DCIT, Chatrapatti V. M/s. Amsteel Castings Pvt. ltd., CHENNAI

ITA 3036/CHNY/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 4465 (ITAT-CHENNAI)
• Duration Of Justice: 7 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 24-04-2017
• Assessment Year: 2012-2013
• Appeal Filed On: 27-10-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR B NISCHAL
• Assessee Lawyers: R M NARAYANAN

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI . . . , . . , BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER ./ ITA NO. 3036/MDS/2016 / ASSESSMENT YEAR : 2012-13 THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI 600 034 V. M/S. AMSTEEL CASTINGS P LTD., 1C PRINCE APARTMENTS, 59 ORMES ROAD, KILPAUK, CHENNAI 600 010. PAN:AAACA5352Q ( ! /APPELLANT) ( '# ! /RESPONDENT) ! $ /APPELLANT BY : DR. B. NISCHAL, JCIT '# ! $ /RESPONDENT BY : SHRI R.M. NARAYANAN , CA $ /DATE OF HEARING : 24.04.2017 $ /DATE OF PRONOUNCEMENT : 31.05.2017 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER : THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST THE O RDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-1, CHENNAI DAT ED 2.08.2016 AND PERTAINS TO THE ASSESSMENT YEAR 2012-13. THE O NLY ISSUE ARISES FOR CONSIDERATION IS DEDUCTION CLAIMED BY THE ASSES SEE U/S. 80IA OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT)/ 2 I.T.A. NO. 3036/MDS/2016 2. WHEN THE APPEAL WAS TAKEN FOR HEARING DR. B. NIS CHAL, LD. REPRESENTATIVE FOR THE REVENUE AND SHRI R.M. NA RAYANAN, THE LD. REPRESENTATIVE FOR THE ASSESSEE FAIRLY SUBMITTED TH AT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT O F THE MADRAS HIGH COURT IN THE CASE OF VELAYUDHASWAMY SPINNING MILLS (P) LTD. VS. ACIT REPORTED IN 340 ITR 477. IN VIEW OF THE ABOVE, THI S TRIBUNAL DO NOT FIND ANY REASON TO INTERFERE WITH THE ORDER OF THE LOWER AUTHORITY. ACCORDINGLY BY FOLLOWING THE JUDGMENT OF THE MADRAS HIGH COURT IN VELAYUDHASWAMY SPINNING MILLS (P) LTD. (SUPRA) , THE APPEAL OF THE REVENUE STANDS DISMISSED. 3. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED ON 31 ST MAY, 2017 AT CHENNAI. SD/- SD/- ( . . ) ( . . . ) (D.S. SUNDER SINGH) (N.R.S. GANESA N) /ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, /DATED, THE 31 ST MAY, 2017. JR. /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. ( )/CIT(A) 4. /CIT 5. !' /DR 6. #$ /GF