Intec Corporation v. Pr. CIT - Taxpublishers.in

Case Laws Analysis
REFERRED Intec Corporation v. Pr. CIT 2019 TaxPub(DT) 1195 (Del-HC)

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The Tax Publishers2020 TaxPub(DT) 1416 (SC)

INCOME TAX ACT, 1961

Section 261 Section 80-IC

Where the assessee preferred SLP to appeal against the judgment of Delhi High Court in Intec Corporation v. Pr. CIT -11 [ITA No. 72/2019 & CM Appl. 3927-28/2019, dt. 28-1-2019] : 2019 TaxPub(DT) 1195 (Del-HC), whereby the High Court held that this Court is to frame substantial questions of law wherever they do arise. Though the findings of facts by AO were reversed by CIT(A), and in turn, were set aside by Tribunal, that ipso facto did not attract the jurisdiction of this Court unless the reasoning or the approach of Triunal was so unreasonable or manifestly irrational. In this case, Tribunal performed the task to the extent it could having regard to the materials which it elaborately and exhaustively analyzed, thus, no substantial question of law arose, the Supreme Court dismissed the SLP as withdrawn.

Appeal (Supreme Court) - Special leave petition - -

Assessee preferred SLP to appeal against the judgment of Delhi High Court in Intec Corporation v. Pr. CIT -11 [ITA No. 72/2019 & CM Appl. 3927-28/2019, dt. 28-1-2019] : 2019 TaxPub(DT) 1195 (Del-HC), whereby the High Court held that this Court is to frame substantial questions of law wherever they do arise. Though the findings of facts by AO were reversed by CIT(A), and in turn, were set aside by Tribunal, that ipso facto did not attract the jurisdiction of this Court unless the reasoning or the approach of Triunal was so unreasonable or manifestly irrational. In this case, Tribunal performed the task to the extent it could having regard to the materials which it elaborately and exhaustively analyzed, thus, no substantial question of law arose.Held: The Supreme Court found no reason to interfere in the matter, in view of the submission made on behalf of the petitioner that it would like to take benefit of 'Direct Tax Vivad Se Vishwas Scheme', the petitioner was allowed liberty to withdraw the present special leave petition, with further liberty to approach the authority under the Scheme. The special leave petition was, accordingly, dismissed as withdrawn.