Challenging the order dated 19/09/2017 passed in appeal No. 10496/16-17-CIT(A)-2 by learned Commissioner of Income Tax (Appeals)- 2, New Delhi (“Ld. CIT(A)”), in the case of M/s. Continental Device India Pvt. Ltd. (“the assessee”), Revenue filed this appeal for assessment year 2014-15.
Brief facts of the case are that the assessee is a company engaged in the manufacturing and trading of electronic devices. It had filed its return of income on 27.11.2014 at a loss of Rs.53,72,350/-. The assessment order u/s. 143(3) of the Income-tax Act (for short “the Act”) was complete by order dated 19.12.2016 at Rs.2,00,41,657/- by making disallowances of Rs.2,50,00,440/- u/s. 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 (“the Rules”) and Rs.4,13,567/- u/s. 36(1)(iii) of the Act.
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