DCIT, Tiruppur V. Kesharinandan Knit Fabrcies (P) Ltd., Tiruppur

ITA 1314/CHNY/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 8572 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2010-2011
• Appeal Filed On: 11-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTH
• Assessee Lawyers: N VIJAYKUMARC A

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI . . . , .. ' #$, & '( BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER ./ ITA NOS.1313 & 1314/MDS/2016 * +* / ASSESSMENT YEARS : 2012-13 & 2010-11 THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 1, TIRUPUR. V. M/S KESHARINANDAN KNIT FABRICS (P) LTD., 174/175, LINGAI GOUNDER STREET, TIRUPUR 641 602. PAN : AAACK 8625 Q (-./ APPELLANT) (/0-./ RESPONDENT) -. 1 2 / APPELLANT BY : SHRI A.V. SREEKANTH, JCIT /0-. 1 2 / RESPONDENT BY : SHRI N. VIJAY KUMAR, CA ' 1 3& / DATE OF HEARING : 25.07.2016 45+ 1 3& / DATE OF PRONOUNCEMENT : 15.09.2016 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: BOTH THE APPEALS OF THE REVENUE ARE DIRECTED AGA INST THE RESPECTIVE ORDERS OF THE COMMISSIONER OF INCOME TAX (APPEALS) 3, COIMBATORE, DATED 27.11.2015 AND PERTAIN TO ASSE SSMENT YEARS 2012-13 AND 2010-11. SINCE COMMON ISSUE ARISES FOR 2 I.T.A. NOS.1313 & 1314/MDS/16 CONSIDERATION IN BOTH THE APPEALS, WE HEARD BOTH TH E APPEALS TOGETHER AND DISPOSING OF THE SAME BY THIS COMMON O RDER. 2. THERE WAS A DELAY OF 81 DAYS IN FILING THESE AP PEALS BY THE REVENUE. THE REVENUE HAS FILED A PETITION FOR CON DONATION OF DELAY. WE HAVE HEARD THE LD. DEPARTMENTAL REPRES ENTATIVE AND THE LD. REPRESENTATIVE FOR THE ASSESSEE. WE FIND THAT THERE WAS SUFFICIENT CAUSE FOR NOT FILING THE APPEALS BEFOR E THE STIPULATED TIME. THEREFORE, WE CONDONE THE DELAY AND ADMIT THE APPE ALS. 3. WE HAVE HEARD SHRI A.V. SREEKANTH, THE LD. DEPAR TMENTAL REPRESENTATIVE AND SHRI N. VIJAY KUMAR, THE LD. REP RESENTATIVE FOR THE ASSESSEE. THE CLAIM OF DEDUCTION UNDER SECTION 80-IA OF THE INCOME-TAX ACT, 1961 (IN SHORT 'THE ACT') WAS REJEC TED BY THE CIT(APPEALS) ON THE GROUND THAT THE REVENUE FILED T HE APPEALS BEFORE THE APEX COURT AGAINST THE JUDGMENT OF MADRA S HIGH COURT IN VELAYUDHASWAMY SPINNING MILLS (P) LTD. V. ACIT (340 ITR 477). HOWEVER, THE CIT(APPEALS) FOUND THAT THE JUDGMENT O F MADRAS HIGH COURT IN VELAYUDHASWAMY SPINNING MILLS (P) LTD. (SU PRA) IS BINDING ON THE ASSESSING OFFICER AND ACCORDINGLY, HE ALLOWE D THE CLAIM OF THE ASSESSEE. THIS TRIBUNAL IS OF THE CONSIDERED O PINION THAT WHEN THE JUDGMENT OF MADRAS HIGH COURT IN VELAYUDHASWAMY SPINNING 3 I.T.A. NOS.1313 & 1314/MDS/16 MILLS (P) LTD. (SUPRA) IS BINDING ON BOTH THE AUTHO RITIES BELOW, A MERE PENDANCY OF SLP BEFORE THE APEX COURT MAY NOT BE A REASON FOR NOT FOLLOWING THE JUDGMENT OF MADRAS HIGH COURT . THEREFORE, THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THE CIT( APPEALS) HAS RIGHTLY ALLOWED THE CLAIM OF THE ASSESSEE BY PLACIN G HIS RELIANCE ON THE JUDGMENT OF MADRAS HIGH COURT IN VELAYUDHASWAMY SPINNING MILLS (P) LTD. (SUPRA). THIS TRIBUNAL DO NOT FIND ANY REASON TO INTERFERE WITH THE ORDERS OF THE LOWER AUTHORITY AN D ACCORDINGLY BOTH THE ORDERS OF THE CIT(APPEALS) ARE CONFIRMED. 4. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE A RE DISMISSED. ORDER PRONOUNCED ON 15 TH SEPTEMBER, 2016 AT CHENNAI. SD/- SD/- ( . . ' #$ ) ( . . . ) (D.S. SUNDER SINGH) (N.R.S. GANESAN) & / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 7 /DATED, THE 15 TH SEPTEMBER, 2016. KRI. 1 /3#8 98+3 /COPY TO: 1. -. /APPELLANT 2. /0-. /RESPONDENT 3. ' :3 () /CIT(A)-3, COIMBATORE 4. PRINCIPAL CIT-3, COIMBATORE 5. 8; /3 /DR 6. * < /GF.