Appeal details
Counselvise Citation
[2021] 109 COUNSELVISE.COM (IT) 0816 (ITAT-HYDERABAD)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 year(s) 19 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
25-02-2021
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
DB-A
Assessment Year
2013-2014
Appeal Filed On
05-02-2019
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A : HYDERABAD BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER IT A NO. 152 /H/201 9 ASSESSMENT YEAR: 201 3 - 14 DY. COMMISSIONER OF INCOME - TAX, CIRCLE 2(1), HYDERABAD. VS. INVENTAA CHEMICALS LTD., HYDERABAD. PAN AAACI 4539 B (APPELLANT) (RESPONDENT) REVENUE BY: SHRI SUNIL KUMAR PANDEY ASSESSEE BY: SHRI S. RAMA RAO DATE OF HEARING: 04 /0 2 /2021 DATE OF PRONOUNCEMENT: 25 /0 2 /2021 O R D E R PER BENCH: THIS REVENUES APPEAL FOR AY 201 3 - 1 4 IS DIRECTED AGAINST THE CIT(A) - 7 , HYDERABADS ORDER DATED 12 / 11 /201 8 PASSED IN CASE NO. 0261 /CIT(A) - 7 / 2016 - 17 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME - TAX ACT, 1961; IN SHORT THE ACT. WE HAVE HEARD BOTH THE PARTIES. C ASE FILE PERUSED. ITA NO. 152 /HYD/1 9 INVENTAA CHEMICALS LTD., HYD. : - 2 - : 2 . THE REVENUES SOLE GRIEVANCE IN THE INSTANT APPEAL CHALLENG ES CORRECTNESS OF THE CIT(A) ACTION TREATING ASSESSEES INCOME OF RS. 10,74,11,403 / - FROM MUSHROOM FARMING/PRODUCTION AS AGRICULTURAL ENTI TLED FOR EXEMPTION U/S 10(1) OF THE IT ACT. THE ASSESSING OFFICERS ASSESSMENT ORDER HAD TREATED AS BUSINESS INCOME . 2.1 WE NOTICE, DURING THE COURSE OF HEARING THAT THE INSTANT SOLE ISSUE INVOLVED HEREIN IS NO MORE RES - INTEGRA . THIS TRIBUNALS S PECIAL B ENCH S DECISION DCIT VS. INVENTA A CHEMICALS LTD., (A SSESSEES OWN CASE FOR AYS 2008 - 09 TO 2012 - 13 ) (2018) 172 ITD 1 (HYD.) (SB), HAS ALREADY DECLINED THE R EVENUES VERY ARGUMENT THAT THE INCOME DERIVED FROM MUSHROOM PRODUCTION IS BUSINESS INCOME . W E THUS ADOPT THE JUDICIAL CONSISTENCY TO UPHOLD THE CIT(A)S ORDER TREATING THE INCOME DERIVED BY THE ASSESSEE FROM MUSHROOM CULTIVATION AS AGRICULTURAL INCOME ENTITLED FOR SECTION 10(1) EXEMPTION . ITA NO. 152 /HYD/1 9 INVENTAA CHEMICALS LTD., HYD. : - 3 - : 3. THIS R EVENUE S APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 25 TH FEBRUARY , 2021 . SD/ - SD/ - ( LAXMI PRASAD SAHU ) ( S.S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDE RABAD, DATED : 25 TH FEBRUARY , 20 2 1 . K V C OPY TO : 1 DCIT, CIRCLE 2 ( 1 ), ROOM NO. 514, 5 TH FLOOR, SIGNATURE TOWERS, KONDAPUR, HYDERABAD 500 084 2 M/S INVENTAA CHEMICALS LTD., D.NO. 10 - 91, OPP. IDPL COLONY, SOWBHAGYA NAGAR, HYDERABAD 500 037 3 CIT(A) 7, HYDERABAD. 4 PR. CIT - 2 , HYDERABAD 5 ITAT, DR, HYDERABAD. 6 GUARD FILE.
