Finolex Industries Ltd., Pune V. Jt. CIT, Pune

ITA 439/PUN/2000

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 7658 (ITAT-PUNE)
• Duration Of Justice: 10 year(s) 8 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-01-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 1997-1998
• Appeal Filed On: 24-04-2000
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: HARESHWAR SHARMA
• Assessee Lawyers: R D ONKAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI I.C. SUDHIR AND SHRI D. KARUNAKARA RAO ITA NO. 439/PN/00 (ASSTT. YEAR 1997-98) FINOLEX INDUSTRIES LTD. D-1/10, MIDC, CHINCHWAD, PUNE 411019 .... APPELLANT VS. JT. CIT, SR-6, PUNE . RESPONDENT APPELLANT BY : SHRI R.D. ONKAR RESPONDENT BY : SHRI HARESHWAR SHARMA ORDER PER D. KARUNAKARA RAO AM THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER OF THE CIT(A)-II, PUNE DATED 15/01/2000 FOR THE ASSESSMENT YEAR 1997-98 . 2. AT THE VERY OUTSET LD. COUNSEL MENTIONED THAT IT IS A RECALLED MATTER FOR THE LIMITED PURPOSE IN VIEW OF THE APPLICABILITY OF THE DECISION IN THE CASE OF KWALITY BISCUITS LTD (284 ITR 434) ON THE ISSUE OF CHARGING OF THE STATUTORY INTEREST IN CASES OF THE ASSESSEES COVERED BY THE MA T PROVISIONS. IN THIS REGARD MR. R.D. ONKAR LD. COUNSEL FOR THE ASSESSEE FILED A C OPY OF THE SUPREME COURT DECISION IN THE CASE OF ROLTA INDIA LTD. VIDE CIVIL APPEAL NO. 135 OF 2011 REPORTED IN 2011-TIOL-02-SC-IT-LB FOR THE PROPOSITION THAT THE MAT CASES DO ATTRACT THE CHARGING OF INTEREST UNDER SECTION 234 B AND 234 C. I T IS A FACT THE SAID JUDGEMENT IN THE CASE OF ROLTA INDIA LTD. (SUPRA) HA S CONSIDERED THE DECISION IN THE CASE OF KWALITY BISCUITS LTD. (SUPRA). CONSIDERIN G THE FINALITY OF THE JUDGEMENT AND THE REFERENCE OF SUPREME COURT ON THE ISS UE UNDER CONSIDERATION LD. COUNSEL HAS FAIRLY ADMITTED THAT THE ISSUE IS DE CIDED IN FAVOUR OF THE REVENUE. THEREFORE WE ARE OF THE OPINION THAT THE LIMI TED ISSUE RECALLED BY THE ITA NO. 439/PN/00 A.Y: 1997-98 PAGE 2 OF 2 TRIBUNAL STANDS COVERED IN FAVOUR OF THE REVENUE. IN T HE RESULT ISSUE IS DECIDED IN FAVOUR OF THE REVENUE. 3. IN THE RESULT, THE RECALLED APPEAL FILED BY THE AS SESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 19 TH DAY OF JANUARY, 2011. SD/- SD/- (I.C. SUDHIR) (D.KARUNAKARA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBE R PUNE DATED THE 19 TH JANUARY, 2011 R COPY OF THE ORDER IS FORWARDED TO : 1. ASSESSEE 2. JT. CIT, SR-6, PUNE 3. CIT(A)-II, PUNE 4. CIT-II,PUNE 5. D.R. ITAT A BENCH BY ORDER ASSISTANT REGISTRAR I.T.A.T PUNE