M/s. Mondal Brothers, Birbhum V. ITO, Ward - 3, Suri, Birbhum

ITA 1784/KOL/2010

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3146 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 9 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-07-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2004-2005
• Appeal Filed On: 16-09-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: MANISH TIWARI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA [BEFORE SHRI PRAMOD KUMAR, A.M. & SHRI MAHAVIR SIN GH, J.M. ] I.T.A. NO.1784/KOL/2010 : ASSESSMENT YEAR : 2004-05 M/S. MONDAL BROTHERS -VS- I.T.O., WARD-3, SURI SURI (PAN:AAJFM 6991R) ( APPELLANT ) ( RESPONDENT ) DATE OF CONCLUDING THE HEARING : 08.07.2013 DATE OF PRONOUNCING THE ORDER : 08.07.2013 APPEARANCES : FOR THE APPELLANT : SHRI MANISH TIWARI, FCA : FOR THE RESPONDENT : SHRI DEBASHIS ROY, JC IT, SR.DR O R D E R PER SHRI PRAMOD KUMAR 1. BY WAY OF THIS APPEAL, THE ASSESSEE APPELLANT HA S CHALLENGED CORRECTNESS OF LEARNED CIT(A)S ORDER DATED 09.06.2010 FOR THE ASS ESSMENT YEAR 2004-05 ON THE FOLLOWING GROUNDS:- 1.(A) THAT ON THE FACTS AND IN THE CIRCUMSTANCES O F THE CASE, LD. CIT(A) IS WRONG AND UNJUSTIFIED IN HOLDING INTEREST INCOME OF RS.4,20,546/- AS INCOME FROM OTHER SOURCES AS AGAINST BUSINESS INC OME DECLARED BY THE APPELLANT-FIRM. (B) THAT THE LD. CIT(A) HAS ERRED IN ARRIVING AT TH E ABOVE CONCLUSION BY RELYING THE DECISION IN ALKALI CHEMICALS & FERTILIZ ER LTD. VS- CIT, 227 ITR 172 (SC) AND SOUTH INDIA SHIPPING CORPORATION LTD. VS- CIT, 240 ITR 24 (MADRAS) ALTHOUGH FACTS ARE DISTINGUISHABLE. 2. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND THE ERRONEOUS FINDING ON THE POINT OF PROPER HEAD OF INCOME UNDER WHICH INTEREST ON LOAN ADVANCED TO PARTIES IS ASSESSABLE. LD. CIT(A) IS WR ONG IN UPHOLDING THE ACTION OF THE ASSESSING OFFICER REGARDING ALLOWABIL ITY OF PARTNERS REMUNERATION U/S. 40(B) OF I.T. ACT, 1961. 2 I.T.A. NO.1784/KOL/10 MONDAL BROTHERS ASSESSMENT YEAR: 2004-05 2. WHEN THE APPEAL WAS CALLED OUT FOR HEARING, LEAR NED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ABOVE ISSUES ARE NOW COVERED, AG AINST THE ASSESSEE, BY A CO- ORDINATE BENCHS DECISION DATED 25 TH JUNE, 2010 IN ASSESSEES OWN CASE. HE THUS SUBMITTED THAT THE MATTER MAY BE DECIDED AGAINST TH E ASSESSEE. 3. LEARNED DR DID NOT OPPOSE THE AFORESAID PRAYER O F THE ASSESSEE. 4. IN VIEW OF THE ABOVE DISCUSSIONS, THE APPEAL IS TREATED AS WITHDRAWN. ACCORDINGLY, THE APPEAL STANDS DISMISSED AS WITHDRA WN. 5 IN THE RESULT, THE APPEAL IS DISMISSED AS WITHDRA WN. ORDER PRONOUNCED IN THE OPEN COURT ON THE DAY OF HE ARING ITSELF I.E. 08.07.2013. SD/- SD/- (MAHAVIR SINGH) (PRAMOD KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 08 JULY, 2013 COPY OF THE ORDER FORWARDED TO: 1. ASSESSEE M/S. MONDAL BROTHERS, DESH BANDHU C.R. DAS ROAD, P.O. SURI, DIST- BIRBHUM. 2 DEPARTMENT I.T.O., WARD-3, SURI 3. THE CIT(A), ASANSOL 4. CIT, 5. DR, KOLKATA BENCHES, KOLKATA TRUE COPY, BY ORDER, ASSTT. REGISTRAR , ITAT, KOLKATA TALUKDAR(SR.P.S.) 3 I.T.A. NO.1784/KOL/10 MONDAL BROTHERS ASSESSMENT YEAR: 2004-05