Torrent Cables Ltd., Ahmedabad V. The ACIT.,Circle-8, Ahmedabad

ITA 2383/AHD/2011

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 7904 (ITAT-AHMEDABAD)
• Duration Of Justice: 6 year(s) 2 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 30-06-2017
• Assessment Year: 2007-2008
• Appeal Filed On: 20-09-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V K SINGH
• Assessee Lawyers: P M MEHTA
• Section: 143(3)

Judgement Text

ITA NO. 2383/AHD/2011 TORRENT CABLES LTD VS. ACIT ASSESSMENT YEAR : 2007-08 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH, AHMEDABAD [CORAM: PRAMOD KUMAR AM AND S S GODARA JM] ITA NO. 2383/AHD/2011 ASSESSMENT YEAR: 2007-08 TORRENT CABLES LTD .............APPE LLANT (FORMERLY KNOWN AS TORRENT GUJARAT BIOTECH LTD) SAMANVAY, 600 TAPOVAN AMBAWADI, AHMEDABAD - 380015 [PAN : AAACT 5457 B] VS. THE ASSTT. COMMISSIONER OF INCOME-TAX .......................RESPONDENT CIRCLE-8, AHMEDABAD APPEARANCES BY: SN SOPARKAR & PM MEHTA FOR THE APPELLANT VK SINGH FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : 13.12.2017 DATE OF PRONOUNCING THE ORDER : 18.12.2017 O R D E R PER PRAMOD KUMAR AM: 1. BY WAY OF THIS APPEAL, THE ASSESSEE APPELLANT HA S CHALLENGED CORRECTNESS OF THE ORDER DATED 22 ND JULY 2011, PASSED BY THE CIT(A)-XIV, AHMEDABAD IN THE MATTER OF ASSESSMENT UNDER SECTION 143(3) OF THE INCOME-TA X ACT, 1961, FOR THE ASSESSMENT YEAR 2007-08. 2. THE SHORT GRIEVANCE OF THE ASSESSEE IS THAT, ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LEARNED CIT(A) HAS E RRED IN UPHOLDING THE ADDITION OF RS.8,02,00,273/- MADE BY THE ASSESSING OFFICER UNDE R SECTION 41(1) OF THE ACT. 3. WHEN THIS APPEAL WAS CALLED OUT FOR HEARING, TH E LEARNED SENIOR COUNSEL FOR THE ASSESSEE POINTS OUT THAT THE SAID AMOUNT OF RS. 8,02,00,273/- HAS BEEN OFFERED TO TAX BY THE ASSESSEE ON ITS OWN IN ASSESSMENT YEAR 2 009-10 AND THE DEPARTMENT HAS DULY ACCEPTED THE SAME. LEARNED SENIOR COUNSEL INV ITED OUR ATTENTION TO THE COPY OF THE INCOME-TAX RETURN AND THE STATEMENT OF COMPUTAT ION OF INCOME FILED BY THE ASSESSEE WHICH SUPPORTS THE SUBMISSIONS SO MADE BY THE ASSESSEE. IT WAS IN THIS BACKDROP HE POINTS OUT THAT THE ONLY DISPUTE BEFORE US IS WITH RESPECT TO THE ASSESSMENT YEAR IN WHICH THE AMOUNT OF RS.8,02,00,2 73/- IS TO BE TAXED. ACCORDING TO THE ASSESSEE, THIS AMOUNT IS TAXABLE IN THE ASSE SSMENT YEAR 2009-10, WHEREIN IT ITA NO. 2383/AHD/2011 TORRENT CABLES LTD VS. ACIT ASSESSMENT YEAR : 2007-08 PAGE 2 OF 2 HAS OFFERED THE SAME ITS OWN, WHEREAS, THE VIEW OF THE ASSESSING OFFICER IS THAT THE SAID AMOUNT IS TAXABLE IN THE ASSESSMENT YEAR 2007- 08, I.E. THE YEAR IN APPEAL BEFORE US. LEARNED SENIOR COUNSEL FURTHER SUBMITS THAT, AS ON NOW, HIS INSTRUCTION TO ACCEPT THIS STAND OF REVENUE WITH RESPECT TO TAXABI LITY OF ASSESSMENT YEAR 2007-08 AS LONG AS THIS AMOUNT OFFERED BY THE ASSESSEE ON I TS OWN IN THE ASSESSMENT YEAR 2009-10 IS EXCLUDED AND THUS THE ASSESSEE DOES NOT OFFER DOUBLE TAXATION ON THE SAME INCOME. 4. LEARNED DEPARTMENTAL REPRESENTATIVE FAIRLY ACCEP TS THIS SUGGESTION OF THE LEARNED SENIOR COUNSEL FOR THE ASSESSEE. HE AGREES THAT IN THE EVENT OF THIS AMOUNT BEING TAXED IN ASSESSMENT YEAR 2007-08, THE ASSESSI NG OFFICER IS INDEED DUTY BOUND TO EXCLUDE THE SAME AMOUNT FROM THE INCOME OF THE A SSESSEE FOR THE ASSESSMENT YEAR 2009-10. HE SUBMITS THAT HE HAS NO OBJECTION TO THE SUGGESTION OF THE LEARNED SENIOR COUNSEL, AND THAT THE ASSESSING OFFICER WILL , UPON BEING DIRECTED TO DO SO, DULY EXCLUDE RS.8,02,00,273/- IN RESPECT OF ADDITION IMP UGNED BEFORE US WHICH HAS BEEN OFFERED TO TAX BY THE ASSESSEE IN THE ASSESSMENT YE AR 2009-10 FROM TAXABLE INCOME OF THE ASSESSEE. 5. IN VIEW OF THE ABOVE DISCUSSIONS, AND BEARING IN MIND ENTIRETY OF THE CASE, WE DEEM IT FIT AND PROPER TO DISMISS THIS APPEAL AS NO T PRESSED SUBJECT TO THE OBSERVATIONS THAT, AS FAIRLY ACCEPTED BY THE LEARNE D DEPARTMENTAL REPRESENTATIVE, THE ASSESSING OFFICER SHALL EXCLUDE THE AMOUNT IN Q UESTION, I.E. RS.8,02,00,273/- FROM THE INCOME OF THE ASSESSEE FOR THE ASSESSMENT YEAR 2009-10. WITH THESE OBSERVATIONS, THE APPEAL OF THE ASSESSEE IS DISMISS ED. 6. IN THE RESULT, THE APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COURT TODAY ON THE 18 TH DAY OF DECEMBER, 2017. SD/- SD/- S S GODARA PRAMOD KUM AR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) *BT AHMEDABAD, THE 18 TH DAY OF DECEMBER, 2017 COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) COMMISSIONER (4) CIT(A) (5) DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER TRUE COPY ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD