M/s. Parmeshwar Engineers, Surat V. The ACIT.,Circle-2, Surat

ITA 2169/AHD/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 63213 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 5 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 30-11-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 25-06-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T SANKAR
• Assessee Lawyers: SAPNESH SHETH

Judgement Text

, , , , D, IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, D BENCH . .. . . .. . , !' !' !' !', , , , #$ %&'( #$ %&'( #$ %&'( #$ %&'(, , , , )* + ) )* + ) )* + ) )* + ) ' ' ' ' BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER) ITA NO.2169/AHD/2010 [ASSTT.YEAR : 2007-2008] M/S.PARMESHWAR ENGINEERS, C-113, UDHNA UDHYOG NAGAR SHOPPING COMPLEX, UDHNA SURAT. PAN : AADFP 1709 J /VS. ACIT, CIR.2 SURAT. ( (( (-. -. -. -. / APPELLANT) ( (( (/0-. /0-. /0-. /0-. / RESPONDENT) 1& 2 3 )/ ASSESSEE BY : SHRI SAPNESH SHETH + 2 3 )/ REVENUE BY : SHRI T. SANKAR 5 2 &(*/ DATE OF HEARING : 30 TH NOVEMBER, 2012 678 2 &(*/ DATE OF PRONOUNCEMENT : 14-12-2012 )9 / O R D E R PER G.C. GUPTA, VICE-PRESIDENT: THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2007-08 IS DIRECTE D AGAINST THE ORDER OF THE CIT(A)-II, SURAT. ITA NO.2169/AHD/2010 -2- 2. THE ONLY GROUND OF THE APPEAL OF THE ASSESSEE IS AS UNDER: 1. ON THE FACTS AND IN CIRCUMSTANCES OF THE CASE A S WELL AS LAW ON THE SUBJECT, THE LD.CIT(A) HAS ERRED IN CONF IRMING THE ACTION OF THE AO IN MAKING DISALLOWANCE OF RS.17,00 ,000/- FOR PREMIUM PAID UNDER KEYMAN INSURANCE POLICY. 3. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED T HAT THE ISSUE IN THE GROUND OF APPEAL OF THE ASSESSEE IS COVERED IN FAVOUR OF THE ASSESSEE WITH THE DECISIONS OF THE ITAT, AHMEDABAD BENCHES IN ASSESSEES OWN CASE FOR EARLIER ASSESSMENT YEAR 200 4-2005 IN ITA NO.4369/AHD/2007 DATED 20.8.2010 AND FOR A.Y.2006-2 007 IN ITA NO.1591/AHD/2009 DATED 12-8-2011. THE LEARNED DR H AS RELIED ON THE ORDERS OF THE AO AND THE CIT(A). 4. WE HAVE CONSIDERED RIVAL SUBMISSIONS AND HAVE PE RUSED THE ORDERS OF THE AO AND THE CIT(A). WE FIND THAT THE ISSUE OF DISALLOWANCE OF PREMIUM PAID UNDER THE KEYMAN INSUR ANCE POLICY BY THE ASSESSEE-FIRM IS COVERED IN FAVOUR OF THE ASSES SEE WITH THE DECISIONS OF THE ITAT, AHMEDABAD BENCH IN ASSESSEE S OWN CASE FOR EARLIER ASSESSMENT YEARS 2004-2005 AND 2006-2007 (S UPRA). WE BEING IN AGREEMENT WITH THE DECISIONS OF THE ITAT, AHMEDA BAD BENCH IN THE ASSESSEES OWN CASE FOR EARLIER ASSESSMENT YEAR S CITED SUPRA, DECIDE THE ISSUE IN FAVOUR OF THE ASSESSEE AND ALLO W GROUND OF THE APPEAL OF THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( %&'( %&'( %&'( %&'( / ANIL CHATURVEDI) )* + )* + )* + )* + /ACCOUNTANT MEMBER ( . .. . . .. . /G.C. GUPTA) !' !' !' !' /VICE-PRESIDENT