M/s. GE Capital Services India, New Delhi V. Addl.CIT, New Delhi

ITA 4617/DEL/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 3140 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 8 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-05-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 11-05-2017
• Assessment Year: 2006-2007
• Appeal Filed On: 21-08-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: AMRIT LAL
• Assessee Lawyers: RAHUL SATEEJA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH C , NEW DELHI BEFORE SH. N. K. SAINI, AM AND MS. SUCHITRA KAMBLE , JM ITA NO. 4617/DEL/2014 : ASSTT. YEAR : 2006 - 07 M/S GE CAPITAL SERVICES INDIA (SUCCESSOR OF GE CAPITAL TRANSPORTATION FINANCIAL SERVICES LTD.), 401, 402, 4 TH FLOOR, AGGARWAL MILLENNIUM TOWER, E - 1, 2, 3, NETAJI SUBHASH PLACE, WAZIRPUR, NEW DELHI - 110034 VS ADDL. CIT, RANGE - 12, NEW DELHI (APPELLANT) (RESPONDENT) PAN NO. A A ACS0001N ASSESSEE BY : MR. RAHUL SATEEJA, ADV. REVENUE BY : SH. AM R IT LAL , SR. DR DATE OF HEARING : 11.05 .201 7 DATE OF PRONOUNCEMENT : 11 . 05 .201 7 ORDER PER N. K. SAINI, AM: THIS IS AN APPEAL BY THE ASSESSEE AGAINST THE ORDER DATED 30.07.2014 OF LD. CIT(A) - XV , NEW DELHI . 2. THE LD. COUNSEL FOR THE ASSESSEE AT THE VERY OUTSET STATED THAT HE HAS THE INSTRUCTION TO WITHDRAW THE APPEAL AND GAVE IN WRITING AS UNDER: 1. THE CAPTIONED APPEAL IS LISTED TODAY BEFORE THIS HON'BLE BENCH FOR HEARING. THE APPELLANT IS PLACING ON RECORD THE FOLLOWING SUBMISSIONS: ITA NO. 4617 /DEL /201 4 GE CAPITAL SERVICES INDIA 2 2. IN RELATION TO GROUND 2, 2.1, 2.2 & 2.3, THE APPELLANT SUBMITS THAT THE SAID GROUND HAS ALREADY BEEN ALLOWED IN THE APPELLANT'S FAVOUR IN ITS OWN CASE IN ASSESSMENT YEAR ('AY') 200 0 - 01 & 2001 - 02 (ITA NO.2897/DEL/2007 & ITA NO. 2898/DEL/2007). R EFERENCE IS INVITED TO PAGES 2, 3,10,11, 25 - 33 [FOR AY 2000 - 01] AND PAGES 2, 14 - 24 [AY 2001 - 02]. CO PIES OF THE ORDERS PASSED BY THE HON'BLE TRIBUNAL ARE ENCLOSED HEREWITH. 3. THE APPELLANT SUB MITS THAT, INSPITE OF THE GROUND BEING ALLOWED IN THE APPELLANT'S FAVOUR, IT WISHES NOT TO PRESS THE GROUND AS THE BENEFIT HAS ALREADY BEEN ALLOWED TO THE APPELLANT IN THE SUCCEEDING ASSESSMENT YEAR I.E. AY 2007 - 08, THE APPELLANT SUBMITS THAT THIS GROUND R ELATES TO CERTAIN EXPENSES INCURRED BY THE APPELLANT IN AY 2006 - 07 ON ISSUE OF COMMERCIAL PAPERS. THE TENURE OF THE COMMERCIAL PAPER IS 365 DAYS. THE APPELLANT IN ITS BOOKS OF ACCOUNT HAD DEFERRED THE EXPENSES OVER THE PERIOD OF THE TENURE OF THE COMMERCIA L PAPERS. ALSO, THE APPELLANT DID NOT CLAIM THE SAME IN COMPUTATION BUT RESERVED A RIGHT TO PUT FORWARD THE CLAIM IN RESPECT OF THIS AMOUNT AT THE TIME OF ASSESSMENT (SEE PARA 2 OF THE ASSESSMENT ORDER). 4. THE APPELLANT, ACCORDINGLY, SUBMITS THAT THE CLA IM OF THE APPELLANT IS BONA FIDE AND THE GROUND IS BEING WITHDRAWN AS THE BENEFIT HAS ALREADY BEEN ALLOWED TO THE APPELLANT. THE APPELLANT IS BRINGING THESE FACTS TO THE NOTICE OF THE HON'BLE BENCH AS THE AO HAS INITIATED PENALTY PROCEEDINGS AND THE APPELL ANT RESPECTFULLY SUBMITS THAT THERE IS NO OCCASION TO INITIATE A PENALTY AS THE CLAIM IS ALLOWED IN THE ITA NO. 4617 /DEL /201 4 GE CAPITAL SERVICES INDIA 3 APPELLANT'S FAVOUR. ACCORDINGLY, THE SAID GROUNDS ARE WITHDRAWN. SD/ - DMD ADVOCATES ADVOCATES FOR THE APPELLANT 30, NIZAMUDDIN EAST NEW DELHI - 110 013 3. THE LD. DR DID NOT OBJECT IF THE APPEAL IS DISMISSED AS WITHDRAWN. 4. IN VIEW OF THE ABOVE, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS WITHDRAWN. ( ORDER PRON OUNCED I N THE COURT ON 11/05/2017) SD/ - SD/ - (SUCHITRA KAMBLE ) (N. K. SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER DAT ED: 11/05 /2017 *SUBODH* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APP EALS) 5. DR: ITAT ASSISTANT REGISTRAR