M/s HOBB International Pvt. Ltd., Kolkata V. DCIT, CIR-12, KOLKATA, Kolkata

ITA 122/KOL/2016

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 1901 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 11 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-01-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2003-2004
• Appeal Filed On: 27-01-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ARINDAM BHATTACHARJEE

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA D BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, A CCOUNTANT M EMBER & SRI S. S. VISWANETHRA RAVI , JUDICIAL MEMBER ] I.T.A. NO. 12 2 /KOL/201 6 ASSESSMENT YEAR: 20 0 3 - 04 M/S. HOBB INTERNATIONAL (P) LTD. . ...... . . ... APPELLANT 1, A.J.C. BOSE ROAD KOLKATA 700 020 [PAN : AAACH 6347 Q ] D .C.I.T ., CIRCLE - 1 2 , KOLKATA ..... .. ... RESPONDENT AAYAKAR BHAWAN P - 7, CHOWRINGHEE SQUARE 7 TH FLOOR KOLKATA 700 069 APPEARANCES BY: NONE , APPEAR ED ON BEHALF OF THE ASSESSEE. SHRI ARINDAM BHATTACHARJEE , ADDL. CIT , DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : DECEMBER 19 TH , 2017 DATE OF PRONOUNCING THE ORDER : JANUARY 05 TH , 201 8 O R D E R PER J. SUDHAKAR REDDY : - THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 4, KOLKATA , (HEREINAFTER THE LD. CIT (A)), PASSED U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 13 / 1 1 /201 5, FOR THE ASSESSMENT YEAR 20 0 3 - 04 . 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE ISSUAL OF NOTICE BY RPAD. THE EARLIER NOTICES ISSUED HAVE RETURNED UNSERVED. UNDER THESE CIRCUMSTANCES, WE DISPOSE OFF THE CASE EX - PARTE, QUA THE ASSESSEE ON MERITS, AFTER HEARING THE LD. D/R. 3. HEARD THE LD. D/R. THE SOLE ISSUE IS THE COMPUTATION OF DEDUCTION U/S 80HHC. THE QUESTION IS WHETHER FOREIGN EXCHANGE FLUCTUATIONS, MISCELLANEOUS RECEIPTS AND LIABILITIES WRITTEN BACK SHOULD BE CONSIDERED AS INCOME FROM BUSINESS FOR THE PURPOSE OF COMPU TING THE RELIEF U/S 80HHC. THE LD. CIT(A) HAS RELIED ON THE JUDGEMENT OF THE HONBLE SUPREME COURT IN THE CASE OF CIT VS. SHAH ORIGINALS IN ITA 2 I.T.A. NO. 122/ KOL/2016 ASSESSMENT YEAR: 2003 - 04 M/S. HOBB INTERNATIONAL (P) LTD NO. 431 OF 2008, VIDE ORDER DT. 22 ND APRIL, 2010, AND ADJUDICATED THE ISSUE AGAINST THE ASSESSEE. WE FIND NO INF IRMITY IN THE SAME. HENCE, WE UPHOLD THE ORDER OF THE LD. FIRST APPELLATE AUTHORITY AND DISMISS THIS APPEAL OF THE ASSESSEE. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED. KOLKATA, THE 5 TH DAY OF JANUARY , 201 8 . SD/ - SD/ - [ S.S. VISWANETHRA RAVI ] [ J. SUDHAKAR REDDY ] J UDICIAL MEMBER ACCOUNTANT MEMBER DATED : 05 . 01 .201 8 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. M/S. HOBB INTERNATIONAL (P) LTD 1, A.J.C. BOSE ROAD KOLKATA 700 020 2. D.C.I.T., CIRCLE - 12, KOLKATA AAYAKAR BHAWAN P - 7, CHOWRINGHEE SQUARE 7 TH FLOOR KOLKATA 700 069 3. CIT(A) - 4. CIT - , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER SENIOR PRIVATE SECRETARY HEAD OF OFFICE/ D.D.O. ITAT, KOLKATA BENCHES 3 I.T.A. NO. 122/ KOL/2016 ASSESSMENT YEAR: 2003 - 04 M/S. HOBB INTERNATIONAL (P) LTD