NAVNITLAL P. LTD, NAVI MUMBAI V. ITO CIR 3(2)(3), MUMBAI

ITA 1802/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7530 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-02-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2006-2007
• Appeal Filed On: 19-03-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: PARAS S SAVLA
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B: MUMBAI BEFORE SHRI R.S. SYAL (AM) AND SHRI R.S. PADVEKAR (JM) ITA NO. 1802/MUM/2009 (ASSTT. YEAR : 2006-07) M/S NAVNITLAL PRIVATE LIMITED APPELLANT B-807, BSEL BUILDING, OPP. VASHI RAILWAY STATION SECTOR 30A, VASHI, NAVI MUMBAI 400 705 PAN :AAACN1829P V/S. I.T.O CIRCLE 3(2)(3), RESPONDENT RANGE 3(2)(3) AAYAKAR BHAVAN, MUMBAI 400 020 APPELLANT BY :SHRI. PARAS S. SAVLA RESPONDENT BY :S/SHRI. PEEYUSH J AIN/S.S. RANA/ PRABHAT JHA (D.R) : O R D E R : PER R.S. PADVEKAR, J.M THE ASSESSEE HAS FILED THIS APPEAL CHALLENGING THE IMPUGNED ORDER OF THE LD CIT(A)- III, MUMBAI DATED 24.02.2009. 2. THE ASSESSEE HAS TAKEN THE FOLLOWING EFFECTIVE GROUND : 1. THE CIT(APPEALS) III AND I.T.O CIRCLE 3(2)(3) E RRED IN NOT ALLOWING DEDUCTION OF RS. 1,67,99,294/- BEING PROFITS ELIGIB LE FOR DEDUCTION COMPUTED AS PER THE PROVISION OF SEC 80 HHC WHILE ARRIVING AT BOOK PROFIT FOR THE PURPOSE OF SECTION 115JB OF INCOME T AX ACT, 1961. 3. THE SHORT ISSUE FOR CONSIDERATION IS FOR THE PU RPOSE OF COMPUTING THE BOOK PROFIT U/S. 115JB, FOR REDUCING THE DEDUCTIO N U/S. 80HHC, THE PROFITS OF ITA NO. 1802/MUM/2009 2 THE BUSINESS IS TO BE CONSIDERED AS PER THE NORMAL PROVISIONS OF THE ACT OR AS DETERMINED U/S. 115 JB. THE LD COUNSEL FOR THE AS SESSEE WAS FAIR ENOUGH TO SUBMIT THAT THE ISSUE ARISING IN THIS APPEAL IS COV ERED AGAINST THE ASSESSEE BY THE DECISION OF THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF CIT V/S. AJANTHA PHARMA LTD., 318 ITR 252 (BOM). AS THE IS SUE STANDS COVERED AGAINST THE ASSESSEE BY THE DECISION CITED (SUPRA), ALL THE GROUNDS ARE DISMISSED ON THIS ISSUE. 4. IN THE RESULT, ASSESSEES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 22ND DAY OF FEBRUARY , 2010. SD/- SD/- (R.S. SYAL) (R.S. PADVEKAR) ACCOUNTANT MEMBER JUDICI AL MEMBER MUMBAI, ON THIS 22ND DAY OF FEBRUARY , 2010. :US COPY TO: 1. APPELLANT 2. RESPONDENT , 3.THE CIT(A)- III, MUMBAI 4.THE CIT -3, MUMBAI 5.THE DR, B BENCH, MUMBAI 6.GUARD FILE BY ORDER TRUE COPY ASSTT..REGISTRAR, ITAT, MUMBAI. ITA NO. 1802/MUM/2009 3 US DATE INITIALS 1. DRAFT DICTATED ON 17/2/10 --------------- SR.P.S . 2. DRAFT PLACED BEFORE AUTHORITY 18/2/10 -------- ------ SR.P.S. 3. DRAFT PROPOSED & PLACED ----------- ---------- --- JM BEFORE THE SECOND MEMBER 4. DRAFT DISCUSSED/APPROVED ----------- ----------- -- JM/AM BY SECOND MEMBER 5. APPROVED DRAFT COMES TO ----------- ------------ - SR.P.S. THE SR. P.S./P.S 6. KEPT FOR PRONOUNCEMENT ON --------- ----------- -- SR.P.S. 7. FILE SENT TO THE BENCH CLERK --------- --------- ---- SR.P.S. 8. DATE ON WHICH FILE GOES TO THE ------- --------- ---- 9. DATE OF DISPATCH OF ORDER --------- --------- ----