Jay Ambica Exim, GANDHIDHAM V. The Assistant Commissioner of IncomeTax, Gandhidham Circle, GANDHIDHAM

ITA 221/RJT/2011

• Counselvise Citation: 22124914 RSA 2011
• Duration Of Justice: 1 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-06-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 23-05-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 12-05-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MK SINGH
• Assessee Lawyers: VIMAL DESAI
• Keywords: Opportunity of being heard

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBULAL; RAJKOT BENCH, RAJKOT. . .. . . .. . , , , , . .. . . .. . , , , , $ $ $ $ BEFORE SHRI T. K. SHARMA, JM AND SHRI D. K. SRIVAST AVA, AM ITA NO. 221/RJT/2011. / ASSESSMENT YEAR 2006-07. JAY AMBICA EXIM, PLOT NO.107, SECTOR NO.8, BEHIND OSLO CINEMA, GANDHIDHAM. PAN: AAEFJ5677J ( */ APPELLANT) VS. THE ASSTT. COMMISSIONER OF INCOME TAX, GANDHIDHAM CIRCLLE,GANDHIDHAM... +,*/ RESPONDENT -. / ASSESSEE BY SHRI VIMAL DESAI, C.A.. . / REVENUE BY SHRI. M. K. SINGH, D.R. . / DATE OF HEARING 23-05-2012 . / DATE OF PRONOUNCEMENT 01 - 06-2012 / / / / ORDER . .. . . . . . , , , , / T. K. SHARMA, J. M. THIS APPEAL BY THE ASSESSEE IS AGAINST THE ORDER DATED 22-02-2011 OF CIT (A)XX , AHMEDABAD CONFIRMING THE DISALLOWANCE OF RS.8,17,801/- MADE BY AO U/S.40 (A)(IA) OF THE I.T. ACT, 1961 FOR THE ASSESSMENT YEAR 2006-07. 2. WE HAVE HEARD BOTH SIDES. THE LD. COUNSEL OF THE ASSESSEE POINTED OUT THAT ALL THE HIGHER PURCHASE LOAN INSTALLMENTS CONT AINING PRINCIPAL AMOUNT AND INTEREST WERE ACTUALLY PAID DURING THE YEAR. THEREF ORE, AS PER JUDGMENT OF ITAT VISHAKHAPATNAM TRIBUNAL (SB) IN THE CASE OF MERILYN SHIPPING & TRANSPORT VS. ACIT REPORTED IN [2012] 20 TAXMAN COM. 244, NO DISA LLOWANCE CAN BE MADE U/S.40(A)(IA). IN THIS VIEW OF THE MATTER, THE ORD ER OF LD. CIT(A) ON THIS ISSUE IS SET-ASIDE AND MATTER IS RESTORED TO THE FILE OF AO FOR FRESH DECISION WORKING OF DISALLOWANCE U/S.40(A)(IA) IF ANY, KEEPING IN VIEW THE DECISION OF ITAT ITA 221/RJT/2011 2 VISHAKHAPATNAM TRIBUNAL (SB) IN THE CASE OF MERILYN SHIPPING & TRANSPORT VS. ACIT(SUPRA) AFTER GIVING OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TRE ATED AS ALLOWED FOR THE STATISTICAL PURPOSES. THIS ORDER IS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED HEREINABOVE. SD/- SD/- ( .. / D. K. SRIVASTAVA) ( .. / T. K. SHARMA) / ACCOUNTANT MEMBER /JUDICIAL MEMBER 3/ ORDER DATE 01-06-2012. /RAJKOT . .. . +4 +4 +4 [phone] / COPY OF ORDER FORWARDED TO:- 1. * / APPELLANT-JAY AMBICA EXIM., GANDHIDHAM. 2. +,* / RESPONDENT- THE ASSTT. CIT, GANDHIDHAM CIRCLE, G ANDHIDHAM. 3. : / CONCERNED CIT-I, RAJKOT.. 4. :- / CIT (A)-XX, AHMEDABAAD... 5. 4 +, , / DR, ITAT, RAJKOT 6. / GUARD FILE. / BY ORDER , ASSTT. REGISTRAR , INCOME TAX APPELLATE TRIBUNAL, RAJKOT.