ITO 7(2)(1), MUMBAI V. RUKHMINI SOFTWARE P.LTD, MUMBAI

ITA 1195/MUM/2013

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2999 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 8 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 26-10-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 11-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Notional interest

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BE NCH, MUMBAI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER / I .TA NO.1195/MUM/2013 ( / ASSESSMENT YEAR:2007-08 THE ITO -7(2)(1), AAYAKAR BHAVAN, MUMBAIA-400 020 / VS. M/S. RUKHMINI SOFTWARE PVT. LTD., CORPORATE CENTRE, OPP. HOTEL SUN-SHEEL, M.V. ROAD, ANDHERI (E), MUMBAI-400 059 ./ ./ PAN/GIR NO. :AADCR 0412M ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: SHRI SANJEEV KASHYAP / RESPONDENT BY: NONE / DATE OF HEARING :26.10.2015 ! / DATE OF PRONOUNCEMENT :26.10.2015 '# / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE REVENUE IS PREFERRED AGAINST TH E ORDER OF THE LD. CIT(A)-9, MUMBAI DATED 27.11.2012 PERTAINI NG TO ASSESSMENT YEAR 2007-08. 2. INSPITE OF THE SERVICE OF NOTICE, NONE ATTENDED ON BEHALF OF THE ASSESSEE, THEREFORE WE DECIDED TO PROCEED EX-PARTE ON MERIT. ITA. NO. 1195/M/2013 2 3. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCE DED THAT THE FACTS IN ISSUES ARE NO MORE RES INTEGRA AND THE ISSUE IS DECIDED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE. 4. WE HAVE CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. THE GRIEVANCE OF THE REVENUE RELATES TO THE DELETION OF THE NOTIONAL INTEREST ADDED BY THE AO ON INTEREST FREE SECURITY DEPOSIT. WE FIND THAT THE LD. CIT(A) HAS DELETED THE ADDITIO N BY RELYING UPON THE DECISION OF THE HONBLE HIGH COURT OF DELHI IN THE CASE OF CIT VS MONIKUMAR SUBBA 333 ITR 38 (DEL) WHICH VIEW WAS AL SO AFFIRMED BY THE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT V S J.K. INVESTORS (BOM) LTD 248 ITR 723. SINCE THE FINDINGS OF THE L D. CIT(A) WAS BASED UPON THE WELL LAID DOWN LAW BY THE HONBLE HIGH COURT (SUPRA), WE DO NOT FIND ANY REASON TO INTERFERE WIT H THE FINDINGS OF THE LD. CIT(A). 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS D ISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF H EARING ON 26 TH OCTOBER, 2015 SD/- SD/- (AMARJIT SINGH ) (N.K. BILLAIYA) $% ' /JUDICIAL MEMBER ' / ACCOUNTANT MEMBER & ' MUMBAI; (' DATED : 26 TH OCTOBER, 2015 . % . ./ RJ , SR. PS ITA. NO. 1195/M/2013 3 !' #' / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ) ( ) / THE CIT(A)- 4. ) / CIT 5. *+, %%-. , -.! , & ' / DR, ITAT, MUMBAI 6. ,/0 1 / GUARD FILE. $ / BY ORDER, * % //TRUE COPY// % / $& ' (DY./ASSTT. REGISTRAR) , & ' / ITAT, MUMBAI