ZEST HOLDINGS P.LTD, MUMBAI V. ASST CIT CEN CIR 31, MUMBAI

ITA 5216/MUM/2012

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 7998 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-08-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 18-08-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 17-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P DANIAL
• Keywords: Opportunity of being heard
• Section: 234B; 115JB

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI . . , . . , ! '# $ BEFORE SHRI H.L.KARWA, PRESIDENT AND SHRI N.K.BILLA IYA, AM ./ I.T.A. NO. 5216/MUM/2012 ( %& ' / ASSESSMENT YEAR: 2009-10) M/S ZEST HOLDINGS PVT. LTD. 32, MADHULI, 3 RD FLOOR, DR. ANNIE BESANT ROAD, NEHRU CENTRE, WORLI, MUMBAI-400018 & / VS. ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-31, MUMBAI ./ PAN : AAACZ0443M ( / APPELLANT) .. ( ! / RESPONDENT ) ' # / ASSESSEE BY: SHRI DHARMESH SHAH ! ' # / RESPONDENT BY : DR. P. DANIAL $ % ' &' / DATE OF HEARING : 18/08/2014 ()*+ ' &' / DATE OF PRONOUNCEMENT : 18/08/2014 ,- / O R D E R PER N.K.BILLAIYA, AM: THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST TH E ORDER OF THE CIT(A)-40, MUMBAI DATED 26/06/2012 PERTAINING TO AS SESSMENT YEAR 2009-10. 2. GROUNDS NO. 1,2 AND 3 ARE NOT PRESSED AND ARE AC CORDINGLY DISMISSED AS NOT PRESSED. 3. GROUND NO.4 RELATES TO THE GRIEVANCE THAT THE CI T(A) ERRED IN NOT GRANTING RELIEF OF LIABILITY AMOUNTING TO ` .50,24,522/- TOWARDS INTEREST EXPENDITURE CLAIMED BY THE ASSESSEE. ITA NO.5216/MUM/2012 2 4. AT THE VERY OUTSET, REPRESENTATIVES FROM BOTH SI DES AGREED THAT THE ISSUE HAS TO BE RESTORED BACK TO THE FILES OF T HE CIT(A) AS PER THE EARLIER DECISION OF THE TRIBUNAL MUMBAI BENCHES IN THE CASE OF HARSHAD MEHTA GROUP OF CASES. 5. WE HAVE CAREFULLY PERUSED THE ORDERS OF THE AUTH ORITIES BELOW. WE FIND THAT IDENTICAL ISSUE HAS BEEN SET-ASIDE AND RESTORED TO THE FILES OF THE CIT(A) FOR AFRESH ADJUDICATION OF THE ISSUE AFTER GRANTING A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESS EE. THIS VIEW HAS BEEN TAKEN BY THE TRIBUNAL IN THE CASE OF M/S EMINENT HOLDINGS PVT. LTD. IN ITA NO.8200/MUM/2010 AND 8353/MUM/2010 , WHEREIN THE TRIBUNAL HAS FOLLOWED THE DECISION OF T HE CO-ORDINATE BENCH IN THE CASE OF HITESH S. MEHTA IN ITA NO.7726 & 7727/MUM/2010. RESPECTFULLY FOLLOWING THE AFORESAID ORDER OF THE TRIBUNAL, WE ARE OF THE CONSIDERED OPINION THAT THE ISSUE RAISED IN GROUND NO.4 SHOULD SET-ASIDE TO THE FILES OF THE CI T(A) FOR AFRESH ADJUDICATION OF THE ISSUE AFTER GRANTING A REASONAB LE OPPORTUNITY OF BEING HEARD TO THE ISSUE. GROUND NO.4 IS ALLOWED FO R STATISTICAL PURPOSES. 6. GROUND NO.5 RELATES TO THE CALCULATION OF BOOK P ROFIT U/S 115JB OF THE ACT. SINCE WE HAVE SET-ASIDE GROUND NO. 4, T HIS GRIEVANCE IS CONSEQUENTIAL TO THE OUTCOME OF THE DECISION TAKEN IN RESPECT OF GROUND NO.4. WE ACCORDINGLY SET-ASIDE THIS GRIEVAN CE TO THE FILES OF THE CIT(A) TO DECIDE AFRESH AS PER THE PROVISIONS OF THE LAW AFTER GIVING FINDINGS ON THE CLAIM OF INTEREST AS PER GRO UND NO. 4 OF THIS APPEAL. GROUND NO. 5 IS ALLOWED FOR STATISTICAL PU RPOSES. 7. GROUND NO. 6 RELATES TO THE CHARGEABILITY OF INT EREST U/S 234A, 234B AND 234C OF THE ACT. LEVY OF INTEREST IS MAND ATORY THOUGH ITA NO.5216/MUM/2012 3 CONSEQUENTIAL ON THE FACTS OF THE CASE, WE ACCORDIN GLY SET-ASIDE THIS ISSUE TO THE FILES OF THE CIT(A) TO LEVY INTEREST A S PER THE PROVISIONS OF THE LAW. 8. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 18/08/201 4 ,- ' ()*+ $ . / 0 1, 18 /08/2014 , ) ' 2% 3 SD/- (H.L.KARWA) SD/- (N.K.BILLAIYA) HONBLE PRESIDENT ACCOUNTANT MEMBER / $ % MUMBAI; 1, /DATED : 18 TH AUGUST, 2014. F{X~{TA F{X~{TA F{X~{TA F{X~{TA P.S. P.S. P.S. P.S. ' ( ) *%+,- . -'+ / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. ! / THE RESPONDENT. 3. $ 4& ( ) / THE CIT- , MUMBAI. 4. $ 4& / CIT(A)- , MUMBAI 5. 562 7&789 , ' 89+ , / $ % / DR, ITAT, MUMBAI 6. 2: ;% / GUARD FILE. ' (& / BY ORDER, ! 5& 7& //TRUE COPY// / / 0 1 (DY./ASSTT. REGISTRAR) , / $ % / ITAT, MUMBAI