M/s tilak Exports & Imports Pvt. Ltd., Agra V. A.C.I.T. Circle-III, Gwalior

ITA 124/AGR/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 6998 (ITAT-AGRA)
• Duration Of Justice: 1 year(s) 1 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-06-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 31-05-2011
• Assessment Year: 1996-1997
• Appeal Filed On: 03-05-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ALOK FARSAIYA
• Section: 143(3); 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, AGRA BENCH, AGRA BEFORE SHRI P.K. BANSAL, ACCOUNTANT MEMBER AND SHRI H.S. SIDHU, JUDICIAL MEMBER ITA NO. 124/AGRA/2010 ASSTT. YEAR : 1996-97 TILAK EXPORTS & IMPORTS PVT. LTD. VS. A.C.I.T., CIRCLE-III, 31, INDUSTRIAL ESTATE, GWALIOR. GWALIOR. (PAN : AAACT 7310 H) (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI ALOK FARSAIYA, C.A. FOR RESPONDENT : SHRI VINOD KUMAR, JR. D.R. ORDER PER H.S. SIDHU, JM: THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST THE IMPUGNED ORDER DATED 22.01.2010 PASSED BY THE LEARNED CIT(A), GWALIOR. 2. THE BRIEF FACTS RELATING TO THE ISSUE IN DISPUTE ARE THAT THE ASSESSEE FILED ITS ORIGINAL RETURN OF INCOME ON 29.11.2006 BY CLAIMING THE DEDUCTION U /S. 80HHC TO THE EXTENT OF RS.2,63,72,737/-. WHILE COMPLETING THE ASSESSMENT U /S. 143(3) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT), THE ASSESSI NG OFFICER DISALLOWED THE AMOUNT OF RS.11,82,685/- BEING EXCESS DEDUCTION CLAIMED WITH REFERENCE TO THE INTEREST INCOME OF RS.13,14,708/-. AGGRIEVED BY THE SAME, THE ASSESSEE FILED AN APPEAL BEFORE THE FIRST APPELLATE AUTHORITY, WHO ALLOWED THE APPEAL OF THE ASSESSEE B UT THE ITAT VIDE ORDER DATED 23.03.2007 SET ASIDE THE FINDING OF LEARNED CIT(A) AND RESTORED TH E MATTER BACK TO THE ASSESSING OFFICER FOR EXAMINING THE RELEVANT FACTS TO DECIDE THE NATURE O F INTEREST RECEIPTS AND THEN TO ADJUDICATE THE CLAIM OF THE ASSESSES. IN COMPLIANCE OF THE SAME, T HE ASSESSING OFFICER DISALLOWED THE CLAIM OF 2 THE ASSESSEE WHICH IS IN DISPUTE BY TREATING THE IN TEREST INCOME AS INCOME FROM OTHER SOURCES. AGGRIEVED BY THE SAME, THE ASSESSEE FILED AN APPEAL BEFORE THE LEARNED FIRST APPELLATE AUTHORITY WHO VIDE IMPUGNED ORDER DECIDED THE ISSUE IN DISPUT E AGAINST THE ASSESSEE AND SET SIDE THE ISSUE OF NETTING BETWEEN THE INTEREST INCOME AND INTEREST EXPENSES. NOW, THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST THE IMPUGNED ORDER. 3. AT THE TIME OF HEARING, THE BENCH POINTED OUT TO BOTH THE PARTIES THAT THE ISSUE RAISED BY THE ASSESSEE IN THE PRESENT APPEAL HAS ALREADY BEEN ADJUDICATED BY THE HONBLE SUPREME COURT OF INDIA IN THE CASE OF PANDIAN CHEMICALS LTD. VS. CIT REPORTED IN 262 ITR 278 (SC). THE LD. COUNSEL FOR THE ASSESSEE AGREED TO THE SAME, BUT HE WANTED TO ARGUE THE CASE, WHICH IS NOT PERMISSIBLE WHEN THE ISSUE IN DISPUTE HAS ALREADY B EEN ADJUDICATED AND DECIDED BY THE ORDER OF HONBLE SUPREME COURT OF INDIA IN THE CASE LAW (SUP RA). 4. WE HAVE GONE THROUGH THE IMPUGNED ORDER AS WELL AS THE ISSUE RAISED BY THE ASSESSEE IN THE PRESENT APPEAL AND WE ARE OF THE CONSIDERED OPI NION THAT THE ISSUE IN DISPUTE HAS ALREADY BEEN ADJUDICATED AND DECIDED AGAINST THE ASSESSEE BY THE HONBLE SUPREME COURT OF INDIA IN THE CASE OF PANDIAN CHEMICALS LTD. (SUPRA). RESPECTFULLY FOL LOWING THE SAME, WE DECIDE THE ISSUE IN DISPUTE AGAINST THE ASSESSEE AND DISMISS THE APPEAL OF THE ASSESSEE. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 17.06.20 11. SD/- SD/- (P.K. BANSAL) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 17 TH JUNE, 2011 *AKS/- 3 COPY OF THE ORDER FORWARDED TO : 1. APPELLANT 2. RESPONDENT 3. CIT(A) BY ORDER 4. CIT, CONCERNED 5. DR, ITAT, AGRA 6. GUARD FILE ASSISTANT REGISTRAR TRUE COPY