The Jt.CIT.,(OSD)Circle-5, Ahmedabad V. Nin Marketing Pvt.Ltd., Ahmedabad

ITA 3036/AHD/2011

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 8630 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 2 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-02-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 06-01-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 02-12-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROOP CHAND

Judgement Text

, , , , B, IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, B BENCH . .. . . .. . , !' !' !' !', , , , #$ %&'( #$ %&'( #$ %&'( #$ %&'(, , , , )* + ) ' )* + ) ' )* + ) ' )* + ) ' BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER) ITA NO.3036/AHD/2011 [ASSTT.YEAR : 2005-2006] JCIT (OSD) CIR.5, AHMEDABAD. /VS. NIR MARKETING PVT. LTD. G-20, NEW MADHAVPURA MARKET SHAHIBAUG ROAD AHMEDABAD 380 004. PAN: AABCN 4057 G ( (( ( -. -. -. -. / APPELLANT) ( (( ( /0-. /0-. /0-. /0-. / RESPONDENT) + 1 2 ) / REVENUE BY : SHRI ROOPCHAND, SR.DR 4& 1 2 ) / ASSESSEE BY : MS.URVASHI SODHAN 5 1 &(* / DATE OF HEARING : 6 TH JANUARY, 2015 678 1 &(* / DATE OF PRONOUNCEMENT : 02-02-2015 )9 / O R D E R PER G.C. GUPTA, VICE-PRESIDENT: THIS APPEAL BY THE REVENUE FOR THE ASSTT.YEAR 2005-2006 IS DIRECTED AGAINST TH E ORDER OF THE CIT(A). 2. THE ONLY GROUND OF APPEAL OF THE REVENUE IS AS U NDER: 1. THE CIT(A) HAS ERRED IN LAW AND ON FACTS IN DELE TING THE DISALLOWANCE OF RS.48,55,752/- BEING AMOUNT OF PREMIUM ON OPTIONALLY FULLY CONVERTIBLE PREMIUM NOTES (OFCPN). ITA NO.3036/AHD/2011 -2- 3. THE LEARNED DR SUBMITTED THAT THE REVENUE HAS NO T ACCEPTED THE DECISION OF THE ITAT IN THE ASSESSEES OWN CASE IN ITA NO.3296/AHD/2004 DATED 20-11-2009 AND HAS PREFERRED APPEAL BEFORE THE HONBLE JURISDICTIONAL HIGH COURT. HE RELIED ON TH E ORDER OF THE AO. THE LEARNED COUNSEL FOR THE ASSESSEE HAS OPPOSED THE SU BMISSIONS OF THE LEARNED DR. HE SUBMITTED THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE WITH THE DECISION OF THE TRIBUNAL IN ASSES SEES OWN CASE IN NUMBER OF ASSESSMENT YEARS FROM 2001-02 TO 2004-05, AND THEREFORE, THE ISSUE SHOULD BE DECIDED IN FAVOUR OF THE ASSESSEE. 4. WE HAVE CONSIDERED RIVAL SUBMISSIONS AND PERUSED THE ORDERS OF THE AO AND THE CIT(A). WE FIND THAT IDENTICAL ISSUE OF DISALLOWANCE ON PREMIUM OF OPTIONALLY FULLY CONVERTIBLE PREMIUM NOT ES (OFCPN) IS COVERED IN FAVOUR OF THE ASSESSEE WITH THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE EARLIER ASSTT.YEARS 200 1-02 TO 2004-05 DATED 20.11.2009 (SUPRA). WE BEING IN AGREEMENT WITH THE DECISION OF THE CO- ORDINATE BENCH OF THE TRIBUNAL IN ASSESSEES OWN CA SE FOR THE ASSTT.YEARS 2001-02 TO 204-05 DATED 20.11.2009, DECIDE THE ISSU E IN FAVOUR OF THE ASSESSEE, AND THE ORDER OF THE CIT(A) IS CONFIRMED AND THE GROUND OF THE APPEAL OF THE REVENUE IS DISMISSED. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( %&'( %&'( %&'( %&'( / ANIL CHATURVEDI) )* + )* + )* + )* + /ACCOUNTANT MEMBER ( . .. . . .. . /G.C. GUPTA) !' !' !' !' /VICE-PRESIDENT ITA NO.3036/AHD/2011 -3- C OPY OF THE ORDER FORWARDED TO: 1) : APPELLANT 2) : RESPONDENT 3) : CIT(A) 4) : CIT CONCERNED 5) : DR, ITAT. BY ORDER DR/AR, ITAT, AHMEDABAD