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14. PCIT Central vs. Ashoka Buildcon Limited, ITA NO. 2642 OF 2018, dated 01/10/2026, (Bom)(HC)
[Arising from order dated 5th April, 2018 passed by the ITAT, Pune, in Income Tax Appeal No. 67/PUN/2016 for the Assessment Year 2004-05]
Section 260A: Appeal – High Court – Substantial questions of law.
The facts of the case, in a nutshell, are that the Respondent is a limited company engaged in the business of construction, development, operation, and maintenance of infrastructure facilities. Upon re-assessment, the income of the Assessee company (Respondent) was finalized at Rs. 12,42,43,556 by disallowing the brought-forward losses and unabsorbed depreciation of amalgamating companies. Penalty proceedings under section 271(1)(c) of the Act were also initiated against the Respondent, and a penalty order was subsequently passed. The Respondent challenged the penalty order before the CIT (Appeals), who had granted relief to the Respondent in respect of a disallowance made by the AO for an amount of Rs. 8,68,974 on account of delayed payments of contributions to PF and ESIC. The Revenue’s subsequent appeal before the ITAT, Pune, was dismissed. Aggrieved thereby, the Revenue has filed the present Appeal before the High Court. The Court observed that the questions initially projected by
