The ACIT,Valsad Circle, Valsad V. Triumph Finsec (Valsad) Pvt.Ltd., Valsad

ITA 210/AHD/2012

• Counselvise Citation: 21020514 RSA 2012
• Duration Of Justice: 2 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2000-2001
• Appeal Filed On: 24-01-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B L YADAV
• Keywords: Bad and doubtful debts

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, D BENCH, AHMEDABAD BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER I.T.A. NO. 210/ AHD/2012 (ASSESSMENT YEAR 2000-01) ACIT, VALSAD CIRCLE, VALSAD. VS. M/S. TRIUMPH FINSEC (VALSAD) PVT. LTD., 803/B, YASHKAMAL APARTMENT, TITHAL ROAD, VALSAD PAN/GIR NO. : AACCT6713G (APPELLANT) .. (RESPONDENT) APPELLANT BY: SHRI B L YADAV, SR. DR RESPONDENT BY: NONE DATE OF HEARING: 22.03.2012 DATE OF PRONOUNCEMENT: 13. 04.2012 O R D E R PER SHRI A. K. GARODIA, AM:- THIS IS REVENUES APPEAL DIRECTED AGAINST THE ORDE R OF LD. CIT(A) VALSAD DATED 21.11.2011 FOR THE ASSESSMENT YEAR 200 0-01. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE AND HENC E, WE PROCEED TO DECIDE THIS APPEAL OF THE REVENUE EX-PARTE QUA THE ASSESSEE BECAUSE NOTICE OF HEARING WAS DULY SERVED ON THE ASSESSEE AS PER T HE ACKNOWLEDGEMENT AVAILABLE ON RECORD AND THERE IS NO REQUEST FOR ADJ OURNMENT. 3. THE GROUNDS RAISED BY THE REVENUE ARE AS UNDER: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW, THE LD. CIT(A) HAS ERRED DELETING THE ADDITION MADE BY THE A.O. AMOUNTING TO RS.15,89,914/- ON ACCOUNT OF DISALLOWA NCE OF BAD DEBTS CLAIMED U/S.36(I)(VII) OF THE I.T.ACT. I.T.A.NO. 210 /AHD/2012 2 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) OUGHT TO HAVE UPHELD THE ABOVE ADDITION. 3. THE APPELLANT CRAVES LEAVE TO ADD, ALTER AS AMEN D ANY GROUNDS OF APPEAL. 4. IT IS THEREFORE, PRAYED THAT THE ORDER OF THE I D. CIT(A) BE SET-A- SIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 4. LD. D.R. OF THE REVENUE SUPPORTED THE ASSESSMENT ORDER. AT THIS JUNCTURE, IT WAS POINTED OUT BY THE BENCH THAT THIS ISSUE IS NOW COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF SPECIAL B ENCH OF THE TRIBUNAL RENDERED IN THE CASE OF CIT VS SHREYAS S. MORAKHIA AS REPORTED IN 40 SOT 472 AND THIS JUDGEMENT OF SPECIAL BENCH OF THE TRIBUNAL HAS BEEN DULY CONFIRMED BY THE HONBLE BOMBAY HIGH COURT BY REJECTING THE APPEAL FILED BY THE REVENUE. IT WAS ALSO POINTED O UT THAT AS PER THE JUDGEMENT OF HONBLE DELHI HIGH COURT ALSO, RENDERE D IN THE CASE OF CIT VS BOANNZA PORTFOLIO LTD. AS REPORTED 320 ITR 178 (DEL.), THIS ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE. IN REPLY, LD. D .R. HAD NOTHING TO SAY AND HE COULD NOT POINT OUT ANY CONTRARY DECISION OF HONBLE GUJARAT HIGH COURT OR OF HONBLE APEX COURT. UNDER THESE FACTS, WE FIND NO REASON TO INTERFERE IN THE ORDER OF LD. CIT(A) BECAUSE THE DE CISION OF LD. CIT(A) IS IN LINE WITH VARIOUS DECISIONS NOTED ABOVE. WE, TH EREFORE, DECLINE TO INTERFERE IN THE ORDER OF LD. CIT(A). 5. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DISMISSED. 6. ORDER PRONOUNCED IN THE OPEN COURT ON THE DATE M ENTIONED HEREINABOVE. SD./- SD./- (KUL BHARAT) (A. K. GARODIA) JUDICIAL MEMBER ACCOUNTANT MEMBER SP I.T.A.NO. 210 /AHD/2012 3 COPY OF THE ORDER FORWARDED TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE LD. CIT (APPEALS) 5. THE DR, AHMEDABAD BY ORDER 6. THE GUARD FILE AR,ITAT,AHMEDABAD 1. DATE OF DICTATION10/4 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 10/4.OTHER MEMBER 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. P .S./P.S. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 13/4 5. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. P.S./P.S.13/4 6. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 13/4/12 7. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK .. 8. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER . 9. DATE OF DESPATCH OF THE ORDER. .