ACIT 6(3), MUMBAI V. MEDUSIND SOLUTIONS (I) P.LTD, MUMBAI

ITA 4849/MUM/2012

• Counselvise Citation: 484919914 RSA 2012
• Duration Of Justice: 1 year(s) 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-09-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 24-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K SINGH
• Assessee Lawyers: NITESH JOSHI

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI .. , ! ' , # !, $ BEFORE SHRI R.S.SYAL, AM AND SHRI VIVEK VARMA, JM ITA NO.4849/MUM/2012 : ASST.YEAR 2007-2008 THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 6(3) MUMBAI. M/S.MEDUSIND SOLUTIONS (INDIA) PRIVATE LIMITED, 22 NIRLON COMPLEX OFF WESTERN EXPRESS HIGHWAY GOREGAON (EAST), MUMBAI 400 063. PAN : AADCM1806E ( %& / // / APPELLANT) ( ( ( ( / VS. ( )*%&/ RESPONDENT) %& + ++ + , , , , / APPELLANT BY : SHRI S.K.SINGH )*%& + , + , + , + , / RESPONDENT BY : SHRI NITESH JOSHI ( + - / / / / DATE OF HEARING : 04.09.2013 ./0 + - / DATE OF PRONOUNCEMENT : 06.09.2013 !1 !1 !1 !1 / / / / O R D E R PER R.S.SYAL (AM) : THIS APPEAL BY THE REVENUE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 21.05.2012 IN RELATION TO THE ASSESSMENT YEAR 2007-2008. 2. THE ONLY ISSUE IS AGAINST THE GRANTING OF DEDUCT ION U/S 10A PRIOR TO SETTING OFF OF BROUGHT FORWARD UNABSORBED BUSINE SS LOSSES. THE FACTS APROPOS THIS GROUND ARE THAT THE ASSESSEE CLA IMED DEDUCTION U/S 10A BEFORE SET OFF OF UNABSORBED LOSSES FROM EARLIE R YEARS. THE ASSESSING OFFICER CANVASSED THE VIEW THAT DEDUCTION U/S 10A WAS TO BE ALLOWED AFTER SETTING OFF OF UNABSORBED LOSSES A ND IT WAS ONLY THE ITA NO.4849/MUM/2012. M/S.MEDUSIND SOLUTIONS (INDIA) PVT. LTD. 2 NET AMOUNT AFTER SUCH SET OFF WHICH WAS ELIGIBLE FO R DEDUCTION U/S 10A. IN HOLDING SO, HE FOLLOWED THE VIEW TAKEN BY HIM FOR ASSESSMENT YEAR 2006-2007. THE LEARNED CIT(A) OVERT URNED THE ASSESSMENT ORDER AND DIRECTED TO ALLOW DEDUCTION U/ S 10A ON THE AMOUNT OF ELIGIBLE PROFIT BEFORE ALLOWING SET OFF O F BROUGHT FORWARD UNABSORBED LOSSES. REVENUE IS AGGRIEVED AGAINST THE FINDING OF THE LEARNED CIT(A). 3. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD, WE FIND THAT THE APPEA L OF THE ASSESSEE FOR ASSESSMENT YEAR 2006-2007 CAME UP FOR ADJUDICATION BEFORE THE TRIBUNAL IN ITA NO.6703/MUM/2010. VIDE ITS ORDER DA TED 05.12.2012, A COPY OF WHICH HAS BEEN PLACED ON RECO RD, THE TRIBUNAL HAS HELD THAT THE PAST UNABSORBED LOSSES SHOULD NOT BE SET OFF AGAINST THE ELIGIBLE INCOME FOR THE PURPOSES OF DEDUCTION U /S 10A. IN REACHING THIS CONCLUSION, THE BENCH FOLLOWED THE JU DGMENT OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT V. BLACK AND VEATCH CONSULTING PVT. LTD. [(2012) 348 ITR 72 (BOM .)] . SINCE THE FACTS AND CIRCUMSTANCES FOR THE INSTANT YEAR ARE AD MITTEDLY MUTATIS MUTANDIS SIMILAR TO THOSE FOR ASSESSMENT YEAR 2006-2007, RE SPECTFULLY FOLLOWING THE PRECEDENT, WE UPHOLD THE IMPUGNED ORD ER. 4. 2 -3 4 25 + 5- 67 IN THE RESULT, THE APPEAL IS DISMISSED. ITA NO.4849/MUM/2012. M/S.MEDUSIND SOLUTIONS (INDIA) PVT. LTD. 3 ORDER PRONOUNCED ON THIS 06 TH DAY OF SEPTEMBER, 2013. !1 + ./0 8!(3 / + 9 SD/- SD/- (VIVEK VARMA) (R.S.SYAL) # ! # ! # ! # ! / JUDICIAL MEMBER ! ! ! ! / ACCOUNTANT MEMBER MUMBAI ; 8!( DATED : 06 TH SEPTEMBER, 2013. DEVDAS* !1 + )#-:' ;'0- !1 + )#-:' ;'0- !1 + )#-:' ;'0- !1 + )#-:' ;'0-/ COPY OF THE ORDER FORWARDED TO : 1. %& / THE APPELLANT 2. )*%& / THE RESPONDENT. 3. < () / THE CIT, MUMBAI. 4. < / CIT(A) 15, MUMBAI. 5. '?9 )#-#( , , / DR, ITAT, MUMBAI 6. 9@ A / GUARD FILE. !1( !1( !1( !1( / BY ORDER, *'- )#- //TRUE COPY// B B B B/ // /6 5 6 5 6 5 6 5 ( DY./ASSTT. REGISTRAR) , , , , / ITAT, MUMBAI