MSS India Pvt. Ltd., Nashik V. Assistant Commissioner of Income-tax,

ITA 1600/PUN/2015

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 7189 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-11-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 07-12-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3); 14A; 154

Judgement Text

] IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM . / ITA NO.1600/PUN/2015 / ASSESSMENT YEAR : 2010-11 MSS INDIA PVT. LTD., APPELLANT PLOT NO.H-8, MIDC AREA, AMBAD, NASHIK 422 010. PAN : AAACI5887J VS. THE ASST. COMMISSIONER OF INCOME TAX, .RESPONDENT CIRCLE-3, MALEGAON (DIST. NASHIK), CAMP NASHIK. APPELLANT BY : NONE (WITHDR AWAL LETTER DT.06.11.2017 FILED) RESPONDENT BY : SHRI ACHAL SHARMA, ADDL.CIT. / ORDER PER ANIL CHATURVEDI, AM: 1. THE APPEAL FILED BY THE ASSESSEE IS EMANATING OUT OF THE ORDER OF COMMISSIONER OF INCOME-TAX (A)-1, NASHIK DT.04.08 .2015 FOR THE ASSESSMENT YEAR 2010-11. 2. ASSESSEE IS OF 100% EXPORT ORIENTED UNIT ENGAGED IN THE BUSINESS OF MANUFACTURING, FABRICATING OF ELECTRICAL EQUIPMENT S AND COMPONENTS. ASSESSEE FILED ITS RETURN OF INCOME FOR A.Y . 2010- 11 ON 29.09.2010 DECLARING TOTAL INCOME OF RS.4,36,14,053/- . THE / DATE OF HEARING : 07.11.2017 / DATE OF PRONOUNCEMENT: 10.11.2017 2 CASE WAS SELECTED FOR SCRUTINY AND THEREAFTER ASSESSMEN T WAS FRAMED U/S 143(3) OF THE ACT VIDE ORDER DT.20.03.2014 AND THE TOTAL INCOME WAS DETERMINED AT RS.4,44,48,544/-. AGGRIEVED BY THE ORDER OF AO, ASSESSEE CARRIED THE MATTER BEFORE LD. CIT (A), WHO VIDE ORDER DT.21.08.2015 (IN APPEAL NO.NSK/CIT(A)-I/146/2014-1 5) GRANTED PARTIAL RELIEF TO THE ASSESSEE. AGGRIEVED BY THE ORDER OF LD. CIT(A), ASSESSEE IS NOW IN APPEAL BEFORE US AND HAS RAISED THE FOLLOWING GROUNDS : 1. THE LEARNED CIT (A) HAS ERRED IN CONFORMING THE DISAL L OWANCE U / S 14A READ WITH RULE 8 - D . 2. APPELLANT CO. HAS NEVER MADE ANY SUCH INVESTMENTS I N PAST . THIS YE AR ' S INVESTMENT IS NOT MADE WITH IN V ESTMENT MOTIVE TO EARN TAX FREE DIVIDEND . IT IS ONLY AT THE INSTANCE OF BANK, WHICH ARE COMPA NY ' S BANKERS, IT IS DONE FOR 2 DAYS ONLY AT THE YEAR END ING , TO SHOW THE BETT E R RESULT OF T H E BANK ' S BRANCH . APPELLANT HAS IN V ESTED RS . 10 CRORES FOR 2 DAYS ONLY AND EN CAS H ED IT IMMEDIATE L Y AFTER THE Y EAR END. THIS IS THE ONLY TRANSACTION OF INVESTMENT . THERE IS NO SUCH INVESTMENT IN THE PAST AND IN FUTURE . 3. THE LEARNED CIT (A) HAS PASSED ORDER U / S 154 AT ITS OWN IN WHICH IT IS MENTIONED THAT APPEAL IS PARTLY ALLOWED , BUT DUE TO CONFUSION IN THIS ORDER, NO PART RELIEF IS GRANTED WHILE GIVING EFFECT TO ORDER U / S 154 OF DT . 21 - 08 - 2015 . PASSED BY CIT (A) THE ASST . C OMMISSIONER OF INCOME TAX , CIRCLE I HAS RETAINED THE ADDITION OF RS . 8,34,491 / - , AS PER ORIGINAL ASST . ORDER OF DT . 20 - 03 - 2014 VIDE HIS ORDER NO. 15920FDT . 13-10 - 2015 . 4. RATIO OF GODREJ & BOYCE VS. DCIT (2010 1 94 TAXMAN 203 BORN.) AND VARIOUS OTHER AUTHORITIES MENTIONED IN THE SAID ORDERS ARE NOT APPLICABLE TO THE FACTS OF APPELLANT ' S CASE . 5. APPELLANT ' S COMPANY'S WRITTEN SUBMISS I ON OF DT . 05-03 - 2014 AND 12-03 - 2014 AND LATEST DECISION OF J U RISDICTIONAL OF HIGH COURT AND OTHER COURTS HAVE NOT BEEN CONSIDERED . 6 . ACTUAL INTEREST EXPE N DITURE OF RS. 6 7 123 / - FOR 2 DA Y S BE DISALLOWED. 3. ON THE DATE OF HEARING, NONE APPEARED ON BEHALF OF THE ASSESSEE BUT HOWEVER A LETTER DT.06.11.2017 HAS BEEN FILE D BY THE ASSESSEE WHEREIN INTER-ALIA IT HAS BEEN SUBMITTED THAT AS SESSEE 3 WISHES TO WITHDRAW THE APPEAL. REVENUE HAS NO OBJECTION IN ASSESSEES WITHDRAWING THE APPEAL. 4. WE HAVE HEARD THE LD. D.R. AND PERUSED THE MATERIAL ON RECORD. IN VIEW OF THE REQUEST OF ASSESSEE VIDE LETTER DT .06.11.2017, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 10 TH DAY OF NOVEMBER, 2017. SD/- SD/- ( SUSHMA CHOWLA ) ( ANIL CHATURVEDI ) / JUDICIAL MEMBER ! / ACCOUNTANT MEMBER PUNE; DATED : 10 TH NOVEMBER, 2017. YAMINI '#$%&'&$ / COPY OF THE ORDER FORWARDED TO : 1 . / THE APPELLANT 2. / THE RESPONDENT 3. 4. 5. 6. CIT(A)-1, NASHIK. PRL.CIT-1, NASHIK. !' 1 '#$, & #$ , / DR, ITAT, A PUNE; !'()/ GUARD FILE. / BY ORDER, // TRUE COPY // + ,-./ / ASSISTANT REGISTRAR, & #$ , / ITAT, PUNE.