Amit Goel, V. ITO Ward-4,

ITA 1658/DEL/2008

• Counselvise Citation: [2009] 114 COUNSELVISE.COM (IT) 5585 (ITAT-DELHI)
• Duration Of Justice: 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-01-2009
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2005-2006
• Appeal Filed On: 01-05-2008
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D N KAR
• Assessee Lawyers: SB GUPTA
• Keywords: Business income
• Section: 207

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH A NEW DELHI BEFORE SHRI G.E. VEERABHADRAPPA : VICE PRESIDENT AN D SHRI D.R. SINGH: JUDICIAL MEMBER ITA NO. 1658/DEL/08 A.Y. 2005-06 AMIT GOEL L/H VS. INCOME-TAX OFFICER, SH. MOHINDER KUMAR GOEL WARD-4, PANIPT. PROP. M/S WEAVERS INDIA 111-R MODEL TOWN PANIPAT. PAN/ GIR NO. ABZPG8337L AND ITA NO. 1610/DEL/08 A.Y. 2005-06 INCOME-TAX OFFICER, VS AMIT GOEL L/H WARD-4, PANIPT SH. MOHINDER KUMAR GOEL PROP. M/S WEAVERS INDIA 111-R MODEL TOWN PANIPAT. (APPELLANT ) ( RESPONDENT ) ASSESSEE BY : SHRI S.B. GUPTA ADV. REVENUE BY : SHRI D.N. KAR SR. DR O R D E R PER G.E. VEERABHADRAPPA, V.P : THESE CROSS APPEALS FILED BY THE ASSESSEE AS WELL A S THE REVENUE ARISE OUT OF THE ORDER OF CIT(A) DATED 22-2-2008 FOR A.Y. 2005-06. 2. THE ONLY DISPUTE IN THE ASSESSEES APPEAL RELATE S TO THE ASSESSEES CLAIM U/S 80-IB IN RESPECT OF DUTY DRAW BACK AMOUNT WHILE CALCULATI NG THE RELIEF U/S 80-IB OF THE ACT. 3. THE LEARNED COUNSEL FOR THE ASSESSEE AT THE TIME OF HEARING FAIRLY CONCEDED THAT THE VIEW OF THE HONBLE JURISDICTIONAL HIGH COURT IN TH E CASE OF M/S LIBERTY INDIA VS. CIT 2 207 CTR 243 (P&H) IS AGAINST THE ASSESSEE. IN THE L IGHT OF THE AFORESAID DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT, THE ASSESSEES A PPEAL HAS NO MERITS AND THE SAME STANDS DISMISSED. 4. THE ONLY DISPUTE IN THE REVENUES APPEAL RELATES TO DIRECTION BY THE CIT(A) TO THE AO TO ALLOW DEDUCTION U/S 80-IB IN RESPECT OF ADDIT ION MADE ON ACCOUNT OF LOW G.P. AND UNVOUCHED EXPENSES. 5. WE HAVE HERD BOTH SIDES AND ARE UNABLE TO FIND ANY MERIT IN THE GROUND RAISED BY THE REVENUE. THE AO HAS MADE CERTAIN DISALLOWANCES AND ADDITIONS TO THE ELIGIBLE BUSINESS INCOME AND ON THAT BASIS THE RELIEF U/S 80 -IB HAS TO BE GRANTED. THERE IS NO ERROR IN THE ORDER OF CIT(A) IN DIRECTING THE AO TO ALLO W THE RELIEF IN RESPECT OF THE ADDITION MADE TO THE INCOME IN RESPECT OF LOW G.P. ON ELIGIB LE UNDERTAKING. WE DECLINE TO INTERFERE. 6. IN THE RESULT, APPEAL OF THE ASSESSEE AS WELL AS THAT OF THE REVENUE STAND DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 28-1-2009. ( D.R. SINGH ) ( G.E. VEERABHADRAPPA ) JUDICIAL MEMBER VICE PRESIDENT DATED: _____________ FEB. 2009. MP COPY TO : 1. ASSESSEE 2. AO 3. CIT 4. CIT(A) 5. DR