ACIT, Ludhiana V. M/s Soverign Exports, Ludhiana

ITA 269/CHANDI/2012

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 7770 (ITAT-CHANDIGARH)
• Duration Of Justice: 3 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-06-2012
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 19-06-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 28-02-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: N K SAINI
• Section: 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCH A CHANDIGARH BEFORE SHRI T.R. SOOD, AM AND MS. SUSHMA CHOWLA, JM ITA NO. 269/CHD/2012 ASSESSMENT YEAR: 2003-04 A.C.I.T. C-V, LUDHIANA V. M/S SOVERIGN EXPORTS 168-B, INDUSTRIAL ESTATE LUDHIANA AAJFS 6585 P CROSS-OBJECTIONS NO. 14/CHD/2012 ARISING OUT OF ITA NO. 269/CHD/2012 ASSESSMENT YEAR: 2003-04 M/S SOVERIGN EXPORTS V. A.C.I.T. C-V, LUDHIANA 168-B, INDUSTRIAL ESTATE LUDHIANA (APPELLANT) (RESPONDENT) DEPARTMENT BY: SHRI N.K. SAINI ASSESSEE BY: SHRI SUDHIR SEHGAL DATE OF HEARING: 21.06.2012 DATE OF PRONOUNCEMENT: 25.06.2012 ORDER PER T.R. SOOD, A.M ITA NO. 269/CHD/2012 - IN THIS APPEAL THE REVENUE HAS RAISED VARIOUS GROUNDS THROUGH WHICH THE ISSUE REGARDING INTEREST INCOME U/S 234D OF THE ACT HAS BEEN CONTESTED. 2. BOTH THE PARTIES WERE HEARD. 3. AFTER HEARING BOTH THE PARTIES WE FIND THAT SECT ION 234D OF THE ACT HAS BEEN AMENDED BY FINANCE ACT, 2012 RETROSPECTIVELY. THEREFORE, WE SET ASIDE THE ORDER OF LD. CIT(A) AND REMIT THE MATTER TO THE FILE OF ASSESSING OFFICER WITH THE DIRECTION TO LEVY INTEREST IN ACCORDANCE WITH A MENDED LAW. 4. IN THE RESULT, APPEAL FILED BY THE REVENUE IS AL LOWED. 5. CROSS-OBJECTIONS NO. 14/CHD/2012 ASSESSEES CROSS -OBJECTIONS 2 6. VARIOUS OBJECTIONS HAVE BEEN RAISED BY THE ASSES SEE BUT AT THE TIME OF HEARING, THE LD. COUNSEL OF THE ASSESSEE SUBMITTED THAT ONLY ISSUE RAISED IS REGARDING DEDUCTION U/S 80HHC OF THE ACT IN RESPECT OF DEPB LICENSES. 7. BOTH THE PARTIES WERE HEARD. 8. AFTER HEARING BOTH THE PARTIES WE FIND THAT THE HON'BLE SUPREME COURT HAS RECENTLY REVERSED THE DECISION OF HON'BLE BOMBA Y HIGH COURT IN CASE OF TOPMAN EXPORTS, 67 DTR 81. THE HON'BLE APEX COURT HAS HELD THAT THE ASSESSEE IS ENTITLED TO DEDUCTION U/S 80HHC IN RESP ECT OF DEPB LICENSES. THEREFORE, WE SET ASIDE THE ORDER OF THE LD. CIT(A ) AND DIRECT THE ASSESSING OFFICER TO DECIDE THIS ISSUE IN THE LIGHT OF THE DE CISION OF HON'BLE SUPREME COURT. 9. IN THE RESULT, CROSS-OBJECTIONS FILED BY THE ASS ESSEE ARE ALLOWED. 10. IN THE RESULT, APPEAL FILED BY THE REVENUE AND THE CROSS-OBJECTIONS FILED BY THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED ON 25 .06. 2012 SD/- SD/- (SUSHMA CHOWLA) (T.R. SOOD) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 25.06.2012 SURESH COPY TO: THE APPELLANT/THE RESPONDENT/THE CIT/THE C IT(A)/ THE DR 3