DCIT, Hyderabad V. M/s Suryavamshi Spinning Mills Pvt. Ltd., Secunderabad

ITA 1172/HYD/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 3301 (ITAT-HYDERABAD)
• Duration Of Justice: 5 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 27-04-2010
• Assessment Year: 1994-1995
• Appeal Filed On: 10-12-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: E S NAGENDRA PRASAD
• Assessee Lawyers: C N PRASAD
• Section: 244A

Judgement Text

ITA NO.1172/HYD/2009 SURYAVANSHI SPINNING MILLS P. LTD. 1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SHRI G.C. GUPTA, VICE PRESIDENT AND SHRI AKBER BASHA, ACCOUNTANT MEMBER ITA NO.1172/HYD/09 : ASSTT. YEAR: 1994- 95 DY. CIT, CIR-3(2), HYDERABAD. VS M/S. SURYAVANSHI SPINNING MILLS PVT. LTD., SECUNDERABAD. PAN: AACCS 8143 B (APPELLANT) (RESPONDENT) APPELLANT BY : SRI E.S. NAGENDRA PRASAD RESPONDENT BY : SRI C.N. PRASAD O R D E R PER AKBER BASHA, ACCOUNTANT MEMBER: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST TH E ORDER OF THE CIT (A), TIRUPATHI DATED 10-9-2009 PERTAINING TO TH E ASSESSMENT YEAR 1994- 95. 2. EFFECTIVE GROUNDS RAISED BY THE REVENUE READ AS FOLLOWS:- 1. THE CIT (A) OUGHT TO HAVE UPHELD THE DECISION OF THE TIRUPATHI IS WRONG IN LAW AND ON FACTS OF THE CASE. 2. THE CIT (A) HAS NOT CONSIDERED THE EXPLANATION T O SECTION 244A (1)(B) WHILE GIVING THE ORDERS.' 3. DURING THE COURSE OF HEARING, THE LEARNED COUN SEL FOR THE ASSESSEE SUBMITTED THAT THE ISSUE IS COVERED IN FAV OUR OF THE ASSESSEE BY THE ITA NO.1172/HYD/2009 SURYAVANSHI SPINNING MILLS P. LTD. 2 DECISION OF MADRAS HIGH COURT IN THE CASE OF CIT VS. CHOLAMANDALAM INVESTMENT AND FINANCE CO. LTD. (2007) 294 ITR 438 (MAD) WHEREIN IT WAS HELD THAT REFUND ARISING ON ACCOUNT OF PAYMENT OF S ELF-ASSESSMENT TAX, INTEREST HAS TO BE PAID BY THE GOVERNMENT. 4. ON THE OTHER HAND, THE LEARNED DEPARTMENTAL REPR ESENTATIVE WHILE SUPPORTING THE ORDER OF THE ASSESSING OFFICER OPPOS ED THE SUBMISSIONS OF THE LEARNED COUNSEL FOR THE ASSESSEE. 5. WE HAVE CONSIDERED THE SUBMISSIONS OF THE RIVAL PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. AFTER CONSIDERING THE FACTS AND THE CIRCUMSTANCES OF THE CASE, WE FIND THAT THE INSTANT CASE IS COVERED BY THE DECISION OF HON'BLE MADRAS HIGH COURT (SUPRA).SINCE T HE FACTS OF BOTH THESE CASES ARE QUITE SIMILAR AND IDENTICAL, RESPECTFULLY FOLLOWING THE AFORESAID DECISION OF THE MADRAS HIGH COURT, WE UPHOLD THE ORD ER OF THE CIT (A) THAT PAYMENT OF TAX MADE UNDER SECTION 140A ALSO COVERED FOR THE PURPOSE OF CALCULATION OF INTEREST UNDER SECTION 244A OF THE A CT AND HENCE THE CIT(A) WAS RIGHT IN DIRECTING THE ASSESSING OFFICER TO REW ORK THE INTEREST PAYABLE UNDER SECTION 244A. IN VIEW OF THE ABOVE, WE REJEC T THE GROUNDS RAISED BY THE BY THE REVENUE. 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER WAS PRONOUNCED IN THE COURT ON 21-5-2010. SD/- G.C.GUPTA SD/- AKBER BASHA VICE PRESIDENT ACCOUNTANT MEMBER. DT/- 21ST MAY, 2010 ITA NO.1172/HYD/2009 SURYAVANSHI SPINNING MILLS P. LTD. 3 COPY FORWARDED TO: 1. DCIT, CIR-3(2), 7TH FLOOR, IT TOWERS, AC GUARDS, HYDERABAD. 2 M/S. SURYAVAMSHI SPINNING MILLS LTD., SURYA TOWER S, S.P. ROAD, SECUNDERABAD. 3. 4. THE CIT, AP, HYDERABAD., CIT(A), TIRUPATHI. DR, ITAT, HYDERABAD. JMR*