Alleged liability of Genpact India under Sections 115-QA and 115-QB of the Income Tax Act, 1961

Last updated: 11 September 2021

Court :
ITAT Delhi

Brief :
The above cross appeals by the assessee and revenue are preferred against the order of the Commissioner of Income Tax [Appeals] - 35, New Delhi dated 25.10.2017 pertaining to Assessment Year 2014-15.

Citation :
ITA No. 379/DEL/2018 [A.Y 2014-15]

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH,
NEW DELHI (THROUGH VIDEO CONFERENCING]
BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND
SHRI KULDIP SINGH, JUDICIAL MEMBER
ITA No. 379/DEL/2018 [A.Y 2014-15]

The Dy. C.I.T
Circle 10(1)

Vs.

Genpact India, Delhi Information

Technologies Park, Shastri Park
New Delhi

PAN : AAACG 9163 H

Date of Hearing : 01.09.2021
Date of Pronouncement : 01.09.2021
Assessee by : Shri Sachit Jolly, Adv
Revenue by : Ms Sunita Singh, CIT- DR

ORDER

At the very outset, let us understand the clear facts of the case which would be clear from the following order of the Hon'ble High Court of Delhi in WPC 686/2017 and CM No 29390/2019. The most relevant part of the said judgment.

2. At the outset, it requires to be noticed that the impugned order of assessment was passed under Section 143 (3) of the Act for the Assessment Year („AY‟) 2014-15. The said impugned assessment order deals with certain other issues, apart from the issue concerning the demand under Section 115 QA of the Act. As regards the other issues, the Assessee preferred a statutory appeal under Section 246-A of the Act before the Commissioner of Income Tax (Appeals) [„CIT (A)‟].

3. Whether on the facts and circumstances of the case & in law, the Ld. CIT(A) erred in treating income of Rs.23,04,032/- from interest on employee loans as eligible for deduction u/s 10A & 10AA of the I.T. Act 1961.

4.In the result, both, the appeal filed by the Revenue in ITA No. 379/DEL/2018 is dismissed and the appeal of the assessee in ITA No. 472/DEL/2018 becomes non est.

5. The order is pronounced in the open court on 01.09.2021 in the presence of both the rival representatives.

Please find attached the enclosed file for the full judgement