ACIT, New Delhi V. M/s. Nyasa, New Delhi

ITA 2212/DEL/2014

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 6378 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 29-03-2017
• Assessment Year: 2001-2002
• Appeal Filed On: 11-04-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92; 80HHC; 119

Judgement Text

1 ITA NO. 2212/DEL/2014 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: E NEW DELHI BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER AND SMT SUCHITRA KAMBLE , JUDICIAL MEMBER I.T.A .NO.- 2212/DEL/2014 (ASSESSMENT YEA R-2001-02) ACIT CIRLCE-31(1) NEW DELHI (APPELLANT) VS NYASA 4, JOR BAGH NEW DELHI AAAFN4919K (RESPONDENT) APPELLANT BY SH. ANIL BHALLA, ADV RESPONDENT BY SH. RAJESH KUMAR, SR. DR ORDER PER SUCHITRA KAMBLE, JM THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORD ER DATED 22/1/2014 PASSED BY CIT(A) XXVI, NEW DELHI. 2. THE APPEAL IS IN RESPECT OF DEDUCTION U/S 80HHC OF THE INCOME TAX ACT, 1961 ON DEPB RECEIPTS WHICH FALLS U/S 28(IIIB) & 28 (IIID) THE ACT. AS PER THE SUBMISSIONS MADE BY THE LD. AR, THIS ISSUE HAS BEEN DECIDED BY THE HONBLE APEX COURT IN CASES OF M/S TOPMAN EXPORTS VS. CIT 3 42 ITR 49 (SC) AS WELL AS BY LATEST JUDGMENT OF CIT VS. AVANI EXPORTS 119 DTR 352 (SC). 3. THE LD. DR DID NOT CONTROVERT THE SAME. 4. WE HAVE HEARD BOTH THE PARTIES. THE ISSUE UNDER CONSIDERATION IS COVERED BY APEX COURT DECISIONS IN CASE OF AVANI EX PORTS AND TOPMAN EXPORTS DATE OF HEARING 29.03.2017 DATE OF PRONOUNCEMENT 30.03.2017 2 ITA NO. 2212/DEL/2014 IN FAVOUR OF THE ASSESSEE. THE CIT(A) HAS RIGHTLY DIRECTED THE ASSESSING OFFICER TO ALLOW DEDUCTION U/S 80HHC OF THE ACT IN RESPECT OF FACE VALUE OF DEPB LICENCES OF RS. 75,90,047/- AS PER THE APEX COURT D ECISIONS. 5. IN RESULT, APPEAL IS DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 30 TH DAY OF MARCH, 2017. SD/- SD/- (R.S. SYAL) (SUCHITRA KAMBLE) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 30/03/2017 R. NAHEED * COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT R EGISTRAR ITAT NEW DELHI DATE 1. DRAFT DICTATED ON 29.03.2017 PS 2. DRAFT PLACED BEFORE AUTHOR 29.03.2017 PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER .2017 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 3 0 .03.2017 PS/PS 3 ITA NO. 2212/DEL/2014 6. KEPT FOR PRONOUNCEMENT ON PS 7. FILE SENT TO THE BENCH CLERK 30.03.2017 PS 8. DATE ON WHICH FILE GOES TO THE AR 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 10. DATE OF DISPATCH OF ORDER.