ACIT, CHENNAI V. M/s. Rane Engine Valves Ltd., CHENNAI

ITA 2081/CHNY/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 7444 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-03-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 19-12-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3); 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI BEFORE DR. O.K.NARAYANAN, VICE-PRESIDENT AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER ITA NO.2081(MDS)/2011 ASSESSMENT YEAR : 2007-08 THE ASSISTANT COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE V(3), CHENNAI. VS. M/S. RANE ENGINE VALVES LTD., MAITHRI,132-CATHEDRAL ROAD, CHENNAI-600 086. PAN AAACE1413G. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SHAJI P JACOB, IRS, COMMISSIONER OF INCOME-TAX RESPONDENT BY : SHRI SAROJ KUMAR PARIDA, ADV OCATE DATE OF HEARING : 1 ST MARCH, 2012 DATE OF PRONOUNCEMENT : 1 ST MARCH, 2012 O R D E R PER DR.O.K.NARAYANAN, VICE-PRESIDENT: THIS APPEAL FILED BY THE REVENUE RELATES TO THE ASSESSMENT YEAR 2007-08. THE APPEAL IS DIRECTED AG AINST THE - - ITA NO.2081 OF 2011 2 ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS)-V AT CHENNAI, PASSED ON 30-9-2011 AND ARISES OUT OF THE ASSESSMEN T COMPLETED UNDER SECTION 143(3) OF THE INCOME-TAX AC T, 1961. 2. THE ONLY GROUND RAISED BY THE REVENUE IN THIS APPEAL IS THAT THE COMMISSIONER OF INCOME-TAX(APPEA LS) HAS ERRED IN HOLDING THAT THE DISALLOWANCE UNDER SECTIO N 14A OF THE INCOME-TAX ACT, 1961 CANNOT BE WORKED OUT AS PER TH E PROVISIONS OF RULE 8D OF THE INCOME-TAX RULES, 1962, FOR THE A SSESSMENT YEAR 2007-08. THIS ISSUE HAS BEEN DECIDED BY THE COMMISSIONER OF INCOME-TAX(APPEALS), RELYING ON THE JUDGMENT OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF GOD REJ & BOYCE MFG. CO. LTD. VS. DCIT, 328 ITR 81. THE COMMISSION ER OF INCOME-TAX(APPEALS) IS JUSTIFIED IN HOLDING THAT RU LE 8D IS NOT APPLICABLE IN ASSESSEES CASE, AS THE RELEVANT ASSE SSMENT YEAR IS 2007-08. 3. IN VIEW OF THE ABOVE, THIS APPEAL FILED BY THE REVENUE IS LIABLE TO BE DISMISSED. - - ITA NO.2081 OF 2011 3 ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON THURSDAY, TH 1 ST OF MARCH, 2012 AT CHENNAI. SD/- SD/- (CHALLA NAGENDRA PRASAD) (DR. O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 1 ST MARCH, 2012. V.A.P. COPY TO: (1) APPELLANT (2) RESPONDENT (3) CIT (4) CIT(A) (5) D.R. (6) G.F.