ACIT, CHENNAI V. M/s. Computer Graphics Ltd., CHENNAI

ITA 476/CHNY/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 52035 (ITAT-CHENNAI)
• Duration Of Justice: 8 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 03-11-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 10-03-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: V D GOPAL
• Keywords: Revised return
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI [BEFORE SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI N.S. SAINI, ACCOUNTANT MEMBER] I.T.A.NO.476/MDS/2011 ASSESSMENT YEAR : 2007-08 THE ASST. COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE IV(2) CHENNAI VS M/S COMPUTER GRAPHICS LTD STERLING SILVER NO.24 & 25, SIVAGANGA ROAD STERLING ROAD NUNGAMBAKKAM CHENNAI 34 [PAN - AAACC1274F] (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SHAJI P. JACOB, SR.DR RESPONDENT BY : SHRI V.D.GOPAL, ADVOCATE DATE OF HEARING : 03-11-2011 DATE OF PRONOUNCEMENT : 18-11-2011 O R D E R PER HARI OM MARATHA, JUDICIAL MEMBER: THIS APPEAL OF THE REVENUE, FOR ASSESS MENT YEAR 2007-08, IS DIRECTED AGAINST THE ORDER OF THE LD. CIT(A)-I, CHE NNAI, DATED 28.12.2010. 2. THE ASSESSEE IS A PUBLIC COMPANY IN WHICH THE PU BLIC ARE NOT SUBSTANTIALLY INTERESTED. FOR ASSESSMENT YEAR 2007 -08, THE ASSESSEE- ITA 476/11 :- 2 -: COMPANY FILED ITS RETURN OF INCOME ADMITTING TOTAL INCOME OF ` 36,10,23,720/- ON 10.10.2007 AND A REVISED RETURN W AS FILED ON 29.3.2008 ADMITTING AN INCOME OF ` 35,84,18,590/- AND ONE MORE REVISED RETURN WAS FILED ON 31.3.2000 ADMITTING A T OTAL INCOME OF ` 35,90,28,780/-. LATER ON THE ASSESSMENT U/S 143(3 ) WAS MADE. THE ASSESSEE HAD CLAIMED DEDUCTION OF ` 14,49,24,634/- U/S 80IB OF THE ACT. A NOTE ON THE BREAK-UP OF MISCELLANEOUS INCOM E AMOUNTING TO ` 5,99,47,685/- WAS ALSO APPENDED TO THE RETURN OF IN COME WHICH COMPRISED OF SALES TAX INCENTIVE OF ` 5,87,85,863/-, FREIGHT, INSURANCE AND HANDLING CHARGES RECEIVED OF ` 8,36,474/- BESIDES INSURANCE CLAIMED FOR ` 3,25,348/-. BUT THE ASSESSING OFFICER DISALLOWED THE ENTIRE INCOME OF ` 5,99,47,685/- FROM GOA UNIT WHICH INCLUDED THE ABOVE MISCELLANEOUS INCOME OF ` 5,87,85,863/- WHILE CALCULATING THE ELIGIBLE DEDUCTION OF 30% U/S 80IB OF THE ACT . TH IS APPEAL PERTAINS TO RESTRICTING THE DEDUCTION U/S 80IB AMOUNTING TO ` 2,54,93,085/- INSTEAD OF THE CLAIMED AMOUNT OF ` 4,34,77,390/-. THE LD. CIT(A) HAS ALLOWED THIS CLAIM OF THE ASSESSEE BY FOLLOWING THE DECISION OF THE TRIBUNAL RENDERED IN I.T.A.NOS.1001/MDS/2009, 359 & 360/MDS/2010 ORDER DATED 30-11-2010, FOR THE ASSESSMENT YEARS 2005-06 AND 2006-07, IN ASSESSEES OWN CASE. ITA 476/11 :- 3 -: 3. THE ONLY GRUDGE OF THE REVENUE IS THAT THIS ORDER OF THE TRIBUNAL HAS NOT BECOME FINAL AND APPEAL HAS BEEN P REFERRED BEFORE THE HON'BLE HIGH COURT. SINCE THE ISSUE INVOLVED IN THIS APPEAL IS FAIRLY AND SQUARELY COVERED BY THE ORDER OF THE TRIBUNAL D ATED 30-11-2010 (SUPRA), A COPY OF WHICH HAS BEEN FILED ON RECORD, WE DO NOT FIND ANY REASON TO INTERFERE IN THE APPELLATE FINDING. ACCO RDINGLY, THE APPEAL OF THE REVENUE STANDS DISMISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DI SMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 18.11.2011. SD/- SD/- (N.S. SAINI) ACCOUNTANT MEMBER ( HARI OM MARATHA ) JUDICIAL MEMBER DATED: 18 TH NOVEMBER, 2011 RD COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR