M/s. Kashmir Udyog, Jammu V. The Joint Commissioner of Income Tax, Jammu

ITA 432/ASR/2015

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 5547 (ITAT-AMRITSAR)
• Duration Of Justice: 1 year(s) 11 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 27-07-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 11-08-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Capital receipt; Revised return

Judgement Text

ITA NO.432 (ASR)/2015 ASST. YEAR : 2010-11 2 WHETHER EXCISE DUTY REFUND IS CAPITAL RECEIPT AS BO TH ARE DIFFERENT ISSUES/ QUESTIONS. 5.) THAT THE LD. CIT (A) HAS ALSO NOT BEEN JUSTIFIE D IN HOLDING THAT COGNIZANCE OF REVISED RETURN COULD NOT BE TAKEN AS THE LD. A.O. IS BOUND IN LAW TO MAKE CORRECT ASSESSMENT AND PASS LE GAL AND REASONABLE ORDER AS THE CORRECT FACTS AND LAW WAS B ROUGHT TO THE NOTICE OF LD. A.O. BY WAY OF REVISED RETURN AND THE LD. A.O. HAS TAKEN THE COGNIZANCE OF THE REVISED RETURN. 6.) THAT THE APPELLANT MAY KINDLY BE ALLOWED TO ALT ER ANY OF THE ABOVE GROUNDS AND ALTERNATE/SUBSTITUTED OR ADDITIONAL GRO UNDS AT THE TIME OF HEARING OF APPEAL. 3. THE BRIEF FACTS OF THE CASE ARE AS UNDER: THAT THE ASSESSEE IS A SSI UNIT AND FILED ITS RETURN AT RS.1,56,83,470/- AFTER CLAIMING DEDUCTION @ 20% U/S 80I B. FOR THE YEAR UNDER CONSIDERATION, THE APPELLANT HAD RECEIV ED EXCISE DUTY REFUND TO THE TUNE OF RS.83,14,695/- WHICH WAS A LSO INCLUDED IN THE INCOME FOR CLAIM OF DEDUCTION U/S 80IB. SUBSEQUENTLY, ON THE BASIS OF THE JUDGMENT OF THE HONB LE HIGH COURT OF JAMMU AND KASHMIR IN THE CASE OF SHREE BA LAJI ALLOYS CASE, THE APPELLANT FILED REVISED RETURN AFTER EXCLUDING EXCISE DUTY REFUND FROM ITS INCOME BECAUSE THE HONBLE HIGH COURT HAS HELD THAT THE EXCISE DUTY REFUND IS A CAPITAL RECEIPT. BEFORE THE AUTHORITIES BELOW, THE ASSESSEE SPECIFICALLY SUBMITTED THAT ACCORDING TO AFORESAID JUDGMENT THE EXCISE DUTY REFUND IS A CAPITAL RECEIPT IS REQUIRED TO BE EXCLUDED B EING NOT A REVENUE RECEIPT AND THEREFORE, CANNOT BE INCLUDED IN T OTAL INCOME, HOWEVER, BOTH THE AUTHORITIES BELOW DISMISSED T HE CONTENTION OF THE ASSESSEE ON THE GROUND THAT THE ORDER OF ITA NO.432 (ASR)/2015 ASST. YEAR : 2010-11 4 COPY OF THE ORDER FORWARDED TO: (1) THE ASSESSEE: (2) THE (3) THE CIT(A), (4) THE CIT, (5) THE SR DR, I.T.A.T., TRUE COPY BY ORDER