ITO 3(1)(3), MUMBAI V. EASTEEM TEXTILESTRADING P. LTD, MUMBAI

ITA 2567/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7465 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Assessment Year: 2003-2004
• Appeal Filed On: 21-04-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VANDANA SAGAR
• Assessee Lawyers: DEVESH VASAVADA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I : MUMBAI BEFORE SHRI D.K. AGARWAL, (JM) AND SHRI B. RAMAKO TAIAH ,(AM) ITA NO.2567/MUM/2009 ASSESSMENT YEAR :2003-04 INCOME TAX OFFICER WARD 3(1)(3) ROOM NO.666, AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020. ..( APPELLANT ) VS. M/S. ESTEEM TEXTILES TRADING PVT. LTD. 84-A,MITTAL COURT NARIMAN POINT MUMBAI-400 021. ..( RESPONDENT ) P.A. NO. (AAACE 0878 K) APPELLANT BY : MS. VANDANA SAGAR RESPONDENT BY : SHR I DEVESH VASAVADA O R D E R PER D.K. AGARWAL (JM). THIS APPEAL PREFERRED BY THE REVENUE IS DIRECTED AGAIN ST THE ORDER DATED 5.2.2009 PASSED BY THE LD. CIT(A) FOR THE ASSESSMENT YEAR 2003-04 TAKING FOLLOWING GROUNDS OF APPEAL:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING A DDITION ITA NO.2567/M/09 A.Y:03-04 2 OF RS.44,56,242/- MADE BY DENYING DEDUCTION U/S.80M NOT APPRECIATING THE PROVISIONS OF SUB SECTION(5) O F SECTION 115-O OF THE I.T. ACT. 2. THE APPELLANT PRAYS THAT THE ORDER OF CIT(A) O N THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSE SSING OFFICER BE RESTORED. 2. AT THE TIME OF HEARING BOTH PARTIES HAVE AGREED T HAT THE ORDER PASSED BY THE LD. CIT UNDER SEC.263 OF THE ACT HAS BEEN S ET ASIDE BY THE TRIBUNAL IN ESTEEM TEXTILES PVT. LTD. VS. ITO IN I TA NO.2877/M/08 FOR ASSESSMENT YEAR 2003-04 VIDE ORDER DATED 29.7.2009, THEREFORE, THE REVENUE HAS NO CASE AND THE ISSUE MAY BE DECIDED ACCOR DINGLY. THE LD. COUNSEL FOR THE ASSESSEE HAS ALSO PLACED ON RECORD T HE SAID COPY OF THE ORDER OF THE TRIBUNAL AND ALSO PLACED RELI ANCE ON THE OTHER ORDERS OF THE TRIBUNAL APPEARING AT PAGE 1-3, 20-25 OF THE ASSESSEES PAPER BOOK. 3. HAVING CAREFULLY HEARD THE SUBMISSIONS OF THE RIVAL P ARTIES AND PERUSING THE MATERIAL AVAILABLE ON RECORD WE FIND ME RIT THAT THE TRIBUNAL IN THE ASSESSEES OWN CASE SUPRA, HAS QUASHED TH E ORDER OF THE LD. CIT PASSED U/S.263 OF THE I.T. ACT, 1961(THE ACT ) AND HENCE, THE CONSEQUENTIAL IMPUGNED ORDERS PASSED BY THE AO U/S.14 3(3) R.W.S.263 DATED 8.9.2008 AND BY THE LD. CIT(A) HAVE NO LEGS TO STAND AND ACCORDINGLY THE SAME ARE QUASHED. EVEN ON MERITS TH E ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE ORDERS O F THE TRIBUNAL WHEREIN IT HAS BEEN CONSISTENTLY HELD THAT SEC. 115-O(5) WAS ITA NO.2567/M/09 A.Y:03-04 3 NOT APPLICABLE FOR THE ASSESSMENT YEAR 2003-04 VIDE ITO VS. METROPOLITAN TRADERS PVT. LTD. IN ITA NO.1239/M/07 A SSESSMENT YEAR 03-04 DT.13.2.2009. ACCORDINGLY THE GROUNDS TAKEN BY THE REVENUE ARE REJECTED. 4. IN THE RESULT, REVENUES APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4.3.2010. SD/- SD/- ( B. RAMAKOTAIAH ) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 4.3.2010. JV. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI. DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 15.2.10 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 17.2.10 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON 4.3.10 SR.PS/PS 7. FILE SENT TO THE BENCH CLERK 5.3.10 SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER