M/s Premier Proteins Ltd., V. The DCIT (Asstt) Spl. Rg.-1,

ITA 445/IND/1998

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 8021 (ITAT-INDORE)
• Duration Of Justice: 11 year(s) 9 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2010
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 10-03-2010
• Assessment Year: 1995-1996
• Appeal Filed On: 28-05-1998
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: K K SINGH
• Assessee Lawyers: M C MEHTA; HITESH CHIMNANI CAS
• Section: 80HHC; 154

Judgement Text

PAGE 1 OF 3 - I.T.A.NO. 445/IND/1998 PREMIER PROTEINS LIMITED, INDORE IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH : INDORE BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI V.K. GUPTA, ACCOUNTANT MEMBER PAN NO. : N.A. I.T.A.NO. 445/IND/1998 A.Y. : 1995-96 PREMIER PROTEINS LIMITED, DY. CIT, CHETAK CENTRE, VS SPL. RANGE II, R.N. T. MARG, INDORE INDORE APPELLANT RESPONDENT APPELLANT BY : SHRI M.C.MEHTA AND SHRI HITESH CHIMNANI, CAS RESPONDENT BY : SHRI K.K.SINGH, CIT DR DATE OF HEARING : 10.03.2010 O R D E R PER V.K. GUPTA, A.M. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A)- I, INDORE, DATED 27.3.1998, FOR THE ASSESSMENT YEAR 1995-96 2. WE HAVE HEARD BOTH THE PARTIES AND HAVE ALSO PERUSE D THE MATERIAL AVAILABLE ON RECORD. 3. IN THIS APPEAL, THE GROUND RAISED BY THE ASSESSEE, READS AS UNDER :- PAGE 2 OF 3 - I.T.A.NO. 445/IND/1998 PREMIER PROTEINS LIMITED, INDORE 2. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND AS PER SUBMISSIONS MADE THE LD. CIT(A) ERRED IN MAINTAINING DISALLOWANCE OF PRIOR PERIOD EXPENSES O F RS. 34,922/-. 3. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND AS PER SETTLED POSITION OF LAW THE LD. CIT(A) E RRED IN EXCLUDING INTEREST OF RS. 3,33,220/- RECEIVED FR OM SHARE HOLDERS WHILE ALL OWING DEDUCTION U/S 80HH, 8 0I AND ALSO FROM U/S 80HHC WHEN THE INTEREST PAID WAS MUCH IN EXCESS OF THE SAID AMOUNT. 4. GROUND NOS. 2 & 3 WERE NOT PRESSED, HENCE, DISMISSE D AS NOT PRESSED. 5. AS REGARD TO ISSUE RAISED IN GROUND NO.1, THE ONLY GRIEVANCE OF THE ASSESSEE IS THAT THE QUANTUM OF RELIEF SHOULD H AVE BEEN AT RS. 16,95,347/- AS AGAINST RS. 16,19,547/- AND THE SAID MISTAKE WAS OF TYPOGRAPHICAL/CLERICAL NATURE ONLY. AT THIS STAGE, THE BENCH REQUIRED THE ASSESSEE TO EXPLAIN WHY THIS MISTAKE WAS NOT RECTIF IED BY HAVING RECOURSE TO SECTION 154 OF THE ACT, THE LEARNED COUNSEL SUBM ITTED THAT SINCE THE APPEAL HAD BEEN FILED, IT WAS NOT SO DONE. THE LD. DEPARTMENTAL REPRESENTATIVE, AT THIS STAGE, SUBMITTED THAT THE M ATTER COULD BE SENT BACK PAGE 3 OF 3 - I.T.A.NO. 445/IND/1998 PREMIER PROTEINS LIMITED, INDORE TO THE FILE OF A.O. FOR VERIFICATION AND RELIEF, IF ANY, AS A CONSEQUENCE THEREOF TO BE GIVEN TO THE ASSESSEE COULD BE GIVEN. ACCORDINGLY, WE DIRECT THE A.O. TO VERIFY THE CORRECT FIGURE OF RELIEF, WH ICH THE ASSESSEE IS ENTITLED TO AND, ACCORDINGLY, THE A.O. WOULD RECOMP UTE THE INCOME OF THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION. THUS, TH IS GROUND OF THE ASSESSEE STANDS ALLOWED FOR STATISTICAL PURPOSES IN TERMS OF OUR DIRECTIONS GIVEN AS ABOVE. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE STA NDS PARTLY ALLOWED FOR STATISTICAL PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 16 TH MARCH, 2010. SD/- SD/- (JOGINDER SINGH) (V. K. GUPTA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 16 TH MARCH, 2010. CPU* 15153