ARIZMA FINANCE & LEASING P. LTD, MUMBAI V. ITO 5(1)(1), MUMBAI

ITA 1092/MUM/2010

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 3497 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-12-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 22-12-2010
• Assessment Year: 2007-2008
• Appeal Filed On: 10-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C P PATHAK
• Assessee Lawyers: S C TIWARI
• Section: 234B; 2

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G, MUMBAI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER. I.T.A. NO. 1092/MUM/2010. ASSESSMENT YEAR : 2007-08. M/S ARIZMA FINANCE & LEASING PVT. LTD., THE INCOME-TAX OFFICER, 74/A, MEHER APARTMENT, VS. 5(1)(1), MUMBAI. ANSTEY ROAD, MUMBAI 400 026. PAN AACCA6001G APPELLANT. RESPONDENT. APPELLANT BY : SHRI S.C. TIWARI. RESPONDENT BY : SHRI C.P. P ATHAK. . O R D E R PER J. SUDHAKAR REDDY, A.M. : THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AG AINST THE ORDER OF THE CIT(APPEALS)-9, MUMBAI DATED 06-01-2010. 2. THE SOLE ISSUE THAT ARISES IN THIS APPEAL IS WHE THER INTEREST U/S 234B AND U/S 234C CAN BE LEVIED WHEN THE ASSESSEE IS TAXED ON BO OK PROFITS U/S 115JB. THE ISSUE NOW STANDS COVERED IN FAVOUR OF THE ASSESSEE AND AG AINST THE REVENUE BY THE DECISION OF THE JURISDICTIONAL HIGH COURT IN THE CA SE OF SNOWCEM INDIA LTD. VS. DCIT REPORTED 313 ITR 170 WHERE IT IS HELD THAT INT EREST U/S 234B AND U/S 234C IS 2 NOT LEVIABLE IN CASE OF COMPUTATION OF INCOME U/S 1 15JA. BY APPLYING THIS JUDGMENT OF THE JURISDICTIONAL HIGH COURT TO SECTIO N 115JB, THE MUMBAI G-BENCH OF THE TRIBUNAL IN THE CASE OF M/S GLENMARK LABORAT ERIES LTD. (2010) 127 TTJ (MUMBAI) 719 HELD THAT WHEN INCOME IS COMPU TED U/S 115JB, INTEREST IS NOT LEVIABLE U/S 234B AND 234C. 3. RESPECTFULLY FOLLOWING THE AFORESAID DECISIONS, WE ALLOW THE APPEAL OF THE ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST DEC. , 2010. SD/- SD/- (VIJAY PAL RAO) (J. SU DHAKAR REDDY) JUDICIAL MEMBER. ACCOUNTANT MEMBER MUMBAI, DATED: 31 ST DEC., 2010. WAKODE COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, G-BENCH (TRUE COPY) BY ORDER ASSTT. REGISTRA R, ITAT, MUMBAI BENCHES,MUMB AI.