 ("the Act") was issued. Subsequently, Petitioner's case was selected for scrutiny assessment. Petitioner was called upon to file several details pertaining to Petitioner's claim for deductions under Sec. 32AC of the Act. These include details of the installation of the machinery with respect to which a claim for deduction was made. Details of money borrowed, interest paid, etc. was also called for. All details were made available along with Auditor's Certification for the purpose of calculation of allowance under Sec. 32AC of the Act.

(3.) The assessment came to completed by an order dated 17 th November 2016 under 143(3) of the Act.