The ACIT, Circle-7, Ahmedabad V. Shri Jatin Vardhman Sheth, Ahmedabad

ITA 165/AHD/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 76755 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 4 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-06-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 07-05-2014
• Assessment Year: 2006-2007
• Appeal Filed On: 21-01-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P L KUREEL
• Assessee Lawyers: ANKIT TAKANIA

Judgement Text

, , , , B, IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, B BENCH . .. . . .. . , !' !' !' !', , , , #$ %&'( #$ %&'( #$ %&'( #$ %&'(, , , , )* + ) ' )* + ) ' )* + ) ' )* + ) ' BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER) ITA NO.165/AHD/2011 [ASSTT.YEAR : 2006-2007] ACIT, CIR.7 AHMEDABAD. /VS. SHRI JATIN VARDHMAN SHETH 721, SPRING VALLEY CO-OP. SOCIETY B/H. KARNAVATI CLUB, AMBALI AHMEDABAD. PAN : AMPPS 5199 F ( (( (-. -. -. -. / APPELLANT) ( (( (/0-. /0-. /0-. /0-. / RESPONDENT) + 1 2 )/ REVENUE BY : SHRI P.L. KUREEL, SR.DR 4& 1 2 )/ ASSESSEE BY : SHRI ANKIT TAKANIA 5 1 &(*/ DATE OF HEARING : 7 TH MAY, 2014 678 1 &(*/ DATE OF PRONOUNCEMENT : 06-06-2014 )9 / O R D E R PER G.C. GUPTA, VICE-PRESIDENT: THIS APPEAL BY THE REVENUE FOR THE ASSESSMENT YEAR 2006-2007 IS DIRECTED AGAIN ST THE ORDER OF THE CIT(A). 2. THE GROUNDS OF THE APPEAL OF THE REVENUE ARE AS UNDER: 1. THE LD.CIT(A) HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION OF RS.8,33,035/- BEING DISALLOWANCE OF ASS ESSES CLAIM OF INTEREST EXPENSES U/S.57 OF THE ACT. ITA NO.165/AHD/2011 -2- 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD.CIT(A) OUGHT TO HAVE UPHELD THE ORDER OF THE AO. 3. THE LEARNED DR HAS RELIED ON THE ORDER OF THE AO . THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ISSUE I S COVERED IN ITS FAVOUR WITH THE DECISION OF ITAT, AHMEDABAD BENCH IN ASSES SEES OWN CASE FOR IMMEDIATELY PRECEDING ASSESSMENT YEAR 2005-2006 IN ITA NO.543/AHD/2009 DATED 23.4.2009 WHEREIN IDENTICAL I SSUE WAS DECIDED IN FAVOUR OF THE ASSESSEE. 4. WE HAVE CONSIDERED RIVAL SUBMISSIONS AND HAVE PE RUSED THE ORDERS OF THE AO AND THE CIT(A). WE FIND THAT THE ISSUE I N THE GROUNDS OF THE APPEAL OF THE REVENUE IS COVERED IN FAVOUR OF THE A SSESEEE WITH THE DECISION OF THE ITAT, AHMEDABAD BENCH IN ASSESSEES OWN CASE FOR IMMEDIATELY PRECEDING ASSTT.YEAR 2005-06 ORDER DATE D 23.4.2009 (SUPRA), WHEREIN IDENTICAL ISSUE OF DISALLOWANCE OF INTEREST EXPENDITURE WAS INVOLVED. IN THE CASE BEFORE US, BEING SIMILAR TO THE FACTS OF THE CASE OF THE ASSESSEE IN EARLIER ASSTT.YEAR 2005-2006, AND THE I SSUE BEING COVERED IN FAVOUR OF THE ASSESSEE, IS DECIDED ACCORDINGLY AND THE GROUNDS OF THE APPEAL OF THE REVENUE ARE DISMISSED. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( %&'( %&'( %&'( %&'( / ANIL CHATURVEDI) )* + )* + )* + )* + /ACCOUNTANT MEMBER ( . .. . . .. . /G.C. GUPTA) !' !' !' !' /VICE-PRESIDENT C OPY OF THE ORDER FORWARDED TO: 1) : APPELLANT 2) : RESPONDENT 3) : CIT(A) 4) : CIT CONCERNED 5) : DR, ITAT.