The Asstt. Commissioner of Income-tax, Bathinda V. M/s. Satia Synthetics Ltd, Bathinda

ITA 505/ASR/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 63499 (ITAT-AMRITSAR)
• Duration Of Justice: 11 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-09-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 18-09-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 29-09-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMRIK CHAND
• Assessee Lawyers: PADAM BAHL
• Section: 43B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. B.P.JAIN, ACCOUNTANT MEMBER I.T.A. NO.505(ASR)/2011 ASSESSMENT YEAR:2007-08 PAN :AAECS3237N ASSTT. COMMR. OF INCOME-TAX, VS. M/S. SATIA SYNTHET ICS LTD. CIR.II, BATHINDA. VILL. LUBANIAN WALI, MUKATSAR. (APPELLANT) (RESPONDENT) APPELLANT BY:SH. AMRIK CHAND, DR RESPONDENT BY:SH. PADAM BAHL, CA DATE OF HEARING:18/09/2012 DATE OF PRONOUNCEMENT:24/09/2012 ORDER PER BENCH ; THE REVENUE HAS FILED THE PRESENT APPEAL AGAINST T HE ORDER OF THE CIT(A), BATHINDA, DATED 15.07.2011 FOR THE ASSESSME NT YEAR 2007-08, ON THE FOLLOWING GROUNDS: 1. THAT THE LD. CIT HAS ERRED BOTH IN LAW AND ON F ACTS IN DELETING THE DISALLOWANCE OF EXPENDITURE ON ACCOUNT OF INTER EST AMOUNTING TO RS.43,30,701/- PAID TO PSIDC, MADE BY THE AO WITHOUT APPRECIATING THAT THE PRIOR PERIOD EXPENSES CANNOT BE ALLOWED IN ANY CASE, UNLESS SPECIFICALLY PROVIDED F OR IN LAW, AND THAT THE PROVISIONS OF SECTION 43B CANNOT BE DILUTE D BY TAKING EQUITY AS A GROUND. 2 2. THE APPELLANT CRAVES TO ADD OR AMEND ANY GROUNDS OF APPEAL BEFORE THE APPEAL IS HEARD AND DISPOSED OFF. 2. THE FACTS NARRATED BY THE REVENUE ARE NOT DISPUT ED BY BOTH THE PARTIES. THEREFORE, THERE IS NO NEED TO REPEAT THE SAME FOR THE SAKE OF CONVENIENCE. 3. AT THE TIME OF HEARING, THE LD. COUNSEL FOR THE ASSESSEE, SH. PADAM BAHL,CA, STATED THAT THE ISSUE IN DISPUTE HAS ALREA DY BEEN ADJUDICATED AND DECIDED IN FAVOUR OF THE ASSESSEE BY THE DECISION O F ITAT, CHANDIGARH SPECIAL BENCH IN THE CASE OF DY. COMMR. OF INCOME T AX VS. GLAXO SMITHKLINE CONSUMER HEALTHCARE LTD. REPORTED IN (20 07) 107 ITD 343 (CHD.) (SB). HE FURTHER STATED THAT THE LD. CIT(A) HAS ALSO DELETED THE ADDITION IN DISPUTE BY RESPECTFULLY FOLLOWING THE ORDER OF THE ITAT, CHANDIGARH (SPECIAL BENCH) (SUPRA) AND REQUESTED TH AT THE APPEAL FILED BY THE REVENUE MAY BE DISMISSED. 4. THE LD. DR, RELIED UPON THE ORDER OF THE ASSESSI NG OFFICER. 5. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL AVAILABLE ON RECORDS. WE ARE OF THE CONSIDERED VIEW THAT THE ISS UE INVOLVED IN THE PRESENT APPEAL IS SQUARELY COVERED BY THE DECISION OF THE ITAT, CHANDIGARH (SPECIAL BENCH), IN THE CASE OF IN THE CASE OF DY. COMMR. OF INCOME TAX VS. GLAXO SMITHKLINE CONSUMER HEALTHCARE LTD. REPORTED IN (2007) 107 ITD 343 (CHD.) (SB) AND THE LD. CIT(A) HAS DELETED THE ADDI TION IN DISPUTE BY FOLLOWING THE SAID ORDER OF THE SPECIAL BENCH. THUS , RESPECTFULLY FOLLOWING 3 THE AFORESAID ORDER OF THE ITAT, CHANDIGARH (SPECIA L BENCH) IN THE CASE OF DY. COMMR. OF INCOME TAX VS. GLAXO SMITHKLINE CONSU MER HEALTHCARE LTD. (SUPRA), WE DISMISS THE APPEAL FILED BY THE REVENUE . 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 24TH SEPTEMBER, 2012. SD/- SD/- (B.P. JAIN) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 24TH SEPTEMBER, 2012 /SKR/ COPY OF THE ORDER FORWARDED TO: 1. THE ASSESSEE:M/S. SATIA SYNTHETICS LTD. MUKTSAR. 2. THE ACIT, CIR. II, BATHINDA. 3. THE CIT(A) 4. THE CIT 5. THE SR DR, ITAT, AMRITSAR. TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.