K. Subramanian, Bhavani V. ITO, Erode

ITA 2262/CHNY/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 77282 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 29-04-2014
• Assessment Year: 2010-2011
• Appeal Filed On: 26-12-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: K C AARTHI
• Keywords: Capital receipt
• Section: 143(3)

Judgement Text

, , IN THE INCOME-TAX APPELLATE TRIBUNAL A BENCH, CHENNAI. . , . !' !' !' !' , # # # # $ $ $ $ BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER & SHRI V. DURGA RAO, JUDICIAL MEMBER ./ I.T.A.NO.2262/MDS/2013 # ' %' / ASSESSMENT YEAR:2010-11 SHRI K. SUBRAMANIAN, PROP. KAVITHA DYEING, NO.1/5-261, ANTHIYUR ROAD, KADAYAMPATTI POST, BHAVANI 638 302. [PAN : ALAPS3104L] VS. THE INCOME TAX OFFICER, WARD II(2), ERODE. ( &' &' &' &' / APPELLANT ) ( ()&' ()&' ()&' ()&' / RESPONDENT ) &' * + / APPELLANT BY : MS.K.C. AARTHI, ADVOCATE ()&' * + / RESPONDENT BY : SHRI SHAJI P. JACOB, ADDL. CIT * , / DATE OF HEARING : 29.04.2014 -% * , /DATE OF PRONOUNCEMENT : 30.04.2014 O R D E R PER V. DURGA RAO, JUDICIAL MEMBER : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEAL) I, COIMBATORE, DATED 18.11.2013 RELEVANT TO THE ASSESSMENT 2010-11. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE I S IN THE BUSINESS OF JOB WORK IN TEXTILE DYEING AND GENERATION OF POWER, FIL ED ITS RETURN OF INCOME ADMITTING TOTAL INCOME OF ` .4,12,124/-. THE RETURN OF INCOME WAS PROCESSED UNDER SECTION 143(1) OF THE INCOME TAX ACT AND AFTE R DUE PROCESS, THE I.T.A. I.T.A. I.T.A. I.T.A. NO. NO. NO. NO.2262 2262 2262 2262/MDS/13 /MDS/13 /MDS/13 /MDS/13 2 ASSESSMENT WAS COMPLETED UNDER SECTION 143(3) OF TH E ACT ON 13.02.2013. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE AS SESSING OFFICER HAS FOUND THAT THERE IS CREDIT OF CAPITAL RESERVE IN TH E BALANCE SHEET ON THE WIND MILLS TO THE TUNE OF ` .31,26,959/-, THE COMPENSATION RECEIVED FROM THE SU PPLIER OF WIND MILLS NAMELY, M/S. CHIRANJIVI WIND ENERGY L TD. AND SOUTHERN WIND FARMS LTD. THE ASSESSING OFFICER, WHILE COMPUTING T HE ASSESSMENT, TREATED THE SAID COMPENSATION RECEIVED BY THE ASSESSEE AS R EVENUE RECEIPT AS AGAINST THE CLAIM OF THE ASSESSEE THAT SUCH COMPENS ATION IS A CAPITAL RECEIPT AND NOT EXIGIBLE TO TAX. 3. ON APPEAL, THE LD. CIT(APPEALS) REJECTED THE CL AIM OF THE ASSESSEE AGAINST WHICH, THE ASSESSEE IS IN APPEAL BEFORE US. 4. AT THE TIME OF HEARING, BOTH THE LD. COUNSELS H AVE SUBMITTED THAT THE ISSUE IS SQUARELY COVERED AGAINST THE ASSESSEE BY T HE DECISION OF THE ITAT IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2009-10 IN I.T.A. NO. 1652/MDS/2012 VIDE ORDER DATED 21.02.2013. 5. WE HAVE PERUSED THE MATERIALS ON RECORD AND ALS O ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2009 -10 DATED 21.02.2013 AND FIND THAT SIMILAR GROUND HAS BEEN RAISED BY THE ASSESSEE IN THAT APPEAL AND THE TRIBUNAL HAS DECIDED THE ISSUE AGAINST THE ASSESSEE. RESPECTFULLY FOLLOWING THE ABOVE DECISION OF THE TRIBUNAL, WE DI SMISS THE APPEAL OF THE ASSESSEE FOR THE ASSESSMENT YEAR UNDER CONSIDERATIO N ALSO. I.T.A. I.T.A. I.T.A. I.T.A. NO. NO. NO. NO.2262 2262 2262 2262/MDS/13 /MDS/13 /MDS/13 /MDS/13 3 8. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED ON WEDNESDAY, THE 30 TH OF APRIL, 2014 AT CHENNAI. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (V.DURGA RAO) JUDICIAL MEMBER CHENNAI, DATED, THE 30.04.2014 VM/- TO: THE ASSESSEE/A.O./CIT(A)/CIT/D.R.