M/s. Jayshri Impex , Jetpur V. The Additional Commissioner of Income Tax, Range-1, RAJKOT-GUJARAT

ITA 49/RJT/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 56653 (ITAT-RAJKOT)
• Duration Of Justice: 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 24-08-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 18-02-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LD BHARTI
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT BEFORE SHRI A.L. GEHLOT (AM) AND SHRI N.R.S. GANESA N (JM) I.T.A. NO.49/RJT/2011 (ASSESSMENT YEAR 2007-08) M/S JAYSHRI IMPEX VS ADDL CIT, RANGE-1 DHORAJI ROAD RAJKOT NAVAGADH, JETPUR PAN : AAFFM6794G (APPELLANT) (RESPONDENT) DATE OF HEARING : 24-08-2011 DATE OF PRONOUNCEMENT : 26-08-2011 APPELLANT BY : WRITTEN SUBMISSION RESPONDENT BY: SHRI LD BHARTI O R D E R PER N.R.S. GANESAN, JM THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF CIT(A)-I, RAJKOT DATED 22-10-2010 PERTAINING TO THE ASSESSME NT YEAR 2007-08. 2. NO ONE APPEARED FOR THE ASSESSEE IN SPITE OF ISS UE OF NOTICE. THEREFORE, WE HEARD THE LD.DR AND PROCEEDED TO DISPOSE OF THE APPEAL ON MERIT. 3. THE ONLY ISSUE ARISES FOR CONSIDERATION IS DEDUC TION U/S 80IB IN RESPECT OF PROFIT ON SALE OF DEPB. 4. WE HEARD THE LD.DR AND PERUSED THE MATERIAL AVAI LABLE ON RECORD. THE CIT(A), AFTER FOLLOWING THE JUDGMENT OF THE APEX CO URT IN LIBERTY INDIA LTD VS CIT ITA NO.49/RJT/2011 2 317 ITR 218 (SC) FOUND THAT THE PROFIT ON SALE OF D EPB CANNOT BE SAID TO BE DERIVED FROM INDUSTRIAL UNDERTAKING. THEREFORE, TH E ASSESSEE IS NOT ENTITLED FOR DEDUCTION U/S 80IB. SINCE THE CIT(A) FOLLOWED THE LATEST JUDGMENT OF THE APEX COURT ON THE SUBJECT, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LOWER AUTHORITY. ACCORDINGLY THE SAME IS CONFIRMED. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26-08-2011. SD/- SD/- (A.L. GEHLOT) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER RAJKOT, DT : 26 TH AUGUST, 2011 PK/- COPY TO: 1. ASSESSEE 2. REVENUE 3. THE CIT(A)-I, RAJKOT 4. THE CIT-I, RAJKOT 5. THE DR, I.T.A.T., RAJKOT (TRUE COPY) BY ORDER ASSTT.REGISTRAR, ITAT, RAJKOT