M/s. Zydus Hospira Pvt.Ltd., Ahmedabad V. The ACIT.,Circle-8, Ahmedabad

ITA 1492/AHD/2012

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 9868 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 30-11-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 02-07-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: JIGAR M PATEL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO.1492/AHD/2012 (ASSESSMENT YEAR:2009-10) ZYDUS HOSPIRA ONCOLOGY PVT. LTD. PLOT NO.3, PHARMEZ, SARKHEJ BAWLA HIGHWAY, TA. MATODA, DIST. SANAND, AHMEDABAD 382214 APPELLANT VS. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-8, AHMEDABAD RESPONDENT PAN: AAACZ2327A / BY ASSESSEE : SHRI JIGAR M. PATEL, A.R. / BY REVENUE : SHRI K. MADHUSUDAN, SR. D.R. /DATE OF HEARING : 30.11.2016 /DATE OF PRONOUNCEMENT : 30.11.2016 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2009-10 ARISES AGAINST THE CIT(A)-XIV, AHMEDABADS ORDER DATED 30.04.2012, IN APPEAL NO. CIT(A) XIV/ACIT.CIR.8/104/2011-12, IN PROCEEDINGS UNDER SE CTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. THE ASSESSEES SOLE SUBSTANTIVE GROUND PLEADS TH AT THE CIT(A) HAS ERRED IN LAW AND ON FACTS IN CONFIRMING THE DISALLO WANCE OF ITS CLAIM FOR ITA NO.1492/AHD/2012 (ZYDUS HOSPIRA ONCOLOGY PVT. L TD. VS. ACIT) A.Y. 2009-10 - 2 - DEDUCTION OF INTEREST EXPENDITURE OF RS.51,39,675/- FROM THE INTEREST INCOME OF RS.67,80,036/- IN CONTRAVENTION OF SECTION 57(II I) OF THE INCOME TAX ACT. LD. COUNSEL REPRESENTING ASSESSEE WISHES NOT TO PRE SS THE INSTANT APPEAL AFTER ARGUING FOR SOMETIME. THE REVENUE DOES NOT OBJECT. 3. THIS ASSESSEES APPEAL IS DISMISSED AS NOT PRES SED. [PRONOUNCED IN THE OPEN COURT ON THIS THE 30 TH DAY OF NOVEMBER, 2016.] SD/- SD/- ( PRADIP KUMAR KEDIA ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 30/11/2016 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )* + ,--. . /0 / DR, ITAT, AHMEDABAD 1 + 23 4 5 / GUARD FILE. BY ORDER / . // . /0