M/s Kamakhya Oil Co., New Delhi V. ITO, New Delhi

ITA 2226/DEL/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 6945 (ITAT-DELHI)
• Duration Of Justice: 5 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 27-09-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 26-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S GOEL CAS
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : SMC-I : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER ITA NO.2226/DEL/2016 ASSESSMENT YEAR : 2011-12 KAMAKHYA OIL CO., 4828/24, PRALAD LANE, ANSARI ROAD, DARYA GANJ, NEW DELHI. PAN: AAHFK3040R VS. ITO, WARD 52(3), NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI R.S. SINGHVI & SHRI S. GOEL, CAS DEPARTMENT BY : SHRI RAJESH KUMAR, SR. DR DATE OF HEARING : 27.09.2016 DATE OF PRONOUNCEMENT : 28.09.2016 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGA INST THE ORDER PASSED BY THE CIT(A) ON 21.3.2016 IN RELATION TO THE ASSES SMENT YEAR 2011-12. 2. NO OTHER ISSUE EXCEPT THE DENIAL OF DEDUCTION U/S 80IB IN RESPECT OF INTEREST EARNED AMOUNTING TO RS.22,38,562/- WAS PRE SSED BY THE LD. AR. ACCORDINGLY, THE OTHER GROUNDS INCLUDING CHALLENGE TO THE INITIATION OF RE- ASSESSMENT, ARE HEREBY DISMISSED. ITA NO.2226/DEL/2016 2 3. THE FACTS REGARDING THE DENIAL OF DEDUCTION U/S 80IB ARE THAT THE ASSESSEE EARNED INTEREST ON FDR UNDER LIEN WITH PUN JAB NATIONAL BANK AMOUNTING TO RS.6,15,334/-; INTEREST ON LOAN FROM M /S SHREE OIL COMPANY AMOUNTING TO RS.16,16,233/-; AND INTEREST ON LOANS TO EMPLOYEES AT RS.6,995/-, TOTALING TO RS.22,38,562/-. THE ASSESS EE CLAIMED DEDUCTION U/S 80IB, INTER ALIA, IN RESPECT OF SUCH TOTAL INTEREST, WHICH WAS DENIED BY THE AO. THE LD.CIT(A) UPHELD THE ACTION OF THE AO. 4. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD, IT IS OBSERVED THAT SIMILAR ISS UE WAS INVOLVED IN THE APPEAL OF THE REVENUE FOR THE IMMEDIATELY PRECEDING ASSESSMENT YEAR AND THE TRIBUNAL VIDE ITS ORDER DATED 13.6.2014 IN ITA NO.4428/DEL/2013 HAS FINALLY RESTORED THE MATTER TO THE AO BY GIVING DIR ECTIONS CONTAINED IN PARA 6 OF ITS ORDER. SINCE THE FACTS AND CIRCUMSTA NCES OF THE INSTANT YEAR ARE, ADMITTEDLY, MUTATIS MUTANDIS SIMILAR TO THE PRECEDING YEAR, RESPECTFULLY FOLLOWING THE VIEW TAKEN BY THE TRIBUN AL IN THE IMMEDIATELY PRECEDING YEAR, I SET ASIDE THE IMPUGNED ORDER AND RESTORE THE MATTER TO THE FILE OF THE AO FOR DECIDING THIS ISSUE IN CONFO RMITY WITH THE VIEW TAKEN BY THE TRIBUNAL IN ITS ORDER FOR THE PRECEDIN G YEAR. ITA NO.2226/DEL/2016 3 5. IN THE RESULT, THE APPEAL IS ALLOWED FOR S TATISTICAL PURPOSES. THE ORDER PRONOUNCED IN THE OPEN COURT ON 28.09.20 16. SD/- [R.S. SYAL] ACCOUNTANT MEMBER DATED, 28 TH SEPTEMBER, 2016. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.