The ITO, Ward-6(2), Surat V. M/s. Gem Art, Surat

ITA 2975/AHD/2009

• Counselvise Citation: 297520514 RSA 2009
• Duration Of Justice: 1 year(s) 10 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-09-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 05-09-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 06-11-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROOP CHAND

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH AHMEDABAD (BEFORE SHRI G. D. AGARWAL, VP AND SHRI BHAVNESH SA INI, JM) ITA NO.2975/AHD/2009 A. Y.: 2006-07 THE INCOME TAX OFFICER, WARD 6 (2), ROOM NO.615, AAYAKAR BHAVAN, MAJURA GATE, SURAT VS M/S. GEM ART, 6/1247, BHUT SHERI, MAHIDHARPURA, SURAT PA NO. AADHG 3339 B (APPELLANT) (RESPONDENT) APPELLANT BY SHRI ROOPCHAND, SR. DR RESPONDENT BY NONE (WRITTEN SUBMISSION) DATE OF HEARING: 05-09-2011 DATE OF PRONOUNCEMENT: 09-09-2011 O R D E R PER BHAVNESH SAINI: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LEARNED CIT(A)-IV ,SURAT DATED 28 TH JULY, 2009 FOR THE ASSESSMENT YEAR 2006-07, CHALLE NGING THE ORDER OF THE LEARNED CIT(A) IN DELETING THE ADDITION OF RS. 15,00,000/- ON ACCOUNT OF KEYMAN INSURANCE. 2. THE LEARNED CIT(A) NOTED THAT SIMILAR ISSUE OF P REMIUM PAID TOWARDS KEYMAN INSURANCE POLICY IS COVERED BY ITAT S DECISION IN ITA NO. 2975/AHD/2009 THE ITO, WARD-6(2), SURAT VS M/S. GEM ART 2 ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2005-06 IN WHICH THE TRIBUNAL IN ITA NO.1722/AHD/2008 DATED 06-03-2009 HAS HELD THAT PREMIUM PAID UNDER KEYMAN INSURANCE POLICY ON THE L IFE OF THE PARTNERS CANNOT BE DISALLOWED. THE LEARNED CIT(A) F OLLOWING THE ORDER OF THE TRIBUNAL IN THE CASE OF THE SAME ASSESSEE FO R EARLIER YEAR DELETED THE ADDITION AND ALLOWED THE APPEAL OF THE ASSESSEE. 3. NONE APPEARED ON BEHALF OF THE ASSESSEE. HOWEVER , WRITTEN SUBMISSION IS FORWARDED CONTAINING THE ORDER OF THE TRIBUNAL ABOVE FOR PRECEDING ASSESSMENT YEAR 2005-06. THE LEARNED DR REFERRED TO THE STATEMENT OF FACT IN WHICH IT WAS STATED THAT T HE DEPARTMENT HAS NOT ACCEPTED THE ORDER OF THE TRIBUNAL ON THIS ISSU E FOR ASSESSMENT YEAR 2005-06 AND APPEAL IS FILED BEFORE THE HONBLE GUJARAT HIGH COURT. 4. ON CONSIDERATION OF THE ABOVE FACTS. WE DO N OT FIND ANY MERIT IN THIS GROUND OF APPEAL OF THE REVENUE. ON THE SIMILA R ISSUE ADMITTEDLY THE TRIBUNAL DISMISSED THE DEPARTMENTAL APPEAL IN I TA NO.1722/AHD/2008 FOR ASSESSMENT YEAR 2005-06 VIDE O RDER DATED 06-03-2009. THE ISSUE IS, THEREFORE, COVERED IN FAV OUR OF THE ASSESSEE. MERELY BECAUSE THE DEPARTMENT PREFERRED A PPEAL BEFORE THE HONBLE HIGH COURT IS NO GROUND TO TAKE A DIFFE RENT VIEW. THE LEARNED CIT(A), THEREFORE, RIGHTLY FOLLOWED THE ORD ER OF THE TRIBUNAL FOR DELETING THE ADDITION. ITA NO. 2975/AHD/2009 THE ITO, WARD-6(2), SURAT VS M/S. GEM ART 3 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (G. D. AGARWAL) VICE PRESIDENT (BHAVNESH SAINI) JUDICIAL MEMBER LAKSHMIKANT/- COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) CONCERNED 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE BY ORDER DY. REGISTRAR, ITAT, AHMEDABAD