VINOD COOKWARE, MUMBAI V. ASST CIT 18(2), MUMBAI

ITA 1985/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92346 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-04-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 11-11-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 12-03-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Business income
• Section: 80IB

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F MUMBAI . . , , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER . / ITA NO. 1985/MUM/2013 / ASSESSMENT YEAR 2009-10 VINOD COOKWARE, 56, EVERGREEN IND. ESTATE, SHAKTI MILLS LANE, E-MOSES ROAD, MAHALAXMI, MUMBAI. / VS. THE ACIT 18(2), MUMBAI. ! ./ ./ PAN/GIR NO. : AACFV2197 ( !$ / APPELLANT ) .. ( %&!$ / RESPONDENT ) ASSESSEE BY NONE RESPONDENT BY : SHRI PAWAN KUMAR BEERLA ( ) * / DATE OF HEARING : 21/04/2015 ( ) * / DATE OF PRONOUNCEMENT : 21/04/2015 / O R D E R PER I.P.BANSAL, JM: THIS IS AN APPEAL FILED BY THE REVENUE AND IT I S DIRECTED AGAINST THE ORDER PASSED BY LD. CIT(A)-29,MUMBAI DATED 4/12/2012 FOR ASSESSMENT YEAR 2009- 10. GROUND OF APPEAL READ AS UNDER: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW CIT(APPEALS) ERRED IN CONFIRMING THE ORDER OF ASSES SING OFFICER IN NOT TREATING RS.1,96,63,241/- OF DEPB/DUTY DRAW BACK AS ELIGIBLE PROFITS FOR THE PURPOSE OF SECTION 80IB OF INCOME TAX ACT THOUG H THE SAME ARE INTERNAL PART OF BUSINESS INCOME. . / ITA NO. 1985/MUM/2013 / ASSESSMENT YEAR 2009-10 2 2. THIS APPEAL WAS EARLIER FIXED FOR HEARING ON 20 /8/2014, WHEN IT WAS ADJOURNED TO 11/11/2014 AS NONE APPEARED ON BEHALF OF THE ASSESSEE. NOTICE WAS ISSUED THROUGH RPAD. ON 11/11/2014 BENCH DID N OT FUNCTION, THEREFORE, IT WAS ADJOURNED TO 2/2/2015 THROUGH NOTICE BOARD A ND ON 2/2/2015 THE BENCH DID NOT FUNCTION AND IT WAS ADJOURNED TO 21/4 /2015. ON 21/4/2015 ALSO NONE WAS PRESENT ON BEHALF OF THE ASSESSEE. T HEREFORE, WE PROCEED TO DECIDE THE PRESENT APPEAL ON MERITS EX-PARTE QUA TH E ASSESSEE. 3. THE ASSESSEE IN THE PRESENT CASE IS ASSAILING TH E ACTION OF AO VIDE WHICH A SUM OF RS.1,96,63,241/- WAS EXCLUDED FROM THE EL IGIBLE PROFIT FOR THE PURPOSE OF COMPUTING DEDUCTION UNDER SECTION 80 IB OF THE INCOME TAX ACT, 1961 (THE ACT). THE SAID AMOUNT REPRESENT DEPB/DUT Y DRAW BACK. LD. CIT(A) HAS DECIDED THIS ISSUE AGAINST THE ASSESSEE FOLLOWI NG THE DECISION OF HONBLE SUPREME COURT IN THE CASE OF LIBERTY INDIA LTD. VS. CIT, 317 ITR 218 (SC). THE ASSESSEE IS AGGRIEVED, HENCE, HAS FILED AFOREMENTIO NED GROUNDS OF APPEAL. 4. LD. DR RELIED UPON THE ORDER PASSED BY AO AND LD . CIT(A). 5. AFTER HEARING LD. DR AND AFTER CONSIDERING THE F ACTS AVAILABLE ON RECORD, WE ARE OF THE OPINION THAT LD. CIT(A) DID NOT COMMI T ANY ERROR IN CONFIRMING THE ACTION OF AO FOR EXCLUSION OF A SUM OF RS.1,96,63,2 41/- REPRESENTING DEPB AND DUTY DRAW BACK AND SUCH ACTION OF LD. CIT(A) IS IN ACCORDANCE WITH THE DECISION OF HONBLE SUPREME COURT IN THE CASE OF LI BERTY INDIA LTD. VS. CIT(SUPRA). WE DECLINE TO INTERFERE AND THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 21/04/2015 ( 0 1 2 21/04/2015 ( SD/- SD/- ( / N.K.BILLAIYA ) ( . . / I.P. BANSAL ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; 1 DATED 21/04/2015 . / ITA NO. 1985/MUM/2013 / ASSESSMENT YEAR 2009-10 3 / COPY OF THE ORDER FORWARDED TO : 1. !$ / THE APPELLANT 2. %&!$ / THE RESPONDENT. 3. 4) ( ) / THE CIT(A)- 4. 4) / CIT 5. 56 %)78 , * 78 , / DR, ITAT, MUMBAI 6. 9 / GUARD FILE. / BY ORDER, & 5) %) //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . . ./ VM , SR. PS