PIONEER FOOD AND AGRO INDUSTRIES, MUMBAI V. ITO 18(3)(2) (PRESENTLY, ACIT-22(2)), MUMBAI

ITA 1454/MUM/2018

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 6982 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-05-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 08-03-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: N HEMALATHA
• Assessee Lawyers: MRUGAKSHI K JOSHI
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY , JUDICIAL MEMBER AND SHRI M ANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA NO. 1454 / MUM/2018 ( ASSESSMENT YEAR : 20 08 09 ) PIONEER FOOD AND AGRO INDUSTRIES KRISHNA KUNJ, 4A/3B, 1 ST FLOOR BANKE BIHARI SOCIETY 8 TH ROAD, PALI HILL KHAR WEST, MUMBAI 400 052 PAN AAJFP0506D . APPELLANT V/S INCOME TAX OFFICER WARD 18(3)(2), MUMBAI . RESPONDENT ASSESSEE BY : MS. MRUGAKSHI K. JOSHI REVENUE BY : MS. N. HEMALATHA DATE OF HEARING 23 .0 5 .2018 DATE OF ORDER 23.05.2018 O R D E R PER SAKTIJIT DEY, J.M. AFORESAID APPEAL BY THE ASSESSEE IS AGAINST ORDER DATED 26 TH DECEMBER 2017 , PASSED BY THE L EARNED COMMISSIONER (APPEALS) 33 , MUMBAI, FOR THE ASSESSMENT YEAR 20 08 09 . 2 . T HE ONLY ISSUE IN DISPUTE IN THE PRESENT APPEAL RELATES TO DISALLOWANCE OF DEDUCTION CLAIMED UNDER SECTION 80IB OF THE INCOME TAX ACT, 1961 (FOR SHORT THE ACT ) AMOUNTING TO ` 16,86,621, 2 PIONEER FOOD AND AGRO INDUSTRIES REPRESENTING THE PROFIT RECEIVED FROM DUTY DRAWBACK, VKUY LI CENSE AND EXCHANGE DIFFERENCE. 3 . THE ASSESSING OFFICER RELYING UPON THE DECISION OF THE HON'BLE SUPREME COURT IN CASE OF LIBERTY INDIA LTD. V/S CIT, [2009] 183 TAXMAN 349 (SC) HELD THAT , SINCE, SUCH INCOME / PROFIT DO NOT FORM PART OF PROFIT DERIVED FROM EL IGIBLE INDUSTRIAL UNDERTAKING , CLAIM OF DEDUCTION UNDER SECTION 80IB OF THE ACT IN RESPECT OF SUCH INCOME CANNOT BE ALLOWED. 4 . THE LEARNED COMMISSIONER (APPEALS) ALSO SUSTAINED SUCH DISALLOWANCE. 5 . THE LEARNED AUTHORISED REPRESENTATIVE FAIRLY SUBMITTED BEFOR E US THAT THE HON'BLE SUPREME COURT IN CASE OF M/S. LIBERTY INDIA LTD. (SUPRA) HAS DECIDED THE ISSUE AGAINST THE ASSESSEE AND FOLLOWING THE SAID DECISION THE TRIBUNAL IN ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2009 10 AND 2010 11 HAS DECIDED THE ISSUE AGAINST THE ASSESSEE . A COPY OF THE ORDER PASSED BY THE CO ORDINATE BENCH IN ITA NO.6088 AND 6089/MUM./2013, DATED 20 TH JUNE 2016, WAS PLACED BEFORE THE BENCH. 6 . THE LEARNED DEPARTMENTAL REPRESENTATIVE AGREED WITH THE AFORESAID SUBMI SSIONS OF THE ASSESSEE. 3 PIONEER FOOD AND AGRO INDUSTRIES 7 . WE HAVE HEARD THE PARTIES AND PERUSED THE MATERIALS ON RECORD . KEEPING I N VIEW THE AFORESAID SUBMISSIONS MADE BEFORE US AS WELL AS THE RATIO LAID DOWN IN THE DECISION OF THE HON'BLE SUPREME COURT IN CASE OF LIBERTY INDIA LTD. (SUPR A) AND THE DECISION OF THE CO ORDINATE BENCH IN ASSESSEES OWN CASE CITED SUPRA, WE UPHOLD THE ORDER OF THE LEARNED COMMISSIONER (APPEALS) BY DISMISSING THE GROUND RAISED. 8 . IN THE RESULT, ASSESSEES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 23.05.2018 SD/ - MANOJ KUMAR AGGARWAL ACCOUNTANT MEMBER SD/ - SAKTIJIT DEY JUDICIAL MEMBER MUMBAI, DATED: 23.05.2018 COPY OF THE ORDER FORWARDED TO : ( 1 ) THE ASSESSEE; ( 2 ) THE REVENUE; ( 3 ) THE CIT(A); ( 4 ) THE CIT, MUMBAI CITY CONCERNED; ( 5 ) THE DR, ITAT, MUMBAI; ( 6 ) GUARD FILE . TRUE COPY BY ORDER PRADEEP J. CHOWDHURY SR. PRIVATE SECRETARY (SR. PRIVATE SECRETARY) ITAT, MUMBAI