Asstt. Commissoner of Income Tax, Kanpur V. M/s. Shyam Ingots Pvt.Ltd., Silvassa (D&NH)

ITA 366/LKW/2012

• Counselvise Citation: 36623714 RSA 2012
• Duration Of Justice: 2 year(s) 5 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-11-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 05-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Rectification of order
• Section: 80IB; 154

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH B, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NO.366/LKW/2012 ASSESSMENT YEAR:2007 - 08 M/S SHYAM INGOTS PVT. LTD., PLOT NO. 29, 30 & 31, KHADOLI INDUSTRIAL ESTATE, SILVASSA (D&NH) PAN:AADCS4556P VS A.C.I.T., CENTRAL CIRCLE - 1, KANPUR. (RESPONDENT) (APPELLANT) SHRI R. K. RAM, D. R. APPELLANT BY SHRI ABHINAV MEHROTRA, ADVOCATE RESPONDENT BY 17/11/2014 DATE OF HEARING 18 /12/2014 DATE OF PRONOUNCEMENT O R D E R PER A. K. GARODIA, A.M. THIS IS REVENUES APPEAL DIRECTED AGAINST THE ORDER PASSED BY LEARNED CIT(A), VALSAD, GUJARAT DATED 29/02/2012 FOR THE ASSESSMENT YEAR 2007 - 2008. 2. IN THIS APPEAL THE REVENUE HAS RAISED THE FOLLOWING GROUNDS: 1. THAT LD. CIT (A) HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION OF RS.13,17,382/ - MADE U/S 154 OF THE IT ACT 1961, WITHOUT CONSIDERING THE FACT THAT THE A.O. HAS MADE RECTIFICATION ORDER FOR WITHDRAWING EXCESS DE DUCTION OF RS.1,91,802/ - U/S 80IA(5) OF THE ACT, AND FOR DISALLOWING THE EXCESS DEDUCTION CLAIMED AMOUNTING TO 11,25,580/ - U/S 80IB(4) OF THE IT ACT 1961. 2 2. THAT LD. CIT (A) HAS ERRED IN LAW AND ON FACTS IN ALLOWING THE ASSESSEE'S APPEAL, WITHOUT APPRECIA TING THE FACT THAT THE ORDER U/S 154 OF THE ACT WAS PASSED BY THE A.O. ONLY IN RESPECT OF ASSTT. YEAR 2007 - 08 AND NOT IN RESPECT OF ASSTT. YEAR 2006 - 07 AS OBSERVED BY THE LD. CIT (A), AND THAT THE A.O. HAS RIGHTLY ADOPTED THE FIGURE OF BROUGHT FORWARD LOSS ES OF A.Y. 2006 - 07 FOR COMPUTATION OF DEDUCTION U/S 80IA(5) OF THE I . T . ACT 1961. 3. THAT LD. CIT (A) HAS ERRED IN LAW AND ON FACTS IN ALLOWING THE ASSESSEE'S APPEAL WITHOUT APPRECIATING THE FACT THAT THE A.O. HAS RIGHTLY RECTIFIED THE MISTAKE APPARENT FR OM THE RECORD REGARDING EXCESS CLAIM OF DEDUCTION ALLOWED TO THE ASSESSEE U/S 80IA(5) READ WITH SECTION 80IB (13) AND U/S 80IB(4) OF THE IT ACT, 1961 . 4. THAT THE ORDER OF THE LD. CIT (A) DESERVES TO BE VACATED AND THE ASSESSMENT ORDER PASSED BY THE A.O. BE RESTORE D . 3. LEARNED D. R. OF THE REVENUE SUPPORTED THE ASSESSMENT ORDER WHEREAS LEARNED A. R. OF THE ASSESSEE SUPPORTED THE ORDER OF LEARNED CIT(A). HE ALSO SUBMITTED THAT THE ISSUE HAS GOT FINALIZED AS PER THE ORDER OF SETTLEMENT COMMISSION DATED 29/08/2014 IN SETTLEMENT APPLICATION NO. 107 AND 108. HE SUBMITTED THE COPY OF ORDER OF SETTLEMENT COMMISSION. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT THE LEARNED A.R. OF THE ASSESSEE HAS BROUGHT THE ORDER OF SETTLEMENT COMMISSION FO R ASSESSMENT YEAR 2006 - 07 TO ASSESSMENT YEAR 2011 - 12, WHICH INCLUDES THE PRESENT ASSESSMENT YEAR I.E. ASSESSMENT YEAR 2007 - 08 AND CONTENDED THAT THE ISSUE INVOLVED IN THIS APPEAL IS NOW SETTLED AS PER THIS ORDER OF SETTLEMENT COMMISSION. LEARNED D.R. OF T HE REVENUE COULD NOT POINT OUT ANY MISTAKE IN THIS CONTENTION OF LEARNED A.R. OF THE ASSESSEE AND HE 3 COULD NOT SHOW US THAT THE ISSUE IS NOT FINALIZED AS PER THIS ORDER OF SETTLEMENT COMMISSION AND WE THEREFORE, DECLINE TO INTERFERE IN THE ORDER OF CIT(A). 5. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DISMISSED. (ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE) SD/. SD/. (SUNIL KUMAR YADAV) ( A. K. GARODIA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 18 /12/2014. *C.L.SINGH COPY OF THE ORDER FORWARDED TO : 1.THE APPELLANT 2.THE RESPONDENT. 3.CONCERNED CIT 4.THE CIT(A) 5.D.R., I.T.A.T., LUCKNOW ASSTT. REGISTRAR