Shri Bharatkumar A. Tank, Jamnagar V. The Income Tax Officer (Int. Taxn.), Gandhidham

ITA 3187/AHD/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 8385 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 4 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-04-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 01-12-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD SMC BENC H (BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER & SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER) ITA. NOS: 3187 TO 3190/AHD/2016 (A.YS: 2008-09, 2009-10, 2011-12 & 2012-13) SHRI BHARATKUMAR A. TANK C/O. YAGNESH D. PANDYA, 3 RD FLOOR, VRINDAVAN APARTMENT, NR. ESSAR HOUSE, SWASTIK SOCIETY, JAMNAGAR V/S INCOME TAX OFFICER (INTERNATIONAL TAXATION), GANDHIDHAM (APPELLANT) (RESPONDENT) PAN: AACPT8051C APPELLANT BY : NONE RESPONDENT BY : SHRI RAJDEEP SINGH, SR. D.R. ( )/ ORDER DATE OF HEARING : 16-04-201 8 DATE OF PRONOUNCEMENT : 17-04-2018 PER BENCH 1. ITA NOS.3187 TO 3190/AHD/2016 ARE FOUR SEPARATE APP EALS BY THE ASSESSEE PREFERRED AGAINST A COMMON ORDER OF THE LD. CIT(A)1 3, AHMEDABAD DATED 07.09.2016 PERTAINING TO A.YS. 2008-09, 2009-10, 20 11-12 & 2012-13. SINCE THE ITA NOS. 3187 TO 3 190/AHD/2016 . A.YS. 2008-09, 2009 -10, 2011-12 & 2012-13 2 FIRST APPELLATE AUTHORITY HAS DISMISSED THE APPEALS OF THE ASSESSEE BY A CONSOLIDATED ORDER, ALL THESE APPEALS WERE HEARD TO GETHER AND ARE DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE AND B REVITY. 2. THE COMMON GRIEVANCE IN THE IMPUGNED APPEALS RELATE TO THE TAXABILITY OF ACCRUED INTEREST ON KISAN VIKAS PATRAS AND RBI BOND S. 3. DURING THE COURSE OF THE SCRUTINY ASSESSMENT PROCEE DINGS FOR THE SUBJECT ASSESSMENT YEARS, THE A.O. FOUND THAT THE ASSESSEE HAS MADE INVESTMENTS IN KISAN VIKAS PATRA AND RBI BONDS. THE A.O. FURTHER N OTICED THAT THE ASSESSEE HAS NOT OFFERED THE INTEREST ACCRUED ON THESE INVES TMENTS FOR THE YEARS UNDER CONSIDERATION. 4. TAKING A LEAF OUT OF THE CBDT CIRCULAR NO. 687 OF 1 9.08.1994, THE A.O. COMPUTED THE ACCRUED INTEREST AND MADE ADDITION OF RS. 1,43,190/- IN A.Y. 2008-09, RS. 1,61,980/- IN A.Y. 2009-10, RS. 2,26,0 98/- IN A.Y. 2011-12 & RS. 1,88,650/- IN A.Y. 2012-13. 5. ASSESSEE CARRIED THE MATTER BEFORE THE LD. CIT(A) B UT WITHOUT ANY SUCCESS. 6. NONE APPEARED BEFORE US ON BEHALF OF THE ASSESSEE I N SPITE OF NOTICE. WE HEARD THE LD. D.R. AT LENGTH. WE FIND THAT AN IDENTICAL I SSUE WAS CONSIDERED BY THE HONBLE HIGH COURT OF GUJARAT IN THE CASE OF SURES HCHANDRA M. SHAH 45 TAXMANN.COM 490 AND VIDE ORDER DATED 27.01.2014, TH E HONBLE HIGH COURT OBSERVED AS UNDER:- IN THIS CONTEXT, THE AUTHORITIES CORRECTLY RELIED ON CIRCULAR NO. 687 DATED 19TH AUGUST 1994 IN WHICH IT WAS STATED THAT, 'THE INTERE ST ON KISAN VIKAS PATRAS HAS ITA NOS. 3187 TO 3 190/AHD/2016 . A.YS. 2008-09, 2009 -10, 2011-12 & 2012-13 3 TO BE ASSESSED TO INCOME TAX ON ACCRUAL BASIS, THE AMOUNT OF INTEREST ACCRUED ON THESE PATRAS DURING INITIAL TWO AND HALF YEARS HAS TO BE DETERMINED . IN CONSULTATION WITH THE DEPARTMENT OF ECONOMIC AFFAIR S. THE AMOUNT OF INTEREST ACCRUED ON INVESTMENT IN KISAN VIKAS PATRA BY AN AS SESSEE IS TO BE CALCULATED ON THE BASIS OF THE FOLLOWING 'TABLE RECEIVED FROM THE DEPARTMENT OF ECONOMIC AFFAIRS WHEREIN RATES OF INTEREST AND MATURITY AMOU NT FOR RS. 1000 DENOMINATION OF KISAN VIKAS PATRA ARE GIVEN. 7. SINCE THE HONBLE JURISDICTIONAL HIGH COURT HAS CON SIDERED THE CBDT CIRCULAR NO. 687 OF 19.08.1994 AND UPHELD THE TAXABILITY OF INTEREST ON ACCRUAL BASIS, WE DO NOT FIND ANY REASON TO INTERFERE WITH THE FINDIN GS OF THE LD. CIT(A). 8. ALL THE APPEALS FILED BY THE ASSESSEE ARE ACCORDING LY DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 17 - 04- 2 018 SD/- SD/- (RAJPAL YADAV) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 17 /04/2018 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHME DABAD