THE DY. CIT- 2(1), RAIPUR (CG) V. M/S. ANTARDHARA PROPERTIES & FINANCE (P) LTD., RAIPUR (CG)

ITA 131/BIL/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 1332 (ITAT-RAIPUR)
• Duration Of Justice: 1 year(s) 11 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-06-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2010-2011
• Appeal Filed On: 17-07-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K MISHRA
• Assessee Lawyers: AMIT MALU JAIN
• Keywords: Tax effect
• Section: 131

Judgement Text

ITA NO S . 130 & 131 / RPR /201 4 ASSESSMEN T Y EAR: 2009 - 10 & 2010 - 11 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, SMC , RAIPUR [CORAM : PRAMOD KUMAR AM ] ITA NO S . 130 & 131 / RPR /201 4 AS SESSMENT Y EAR S : 20 09 - 10 & 2010 - 11 DY. COMMISSIONER OF INCOME TAX - 2(1) .APPELLANT RAIPUR. VS. ANTARDHARA PROPERTIES & FINANCE (P) LTD. ... . RESPONDENT AVINASH HOUSE, MARUTI BUSINESS PARK, G.E. ROAD, RAIPUR (C.G.) . [ PAN : AABCA 9959 L] APPEARANCES BY: P .K. M ISHRA , FOR THE A PPELLANT AMIT MALU JAIN , F OR THE RE SPONDENT DATE OF CONCLUDING THE HEARING : JUNE 2 3 RD , 201 6 DATE OF PRONOUNCING THE ORDER : JUNE 23 RD , 201 6 O R D E R 1. BY WAY OF TH ESE APPEAL S , THE ASSESSING OFFICER HAS CHALLENGED CORRECTNESS OF THE ORDER S DATED 11.04.2014 & 17.04.2014 , PASSED BY THE L EARNED CIT(A), FOR THE ASSESSMENT YE AR S 20 09 - 10 & 2010 - 11 RESPECTIVELY, ON THE FOLLOWING GROUND S : - A.Y. 20 09 - 10 1. WHETHER IN LAW AND ON FACTS AND CIRCUMSTANCES OF THE CASE, T HE LD. CIT(A) HAS ERRED IN DELETING THE DISALLOWANCE OF RS.14,13,467/ - OUT OF INTEREST EXPENSES AS THE INTEREST B EARING FUNDS WERE DIVERTED FOR NON BUSINESS PURPOSE. 2 . THE ORDER OF THE LD. CIT(A) IS ERRONEOUS BOTH IN LAW AND ON FACTS. ITA NO S . 130 & 131 / RPR /201 4 ASSESSMEN T Y EAR: 2009 - 10 & 2010 - 11 PAGE 2 OF 2 A.Y. 2010 - 11 1. WHETHER IN LAW AND ON FACTS AND CIRCUMSTANCES OF THE CASE, T HE LD. CIT(A) HAS ERRED IN DELETING THE DISALLO WANCE OF RS.13,80,000/ - OUT OF INTEREST EXPENSES AS THE INTEREST BEARING FUNDS WERE DIVERTED FOR NON BUSINESS PURPOSE. 2 . THE OR D ER OF TH E LD. CIT(A) IS ERRONEOUS BOTH IN LAW AND ON FACTS. 2. I HAVE NOTICED THAT THE TAX EFFECT INVOLVED IN TH ESE APPE AL S IS LESS THAN RS.10,00,000/ - . IN VIEW OF THIS UNDISPUTED FACT AND IN THE LIGHT OF CBDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015, I AM OF THE CONSIDERED VIEW THAT TH ESE APPEAL S ARE LIABLE TO BE DISMISSED AS WITHDRAWN FOR THE SIMPLE REASON THAT TAX EFFECT INVOLVED IN THE SE APPEAL S IS LESS THAN RS.10,00,000/ - . 3. IN THE RESULT, BOTH THE APPEAL S ARE DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS 23 RD DAY OF JUNE , 2016. SD/ - PRAMOD KUMAR (ACCOUNTANT MEMBER) DATED: THE 23 RD DAY OF JUNE, 2016 . PBN/* COPIES TO : (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL RAIPUR BENC H, RAIPUR