RENU M. TILWANI, MUMBAI V. ASST CIT 19(3), MUMBAI

ITA 2097/MUM/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3985 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 23-07-2013
• Assessment Year: 2007-2008
• Appeal Filed On: 29-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S D SRIVASTAVA
• Assessee Lawyers: M SUBRAMANIAN
• Keywords: Opportunity of being heard; Revised return

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES D, MUMBAI .. , ! ' #. . $.. % , & ', ' BEFORE SHRI R.S.SYAL, AM AND DR.S.T.M.PAVALAN, JM ITA NO.2097/MUM/2012 : ASST.YEAR 2007-2008 MRS.RENU M.TILWANI 21 VEENA BEENA, GROUND FLOOR OPP. BANDRA RAILWAY STATION BANDRA (WEST), MUMBAI 400 050. PAN : AADPT6152H. THE ASSTT.COMMISSIONER OF INOME-TAX CIRCLE 19(3) MUMBAI. ( () / // / APPELLANT) % % % % / VS. ( +,()/ RESPONDENT) () - -- - . . . . / APPELLANT BY : SHRI M.SUBRAMANIAN +,() - . - . - . - . / RESPONDENT BY : SHRI S.D.SRIVASTAVA (CIT-DR) % - /! / / / / DATE OF HEARING : 23.07.2013 012 - /! / DATE OF PRONOUNCEMENT : 24.07.2013 ' 3 ' 3 ' 3 ' 3 / / / / O R D E R PER R.S.SYAL (AM) : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 17.0 1.2012 IN RELATION TO ASSESSMENT YEAR 2007-2008. 2. THE ONLY GROUND IS AGAINST NOT GIVING RELIEF FOR INTEREST PAID AT ` 4,40,153. BRIEFLY STATED THE FACTS OF THE CASE ARE THAT THE ASSESSEE OFFERED INTEREST INCOME OF ` 4.40 LAKH UNDER THE HEAD `INCOME FROM OTHER SOURCES. IT WAS CLAIMED DURING THE COURSE OF FIRST APPELLATE PROCEEDINGS THAT THE ASSESSEE HAD ALSO PAID INTERES T OF EQUAL AMOUNT OF ` 4.40 LAKH TO GSBC BANK ON OD ACCOUNT AND IT WAS DUE TO ITA NO.2097/MUM/2012. MRS.RENU M.TILWANI. 2 OVERSIGHT THAT THE ASSESSEE COULD NOT CLAIM DEDUCTI ON FOR IT AGAINST THE INTEREST INCOME. THE LEARNED CIT(A) REFUSED THE CLA IM ON THE GROUND THAT THE ASSESSEE COULD HAVE TAKEN UP THIS ISSUE AT THE STAGE OF ASSESSMENT BY FILING REVISED RETURN. IN THIS REGARD , HE RELIED ON THE JUDGMENT OF THE HONBLE SUPREME COURT IN THE CASE O F GOETZE (INDIA) LTD. VS. CIT [(2006) 284 ITR 323 (SC)] . 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. THE ONLY ISSUE BEFORE US IS ABO UT THE ALLOWABILITY OR OTHERWISE OF DEDUCTION FOR INTEREST AMOUNTING TO ` 4.40 LAKH AGAINST THE INTEREST INCOME OF THE EQUAL AMOUNT. IT HAS BEE N CLAIMED THAT THE ASSESSEE INADVERTENTLY OFFERED THE INTEREST INCOME WITHOUT CLAIMING DEDUCTION FOR INTEREST EXPENDITURE. IN OUR CONSIDER ED OPINION, THE ENDS OF JUSTICE WOULD MEET ADEQUATELY IF THE IMPUGN ED ORDER ON THIS ISSUE IS SET ASIDE AND THE MATTER IS RESTORED TO TH E FILE OF A.O. WE ORDER ACCORDINGLY AND DIRECT HIM TO CONSIDER THE DE DUCTIBILITY OR OTHERWISE OF INTEREST AMOUNTING TO ` 4.40 LAKH AS PER LAW AFTER ALLOWING A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 4. IT IS NEEDLESS TO MENTION THAT THE JUDG MENT RENDERED BY THE HONBLE SUPREME COURT IN THE CASE OF GOETZE (INDIA) LTD. (SUPRA) IS NOT APPLICABLE DURING THE PROCEEDINGS BEFORE THE TR IBUNAL AS HAS BEEN CATEGORICALLY LAID DOWN BY THEIR LORDSHIPS OF THE H ONBLE SUPREME COURT IN THAT VERY CASE. ITA NO.2097/MUM/2012. MRS.RENU M.TILWANI. 3 5. 4 /5 6 7- 89 : ; / < - =/ >? IN THE RESULT, THE APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THIS 24 TH DAY OF JULY, 2013. ' 3 - 012 @'%5 1 - A SD/- SD/- (DR.S.T.M.PAVALAN) (R.S.SYAL) & ' & ' & ' & ' / JUDICIAL MEMBER ! ' ! ' ! ' ! ' / ACCOUNTANT MEMBER MUMBAI ; @'% DATED : 24 TH JULY, 2013. DEVDAS* ' 3 - +&/;B C B2/ ' 3 - +&/;B C B2/ ' 3 - +&/;B C B2/ ' 3 - +&/;B C B2// COPY OF THE ORDER FORWARDED TO : 1. () / THE APPELLANT 2. +,() / THE RESPONDENT. 3. D () / THE CIT, MUMBAI. 4. D / CIT(A) 30, MUMBAI 5. BGA +&/&% , , / DR, ITAT, MUMBAI 6. A H / GUARD FILE. ' ' ' ' 3% 3% 3% 3% / BY ORDER, ,B/ +&/ //TRUE COPY// 8 8 8 8/ // /> = > = > = > = ( DY./ASSTT. REGISTRAR) , , , , / ITAT, MUMBAI