DCIT 14(2), MUMBAI V. TEXPORT SYNDICATE, MUMBAI

ITA 3953/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1971 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: J
• Assessment Year: 2001-2002
• Appeal Filed On: 22-06-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K PAHWA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J : MUMBAI BEFORE SHRI D.K. AGARWAL, (JM) AND SHRI B. RAMAKOT AIAH ,(AM) ITA NO.3953/MUM/2009 ASSESSMENT YEAR : 2001-02 ASSTT. COMMISSIONER OF INCOME TAX RANGE-14(2) MUMBAI. ..( APPELLANT ) VS. M/S. TEXPORT SYNDICATE 307/309, KALBADEVI ROAD MUMBAI-400 002. ..( RESPONDENT ) P.A. NO. (AAAFT 1077 A) APPELLANT BY : SHRI S.K. PAHWA RESPONDENT BY : SHRI SU MIT AGARWAL (ADJOURNMENT APPLICATION DT . 15.5.2010 NOT PRESSED) O R D E R PER D.K. AGARWAL (JM). THIS APPEAL PREFERRED BY THE REVENUE IS DIRECTED AGAIN ST THE ORDER DATED 3.4.2009 PASSED BY THE LD. CIT(A) FOR THE ASSESSMENT YEAR 2001-02. 2. THE REVENUE HAS RAISED FOLLOWING GROUNDS OF APPEAL: 1. THE ORDER OF CIT(A) IS OPPOSED TO LAW AND FAC TS OF THE CASE. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE CIT(A) ERRED IN DIRECTING THE ASSESSING O FFICER TO ALLOW NETTING OFF OF INTEREST OF THE AMOUNTS OF RS.4,09,848/- BEING INTEREST ON STAFF LOAN AND INTE REST ON SALES TAX AND I.T. REFUND WITHOUT APPRECIATING THE FACT THAT THE ASSESSEE HAD NOT PROVED THE NEXUS OF INTER EST OF THE REMAINING AMOUNTS. ITA NO.3953/M/09 A.Y:01-02 2 3. FOR THESE AND OTHER REASONS THAT MAY B E URGED AT THE TIME OF HEARING, IT IS REQUESTED THAT THE OR DER OF CIT(A) BE QUASHED AND THAT OF THE ASSESSING OFFICER RESTORED. 3. AT THE TIME OF HEARING IT WAS OBSERVED THAT THE TA X EFFECT ON THE DISPUTED AMOUNT OF RS.4,09,848/- IN THE APPEAL FILED BY THE REVENUE IS LESS THAN RS.2.0 LACS. 4. THAT BEING SO AND IN TERMS OF RECENT INSTRUCTION NO.5 /2008 DATED 15 TH MAY, 2008 ISSUED BY THE C.B.D.T. THE DEPARTMENT SHOUL D NOT HAVE FILED THE APPEAL. ACCORDINGLY, THE APPEAL FILED BY T HE REVENUE IS DISMISSED. 5. IN THE RESULT, REVENUES APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 21.5.2010. SD/- SD/- (B. RAMAKOTAIAH) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 21.5.2010. JV. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI. ITA NO.3953/M/09 A.Y:01-02 3 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 17.5.10 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 17.5.10 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON 21.5.10 SR.PS/PS 7. FILE SENT TO THE BENCH CLERK 24.5.10 SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER