DCIT 8(3), MUMBAI V. S B & T INTERNATIOANL LTD, MUMBAI

ITA 4122/MUM/2010

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 83545 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 2 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-08-2014
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 19-08-2014
• Assessment Year: 2001-2002
• Appeal Filed On: 20-05-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ABHA KALA CHANDA
• Assessee Lawyers: DR P DANIEL
• Section: 80HHC; 10

Judgement Text

G IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE S/SHRI H.L. KARWA, HONBLE PRESIDENT AND N.K . BILLAIYA, AM .. , . . , ./ I.T.A. NO.4122 /MUM/2010 ( / ASSESSMENT YEAR : 2001-2002 THE DY. COMMISSIONER OF ONCOME TAX 8(3), ROOM NO. 217, AAYAKAR BHAVAN, M.K. MARG, MUMBAI 400 020. / VS. M/S S.B. & T INTERNATIONAL LTD., G-3, SEEPZ, GEMS & JEWELLERY COMPLEX, ANDHER (E), MUMBAI- 400 096. ./ PAN : AAACS7275C ( # / APPELLANT ) .. ( $%# / RESPONDENT ) A PPELLANT BY S MT. ABHA KALA CHANDA R E SPONDENT BY : DR. P. DANIEL ( * / DATE OF HEARING : 19-08-2014 ( * / DATE OF PRONOUNCEMENT : 19-8-2014 [ / O R D E R PER N.K. BILLAIYA, A.M . : . . , THIS APPEAL BY THE REVENUE IS PREFERRED AGAINST THE ORDER OF LD. CIT(A)- 18 DATED 26-02-2010 PERTAINING TO A.Y. 2001-02. 2. THE REVENUE HAS RAISED SIX GROUNDS OF APPEAL. A T THE OUTSET, THE LD. REPRESENTATIVES OF BOTH THE SIDES HAVE AGREED THAT THE ISSUES RAISED BY THE REVENUE ARE SQUARELY COVERED IN FAVOUR OF THE ASSES SEE BY THE EARLIER ORDER OF THE TRIBUNAL AND ALSO BY THE ORDER OF THE HONBLE S UPREME COURT. ITA 4122/M/10 2 3. GROUND NO. 1 & 2 RELATES TO THE EXEMPTION U/S 10 A OF THE INCOME TAX ACT, 1961. THE LD. CIT(A) HAS CONSIDERED THIS ISSU E VIDE PARA 4 OF HIS ORDER ON PAGE 2 AND VIDE PARA 4.3. THE LD. CIT(A) HAS FOLLOW ED THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR A.Y. 1999-2000, 2000-01, 2002-03, 2003- 04 AND 2004-05. AS THE LD. CIT(A) HAS FOLLOWED THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE, WE DO NOT FIND ANY INFIRMITY I N THE FINDINGS OF THE LD. CIT(A). GROUND NO. 1 & 2 ARE ACCORDINGLY DISMISSED . 4. GROUND NO. 3 & 4 RELATES TO THE DEDUCTION U/S 8 0HHC OF THE ACT ON INTEREST OF RS. 55,76,441/-. THIS ISSUE HAS BEEN C ONSIDERED BY THE LD. CIT(A) VIDE PARA 5 ON PAGE 6 OF HIS ORDER. WHILE GRANTING RELIEF TO THE ASSESSEE, THE LD. CIT(A) FOLLOWED THE SPECIAL BENCH DECISION OF T HE TRIBUNAL IN THE CASE OF LALSON ENTERPRISES, 89 ITD 25. WE FIND THAT IDENTI CAL ISSUE CAME UP FOR HEARING BEFORE THE TRIBUNAL IN ITA NO. 4352/MUM/200 5 AND C.O. NO. 89/MUM/2006 AND THE TRIBUNAL VIDE ITS ORDER DATED 3 0-05-2008 HAS DISMISSED THIS GRIEVANCE OF THE REVENUE VIDE PARA 1 9 ON PAGE NO. 10 OF ITS ORDER. WE FAIL TO UNDERSTAND HOW THE REVENUE IS AGG RIEVED WHEN IT HAS LOST ITS FIRST ROUND OF ASSESSMENT. GROUND NO. 3 & 4 ARE ACC ORDINGLY DISMISSED. 5. GROUND NO. 5 RELATES TO THE DEDUCTION U/S 80HHC OF THE ACT IN RESPECT OF EXPORT INCENTIVES OF RS. 94,98,048/-. THIS ISSU E STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE HONBLE SUPR EME COURT IN THE CASE OF TOPMAN EXPORTS VS. CIT, [2012] 342 ITR 49 (SC). WE ACCORDINGLY DIRECT THE A.O. TO DECIDE THIS ISSUE AFRESH IN THE LIGHT OF TH E DECISION OF HONBLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS (SUPRA). ITA 4122/M/10 3 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 19 TH AUGUST, 2014. ( 0 1 2 19-8-2014 ( SD/- SD/- (H.L. KARWA) (N.K. BILLAIYA ) /PRESIDENT ACCOUNTANT MEMBER MUMBAI ; 2 DATED 19-8-2014 [ .=../ R.K. , SR. PS ' #%& '& / COPY OF THE ORDER FORWARDED TO : 1. # / THE APPELLANT 2. $%# / THE RESPONDENT. 3. > () / THE CIT(A)- 18, MUMBAI 4. > / CIT- 8, MUMBAI 5. A $==C , * C , / DR, ITAT, MUMBAI G BENCH 6. / GUARD FILE. / BY ORDER, %A $= //TRUE COPY// / ( DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI