ACIT, Circle-16(3), Hyderabad V. M/s. P & J Cretchem pvt. Ltd, Hyderabad

ITA 1337/HYD/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 53759 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-11-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 18-07-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DAYASAGAR
• Section: 10B

Judgement Text

INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH BEFORE SHRI CHANDRA POOJARI, A.M. AND SMT. ASHA VIJAYARAGHAVAN, JM ITA NO.1337/HYD/2011 ASSESSMENT YEAR 2008-09 THE ACIT, CIRCLE 16(3), HYDERABAD M/S P & J CRETCHEM P LTD., HYDERABAD (PAN AACCP 9226 G) APPELLANT VS RESPONDENT APPELLANT BY : SHRI DAYASAGAR RESPONDENT BY : NONE DATE OF HEARING : 9.11.2011 DATE OF PRONOUNCEMENT : 9.11.2011 ORDER PER ASHA VIJAYARAGHAVAN, JM: THIS APPEAL PREFERRED BY THE REVENUE IS DIRECTED AGAINST THE ORDER PASSED BY THE CIT(A) V, HYDERABA D DATED 10.5.2011 AND PERTAINS TO THE ASSESSMENT YEAR 2008- 09. 2. BRIEF FACTS OF THE ISSUE ARE THAT THE ASSESSING OFFICER NOTICED FROM THE COMPUTATION OF EXEMPTION THAT THE EXPENDITURE IN RESPECT OF INSURANCE AND OCEAN FREIG HT CHARGES AMOUNTING TO RS.1,68,20,686/- WAS NOT EXCLU DED FROM THE EXPORT TURNOVER AND RECALCULATED THE ELIGI BLE EXEMPTION U/S 10B OF THE ACT BY REDUCING THE INSURA NCE AND OCEAN FREIGHT CHARGES. DURING THE APPEAL PROCE EDINGS, THE ASSESSEE STATED THAT THE AFOREMENTIONED AMOUNTS ARE TO BE REDUCED FROM THE TOTAL TURNOVER PLACING RELIANCE ON THE DECISION OF TRIBUNAL, CHENNAI (SPECIAL BENCH) IN TH E CASE OF ITO VS. SAK SOFT LIMITED 313 ITR (AT) 353 AND ON TH E ITA NO.1337/HYD/2011 M/S P&J CRETCHEM (P) LTD., HYDERABAD 2 DECISION OF THE TRIBUNAL, HYDERABAD IN THE CASE OF DE BLOCK INDIA SOFTWARE PVT. LIMITED IN IT A NOS. 983 & 984/ H/2006 DATED 31.1.2007. 3. THE CIT(A) HELD THAT THE ISSUE INVOLVED IN THE CURRENT APPEAL IS IDENTICAL TO THAT IN THE CASE OF THE TRIB UNAL IN IT A NO.983 & 984/H/2006 DATED 31.1.2007 DE BLOCK INDIA SOFTWARE P LTD., AND ALSO RELYING ON IN THE CASE O F ITO BS. SAK SOFT LIMITED (313 ITR (AT) 353 (CHENNAI) (SPECI AL BENCH) HELD THAT FOR THE PURPOSE OF COMPUTATION U/S 10B OF THE ACT OCEAN INSURANCE AND OCEAN FREIGHT RELATED T O THE ABOVE SHOULD BE REDUCED FROM BOTH EXPORT TURNOVER A S WELL AS FROM THE TOTAL TURNOVER. 4. AGGRIEVED, THE REVENUE IS IN APPEAL BEFORE US. 5. AT THE TIME OF HEARING, NONE APPEARED ON BEHALF OF THE ASSESSEE AND WE HEARD THE LEARNED DEPARTMENTAL REPRESENTATIVE. WE FIND THAT THE CIT(A) HAS FOLLOW ED THE ORDER OF THE TRIBUNAL IN THE CASE OF DE BLOCK INDI A SOFTWARE PVT. LTD. RESPECTFULLY FOLLOWING THE DEC ISIONS OF THE CO-ORDINATE BENCH, WE CONFIRM THE ORDER OF THE CIT(A) AND DISMISS THE REVENUE APPEAL. 6. IN THE RESULT, THE REVENUE APPEAL STANDS DISMIS SED. ORDER PRONOUNCED IN THE OPEN COURT 9.11.2011 SD/- SD/- (CHANDRA POOJARI) (ASHA VIJAYA AGHAVAN) ACCOUNTANT MEMBER JUDICIAL MEMBER ITA NO.1337/HYD/2011 M/S P&J CRETCHEM (P) LTD., HYDERABAD 3 DATED THE 9 TH NOVEMBER, 2011 COPY FORWARDED TO: 1. THE ACIT, CIRCLE 16(3), HYDERABAD 2. M/S P & J CRETCHEM PVT. LTD., SHED NO.42, PHASE-II, MADHAPUR, HYDERABAD 3. THE CIT(A) -V, HYDERABAD 4. THE CIT, HYDERABAD 5. THE DR, ITAT, HYDERABAD NP/