MEERA COTTON AND SYNTHETIC MILLS P. LTD, MUMBAI V. ITO WD 9(2)(1), MUMBAI

ITA 1065/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7880 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 17-02-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRA BHAT JHA; S S RANA PEEYUSH JAIN
• Assessee Lawyers: LALIT MUNOYAT

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI R.S.PADVEKAR, JM ITA NO.1065/MUM/2009 : ASST.YEAR 2004-2005 M/S.MEERA COTTON AND SYNTHETIC MILLS PRIVATE LIMITED 301, DWARKESH, SUBHASH CROSS LANE KANDIVALI WEST, MUMBAI 400 067. PA NO.AABCM8385J. VS. THE INCOME TAX OFFICER WARD 9(2)(1) MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI LALIT MUNOYAT RESPONDENT BY : S/SHRI S.S.RANA, PEEYUSH JAIN & PRA BHAT JHA O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 25.11.2008 IN RELATION TO THE ASSESSMENT YEARS 2004-2005 AGAINST THE DENIAL OF DE DUCTION U/S.80-IB. 2. THE ONLY EFFECTIVE GROUND IS AGAINST TH E REDUCTION IN THE AMOUNT OF DEDUCTION U/S 80IB. AT THE VERY OUTSET THE LEARNED COUNSEL FOR THE ASSESSEE PLACED ON RECORD COPY OF THE ORDER PASSED BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE IMMEDIATELY PRECEDING YEAR IN WHICH THE ASSESSEE WA S HELD TO BE ENTITLED TO DEDUCTION WITHOUT ADJUSTING THE LOSS IN ONE UNIT A GAINST THE PROFIT OF THE OTHER UNIT. THE LD. DR FAIRLY CONCEDED THAT THE FACTS AND CIRCU MSTANCES OF THIS YEAR ARE MUTATIS MUTANDIS SIMILAR TO THOSE OF THE PRECEDING YEAR. 3. AFTER CONSIDERING THE RIVAL BUT COMMON SUBMISSIO NS AND PERUSING THE RELEVANT MATERIAL ON RECORD WE FIND THAT THE TRIBUN AL IN ASSESSEES OWN CASE IN THE IMMEDIATELY PRECEDING YEAR AS REPORTED IN MEERA COTTON AND SYNTHETIC MILLS (P) LTD. VS. ACIT [(2009) 125 TTJ 274(MUM)] HAS HELD THAT THE DEDUCTION U/S.80-IB IS TO BE ALLOWED WITH REFERENCE TO PROFITS OF A PARTIC ULAR ELIGIBLE UNDERTAKING OF THE ASSESSEE WITHOUT ADJUSTING THE LOSS IN OTHER UNIT. BOTH THE SIDES ARE IN AGREEMENT ITA NO.1065/MUM/2009 M/S.MEERA COTTON AND SYNTHETIC MILLS PVT. LTD. 2 THAT THE FACTS AND CIRCUMSTANCES OF THE INSTANT YEA R ARE ALMOST SIMILAR TO THOSE CONSIDERED BY THE TRIBUNAL IN THE PRECEDING YEAR (S UPRA). RESPECTFULLY FOLLOWING THE PRECEDENT, WE ALLOW THE GROUND OF THE ASSESSEE ON THIS ISSUE. 4. IN THE RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED ON THIS 9 TH DAY OF FEBRUARY, 2010. SD/- SD/- ( R.S.PADVEKAR ) ( R.S.SYAL ) JUDICIAL MEMBER ACCOUNTANT ME MBER MUMBAI : 9 TH FEBRUARY, 2010. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) XXI, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI. ITA NO.1065/MUM/2009 M/S.MEERA COTTON AND SYNTHETIC MILLS PVT. LTD. 3 DATE INITIAL 1. DRAFT DICTATED ON 09.02.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 09.02.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 9. DATE OF DISPATCH OF ORDER. *