JVS Exports, Madurai V. ACIT, Madurai

ITA 490/CHNY/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 61120 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-05-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 07-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR S MOHRANA
• Section: 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER I.T.A. NO. 490/MDS/2012 (ASSESSMENT YEAR : 2004-05) M/S JVS EXPORTS, 32, SAROJINI STREET, MADURAI 625 002. PAN : AABFJ2836N (APPELLANT) V. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE I, MADURAI. (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY : DR. S. MOHRANA, C IT-DR DATE OF HEARING : 09.05.2012 DATE OF PRONOUNCEMENT : 09.05.2012 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : IN THIS APPEAL FILED BY THE ASSESSEE, ITS GRIEVAN CE IS THAT THE CIT(APPEALS) CONFIRMED THE ORDER OF A.O. DENYING TH E ASSESSEE DEDUCTION UNDER SECTION 80HHC OF INCOME-TAX ACT, 19 61 (IN SHORT 'THE ACT') IN RESPECT OF DEPB CREDITS. AS PER THE ASSES SEE, THE ORDER OF CIT(APPEALS) WAS NOT IN CONSISTENT WITH THE DECISIO N OF HONBLE APEX COURT IN THE CASE OF TOPMAN EXPORTS V. CIT (2012) 3 42 ITR 49 (SC). 2. WHEN THE APPEAL WAS CALLED FOR HEARING, NOBODY A PPEARED FOR ASSESSEE. NEVERTHELESS, WE FIND THAT THE ISSUE REG ARDING TREATMENT OF 2 I.T.A. NO. 490/MDS/12 DEPB CREDITS AT THE POINT OF MAKING APPLICATION AND AT THE POINT OF EFFECTING SALE OF SUCH DEPB CREDITS, HAD ALREADY CO ME FOR CONSIDERATION BEFORE HONBLE APEX COURT IN THE CASE OF TOPMAN EXP ORTS (SUPRA). BENEFIT OF THIS DECISION OF HONBLE APEX COURT WAS NOT AVAILABLE EITHER WITH A.O. OR CIT(APPEALS) WHEN THEY CONSIDERED THE ISSUE. WE ARE OF THE OPINION THAT THE MATTER REQUIRES A FRESH LOOK B Y THE A.O. IN THE LIGHT OF THE ABOVE DECISION OF HONBLE APEX COURT. WE SET A SIDE THE ORDERS OF THE AUTHORITIES BELOW WITH REGARD TO CLAIM OF RELIE F UNDER SECTION 80HHC INSOFAR IT RELATES TO DEPB CREDITS, AND REMIT THE I SSUE BACK TO THE FILE OF THE A.O. FOR CONSIDERATION AFRESH IN ACCORDANCE WIT H LAW. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSION OF HEARING ON WEDNESDAY, THE 9 TH OF MAY, 2012, AT CHENNAI. SD/- SD/- (VIKAS AWASTHY) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 9 TH MAY, 2012. KRI. COPY TO: APPELLANT/RESPONDENT/CIT(A)- I, MADURAI/ CIT-I, MADURAI/D.R./GUARD FILE