M/s. Palghat Chit Funds Private Limited, CHENNAI V. DCIT, CHENNAI

CO 18/CHNY/2001

• Counselvise Citation: [2010] 122 COUNSELVISE.COM (IT) 5261 (ITAT-CHENNAI)
• Duration Of Justice: 9 year(s) 6 month(s) 25 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 29-11-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 29-11-2010
• Assessment Year: 1997-1998
• Appeal Filed On: 04-05-2001
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P B SEKARAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BENCH B CHENNAI (BEFORE SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER) ..... C.O. NOS. 17 & 18/MDS/2001 (IN I.T.A. NOS. 1790 & 1791/MDS/2000) ASSESSMENT YEARS : 1995-96 & 1997-98 M/S PALGHAT CHIT FUNDS PRIVATE LTD., 16, NANA STREET, T. NAGAR, CHENNAI - 600 017. (CROSS OBJECTOR) V. THE DY. COMMISSIONER OF INCOME TAX, COMPANY CIRCLE I(1), CHENNAI - 600 034. (RESPONDENT) C.O. NO. 44/MDS/2004 (IN I.T.A. NO. 1325/MDS/2003) ASSESSMENT YEAR : 1994-95 SHRI P. SUNDARESAN, NO.11, BANGARU STREET, SHEVAPET, SALEM 636 002. (CROSS OBJECTOR) V. THE INCOME TAX OFFICER, WARD I(2), SALEM. (RESPONDENT) CROSS OBJECTORS BY: NONE RESPONDENTS BY: SHR I P.B. SEKARAN O R D E R PER HARI OM MARATHA, JUDICIAL MEMBER : THE CROSS OBJECTIONS HAVE BEEN FILED IN RELATION TO REVENUES APPEALS IN I.T.A. NO. 1790 & 1791/MDS/2000 AND IN I .T.A. NO. 1325/MDS/2003, RESPECTIVELY. C.O. NOS. 17 & 18/MDS/2001 C.O. NO. 44/MDS/2004 2 2. THE APPEALS OF THE REVENUE ALREADY STAND DISPOSE D OF. IN THESE CROSS OBJECTIONS NO MATERIAL GROUND HAS BEEN RAISED AND THESE HAVE BEEN SIMPLY FILED IN SUPPORT OF THE FIND INGS GIVEN BY THE CIT(APPEALS) IN FAVOUR OF ASSESSEE. CONSEQUENTLY, THE CROSS OBJECTIONS HAVE BECOME INFRUCTUOUS IN THE ABOVE GIV EN FACTS AND CIRCUMSTANCES OF THE CASE. 3. IN THE RESULT, ALL THE THREE CROSS OBJECTIONS AR E DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSION OF HEARING ON THE TWENTY NINTH DAY OF NOVEMBER, 2010. SD/- SD/- (ABRAHAM P. GEORGE) (HARI OM MARATHA) ACCOUNTANT MEMBER JUDICIAL MEMBER CHENNAI, DATED THE 29 TH NOVEMBER, 2010. KRI . COPY FORWARDED TO: (1) CROSS OBJECTORS (2) RESPONDENTS (3) CIT(A) (4) CIT (5) D.R. (6) GUARD FILE