SUMIT GUPTA, Jaipur V. ACIT, Jaipur

ITA 268/JPR/2011

• Counselvise Citation: [2011] 119 COUNSELVISE.COM (IT) 7192 (ITAT-JAIPUR)
• Duration Of Justice: 4 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-08-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 29-03-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D K MEENA
• Section: 80HHC

Judgement Text

1 ITA 268-11 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH A JAIPUR. ( BEFORE SHRI R.K. GUPTA AND SHRI N.L. KALRA ) ITA NO. 268/JP/2011 ASSTT. YEAR : 2003-04. SHRI SUMIT GUPTA, VS. THE ACIT, CIRCLE-2, 502, 4 TH FLOOR, APEX MALL, JAIPUR. TONK ROAD, JAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI RAJEEV SOGANI RESPONDENT BY : SHRI D.K. MEENA ORDER DATED : 12/08/2011. PER R.K. GUPTA, J.M. THIS IS AN APPEAL BY ASSESSEE AGAINST THE ORDER OF LD. CIT (A) RELATING TO ASSESSMENT YEAR 2003-04. 2. THE ASSESSEE IS OBJECTING IN CONFIRMING THE ACTI ON OF THE AO IN NOT CONSIDERING THE PROFIT OF RS. 2,40,072/- ON SALE OF DEPB LICENS E FOR CALCULATING DEDUCTION ALLOWABLE UNDER SECTION 80HHC OF THE ACT. 3. THE AO HAS NOTED THAT ASSESSEE HAS CLAIMED DEDUC TION UNDER SECTION 80HHC ON THE AMOUNT EARNED ON ACCOUNT OF SALE OF DEPB LICENS E. SINCE THE TURNOVER OF THE ASSESSEE WAS MORE THAN RS. 10 CRORES, THEREFORE, AS PER SECTION 80HHC(3), THE DEDUCTION WAS NOT ALLOWABLE. THE LD. CIT (A) HAS ALSO CONFIR MED THE ACTION OF THE AO. 2 4. AFTER CONSIDERING THE ORDERS OF THE AO AND LD. C IT (A), WE FIND NO INFIRMITY IN THE FINDING OF LD. CIT (A). THE LD. CIT (A) HAS TAK EN INTO CONSIDERATION THE DECISION OF HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. KA LAPTRU COLOUR& CHEMICALS, 328 ITR 451 BY WHICH THE DECISION OF TRIBUNAL WAS REVER SED AND HELD THAT ON SALE OF DEPB LICENSE DEDUCTION UNDER SECTION 80HHC IS NOT ALLOWA BLE. SINCE THE FINDING OF LD. CIT (A) REMAINED UNCONTROVERTED, THEREFORE, WE SEE NO REASO N TO INTERFERE WITH THE FINDING OF LD. CIT (A). ACCORDINGLY THE ORDER OF LD. CIT (A) IS C ONFIRMED. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 12. 8.2011. SD/- ` SD/- ( N.L. KALRA ) ( R.K. GUPTA ) ACCOUNTANT MEMBER JUDICIAL MEMBER JAIPUR, D/ COPY FORWARDED TO :- SHRI SUMIT GUPTA, JAIPUR. THE ACIT, CIRCLE-2, JAIPUR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 268/JP/11) BY ORDER, AR ITAT JAIPUR.