DCIT, New Delhi V. M/s Sports Station (India) Pvt. Ltd., New Delhi

ITA 1554/DEL/2013

• Counselvise Citation: 155420114 RSA 2013
• Duration Of Justice: 11 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-02-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 26-02-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 15-03-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MEENAKSHI VOHRA
• Assessee Lawyers: B K ANAND

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: G NEW DELHI BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER AND SHRI A. D. JAIN, JUDICIAL MEMBER ITA NO. 1554/DEL/2013 (ASSESSMENT YEAR: 2009 -10) DCIT, CIRCLE 9(1) ROOM NO. 163, C. R BUILDING, NEW DELHI VS M/S SPORTS STATION (INDIA) PVT. LTD., B-1/F-4, MOHAN CO-OP INDUSTRIAL ESTATE, MAIN MATHURA ROAD, NEW DELHI (APPELLANT) (RESPONDENT) PAN NO. AADCS6357C ASSESSEE BY: SHRI B. K. ANAND REVENUE BY: SMT. MEENAKSHI VOHRA DATE OF HEARING 26.2.2014 DATE OF PRONOUNCEMENT 28.2.2014 ORDER PER R. S. SYAL, AM: THIS APPEAL BY THE REVENUE ARISES OUT OF THE ORDER PASSED BY THE CIT(A) ON 20.12.2012 IN RELATION TO THE ASSESSMENT YEAR 2009-10. 2. THE ONLY GROUND IS AGAINST THE DELETION OF DISAL LOWANCE OF EXCESS INTEREST PAID TO THE PERSONS SPECIFIED U/S 40A(2)( B) AMOUNT TO RS. 55,83,535/- 3. BRIEFLY STATED THE FACTS OF THE CASE ARE THAT TH E ASSESSEE PAID INTEREST TO CERTAIN PERSONS COVERED U/S 40A(2)(B) A T THE RATES OF RANGING FROM 15-16%. FOLLOWING HIS VIEW TAKEN IN THE IMMEDI ATELY PRECEDING YEAR, THE ASSESSING OFFICER HELD THAT THE INTEREST PAID TO SUCH PERSONS ITA NO. 1554/DEL/2013 SPORTS S TATION (INDIA) PVT. LTD. 2 SHOULD BE RESTRICTED TO 12%. THE EXCESS INTEREST PA ID AMOUNTING TO RS. 55,83,535/- WAS DISALLOWED. THE LD. CIT(A) DELETED THIS DISALLOWANCE BY RELYING ON THE ORDER PASSED BY THE TRIBUNAL FOR THE IMMEDIATELY TWO PRECEDING ASSESSMENT YEARS, NAMELY, 2007-08 AND 200 8-09. THE RELEVANT DISCUSSION IS CONTAINED ON PAGES 3-5 OF TH E IMPUGNED ORDER WHEREIN THE RELEVANT PARTS OF THE ORDER PASSED BY T HE TRIBUNAL HAVE BEEN REPRODUCED. THE LD. DR COULD NOT PLACE ANY MA TERIAL ON RECORD TO SHOW THAT THE ORDER PASSED BY THE TRIBUNAL FOR THE PRECEDING YEARS HAS BEEN REVERSED OR MODIFIED BY THE HONBLE HIGH COURT . RESPECTIVELY FOLLOWING THE PRECEDENT, WE UPHOLD THE IMPUGNED ORD ER ON THIS ISSUE. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 28/02/2014. SD/- SD/- (A. D. JAIN) (R. S. S YAL) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 28/02/2014 *SUBODH* COPY FORWARDED TO: 1.APPELLANT 2.RESPONDENT 3.CIT 4.CIT(APPEALS) 5.DR: ITAT ASSISTANT REGISTRAR