ACIT, CHENNAI V. M/s. Shriram Capital Trust Pvt Ltd., CHENNAI

ITA 1961/CHNY/2010

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 1133 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-02-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2002-2003
• Appeal Filed On: 18-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: TAPAS KUMAR DUTTA
• Assessee Lawyers: R SIVARAMAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BENCH C CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AN D SHRI GEORGE MATHAN, JUDICIAL MEMBER ------ I.T.A. NO. 1961/MDS/2010 ASSESSMENT YEAR : 2002-03 THE ASSISTANT COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE-VI(2), CHENNAI. V. M/S. SHRIRAM CAPITAL TRUST (P) LTD., MOOKAMBIKA COMPLEX, 4, LADY DESIKA ROAD, MYLAPORE, CHENNAI-600 004. (PAN : AAACS7037E) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI TAPAS KUMAR DUTTA RESPONDENT BY : SHRI R. SIVARAMAN O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER : THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED CIT(APPEALS)-I, CHENNAI IN ITA NO. 302/2008-09 DATE D 23-08-2010 FOR THE ASSESSMENT YEAR 2002-03. 2. SHRI TAPAS KUMAR DUTTA, LEARNED CIT-DR REPRESENT ED ON BEHALF OF THE REVENUE AND SHRI R. SIVARAMAN, ADVOCATE REPRESENTED ON BEHALF OF THE ASSESSEE. I.T.A. NO.1961/MDS/2010 2 3. IN THE REVENUES APPEAL THE REVENUE HAS CHALLENG ED THE ACTION OF THE LEARNED CIT(A) IN DELETING THE DISALLOWANCE OF THE EXPENDITURE CLAIMED AS MINIMUM GUARANTEE CHARGES RELYING UPON THE ORDER OF THE TRIBUNAL IN ITA NO. 1240/MDS/2005 DATED 28-02-2007. AT THE TIME OF HEA RING IT WAS SUBMITTED BY THE LEARNED DR THAT THE ORDER OF THE TRIBUNAL HAD N OT BECOME FINAL AND AN APPEAL HAS BEEN FILED AGAINST THE SAID ORDER BEFORE THE HON'BLE HIGH COURT OF MADRAS. 4. IN REPLY, THE LEARNED AUTHORISED REPRESENTATIVE SUBMITTED THAT THE DECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN ITA NO . 1240/MDS/2005 DATED 28-02- 2007 WAS OF M/S. RAMBAL PROPERTIES PVT. LTD., WHICH IS A SISTER CONCERN OF THE ASSESSEE. IT WAS THE SUBMISSION THAT THE LEARNED C IT(A) HAD IN HIS ORDER IN PARA 3.3 FOLLOWED THE DECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF M/S. RAMBAL PROPERTIES PVT. LTD. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. IT IS NOTICED THAT THE REVENUE HAS NOT BEEN ABLE TO PRODUCE ANY EVIDENCE TO DISTIN GUISH THE FACTS AS MENTIONED IN THE CASE OF M/S. RAMBAL PROPERTIES PVT. LTD., A SISTER CONCERN OF THE ASSESSEE, REFERRED TO SUPRA. IN THESE CIRCUMSTANCES, IT IS N OTICED THAT THE LEARNED CIT(A) HAS ONLY FOLLOWED THE PRINCIPLES OF JUDICIAL DISCIP LINE IN FOLLOWING THE DECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF M/S. RAMBAL PROPERTIES PVT. LTD., REFERRED TO SUPRA, AND THE FACTS IN BOTH THE CASES BEING THE SAME, THE I.T.A. NO.1961/MDS/2010 3 FINDING OF THE LEARNED CIT(A) ON THIS ISSUE STANDS CONFIRMED. IN THE CIRCUMSTANCES THE APPEAL OF THE REVENUE IS DISMISSE D. 6. THE ORDER WAS PRONOUNCED IN THE COURT ON 04/02/2 011. SD/- SD/- (ABRAHAM P. GEORGE) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER CHENNAI, DATED THE 04 TH FEBRUARY, 2011. H. COPY TO: ASSESSEE/AO/CIT (A)/CIT/D.R./GUARD FILE