ZEE ENTERTAINMENT ENTERPRISES LTD, MUMBAI V. ASST CIT RG 16(1), MUMBAI

ITA 5147/MUM/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 9713 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2002-2003
• Appeal Filed On: 30-10-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V VIDHYADHAR
• Section: 143(3); 244A; 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL G , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN , JM ITA NO. 5147 / MUM/20 1 5 ( ASSESSMENT YEAR : 2002 - 03 ) M/S. ZEE ENTERTAINMENT ENTERPRISES LTD., 18 TH FLOOR, A WING, MARATHON FUTUREX, N.M. DOS HI MARG, LOWER PAREL EAST, MUMBAI 400 013 VS. ASST. CIT RG 16 (1) PAN/GIR NO. AAACZ0243R APPELLANT ) .. RESPONDENT ) ASSESSEE BY SHRI JAY BHANSALI REVENUE BY SHRI V. VIDHYADHAR DATE OF HEARING 31 / 07 /201 7 DATE OF PRONOUNC EME NT 31 / 07 /201 7 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) - 4, MUMBAI DATED 31/07/2015 FOR THE A.Y.2002 - 03 IN THE MATTER OF ORDER PASSED U/S.154 OF THE IT ACT. 2. ONLY GRIEVAN CE OF ASSESSEE RELATES TO WRONG COMPUTATION OF INTEREST U/S.244A IN RESPECT OF TAX PAID AS SELF ASSESSMENT TAX. 3. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUSED. 4. FACTS IN BRIEF ARE THAT THE ASSESSEE COMPANY IS ENGAGED IN THE BUSINESS OF PRODUCTIO N, COMMISSIONING, PURCHASE, AND EXPORT - SALE OF TV PROGRAMMES, FILMS, SPACE SELLING AGENT, PAY TV DISTRIBUTOR, BROADCASTING OF CHANNELS ETC. THE ASSESSEE FILED ITS ORIGINAL RETURN OF INCOME ON ITA NO. 5147/MUM/2015 M/S. ZEE ENTERTAINMENT ENTERPRISES LTD., 2 31.10.2002, DECLARING TOTAL INCOME OF RS. 81,22,93,155/ - AFTER P AYMENT OF SA TAX OF RS. 2,02,77,245/ - (RS. 1,92,09,017 PAID ON 31.10.2002 AND RS. 10,68,228/ - PAID ON 29.10.2002) WHICH WAS REVISED ON 31.03.2004 SHOWING TOTAL INCOME OF RS. 41,62,28,810/ - AND CLAIMING REFUND OF RS. 14,69,39,466/ - . THE ASSESSMENT U/S 143(3 ) OF THE ACT WAS COMPLETED MAKING VARIOUS ADDITIONS AND DISALLOWANCES BY THE LD. AO ASSESSING TOTAL INCOME AT RS. 110,19,75,030/ - RAISING DEMAND OF RS. 14,80,13,945/ - . THE ADDITIONS MADE BY THE LD. AO WERE DISPUTED BY THE ASSESSEE FILING APPEALS BEFORE HIG HER AUTHORITIES I.E. CIT (A) & ITAT. THE ASSESSEE RECEIVED ITAT ORDER DATED 13.05.2011 GIVING CERTAIN RELIEF TO THE ASSESSEE. THE ASSESSEE FILED LETTER DATED 14.12.2011 TO LD. AO FOR GIVING EFFECT TO ITAT ORDER. THE LD. AO AFTER SCRUTINISING AND VERIFYING REQUIRED DOCUMENTS & DETAILS PASSED AN ORDER GIVING EFFECT TO ITAT ORDER ON 15.03.2013 U7S 143(3) R.W.S 254 OF THE ACT, IT WAS NOTICED ON VERIFICATION THAT INTEREST U/S 244A IS SHORT GRANTED BY THE LD. AO, AGAINST WHICH ASSESSEE FILED RECTIFICATION LETTER DATED ON 20.02.2014. THE LD. AO PASSED ORDER U/ S 154 OF THE ACT ON 24.02.2014, WHEREIN INTEREST U/S 244A OF THE ACT IS NOT GRANTED BY LD. AO ON THE AMOUNT OF SELF ASSESSMENT TAX OF RS. 2,02,77,2457 - (RS. 1,92,09,017 PAID ON 31.10.2002 AND RS. 10,68,2287 - P AID ON 29.10.2002), WITHOUT GIVING ANY REASON . 5. BY THE IMPUGNED ORDER, CIT(A) CONFIRMED THE ACTION OF THE AO. 6. WE HAVE CONSIDERED RIVAL CONTENTIONS. THE ISSUE UNDER CONSIDERATION IS SQUARELY COVERED BY THE DECISION OF THE HONBLE BOMBAY HIGH COURT IN C ASE OF STOCK HOLDING CORPORATION INDIA LTD., 373 ITR 282 WHEREIN IT WAS ITA NO. 5147/MUM/2015 M/S. ZEE ENTERTAINMENT ENTERPRISES LTD., 3 HELD THAT INTEREST U/S.244A(1)(B) IS TO BE GIVEN IN RESPECT OF SELF ASSESSMENT TAX PAID BY THE ASSESSEE. 7. RESPECTFULLY FOLLOWING THE DECISION OF HONBLE BOMBAY HIGH COURT WE DIRECT T HE AO TO ALLOW INTEREST ON THE SELF ASSESSMENT TAX PAID BY ASSESSEE AND TO RECOMPUTE THE INTEREST PAYABLE U/S.244A(1)(B) OF THE IT ACT. WE DIRECT ACCORDINGLY. 8. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 31 / 07 /2017 S D/ - ( SANDEEP GOSAIN ) S D/ - ( R.C.SHARMA ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 31 / 07 /201 7 KARUNA SR. PS COPY OF THE ORD ER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) = ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//