ACIT 8(1), MUMBAI V. FATEH GRANITES LTD, MUMBAI

ITA 6130/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1209 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-07-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2006-2007
• Appeal Filed On: 23-11-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A P SINGH
• Assessee Lawyers: AJIT SHETTY
• Section: 10B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F : MUMBAI BEFORE SHRI D. MANMOHAN, HONBLE VICE PRESIDENT AND SHRI ANANDI LAL GEHLOT, ACCOUNTANT MEMBER ITA. NO. 6130/MUM/2009 ASSESSMENT YEAR 2006-2007 ACIT 8 (1) MUMBAI 400 020. VS. FATEH GRANITES LTD. MUMBAI 400 093 PAN AAACF-4425-H (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI A.P. SINGH FOR RESPONDENT : SHRI AJIT SHETTY ORDER PER D. MANMOHAN, V.P. 1. THIS APPEAL FILED AT THE INSTANCE OF THE REVENU E. ONLY GROUND URGED IN THIS APPEAL READS AS UNDER : ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED CIT(A) ERRED IN ALLOWING THE EXEMP TION CLAIMED U/S. 10B AMOUNTING TO RS.2,02,45,077/- WITH OUT APPRECIATING THE FACTS OF THE CASE. 2. FACTS IN BRIEF ARE THAT THE ASSESSING OFFICER D ISALLOWED CLAIM OF DEDUCTION UNDER SECTION 10B OF THE ACT ON THE GR OUND THAT ASSESSEE- COMPANY DOES NOT FULFILL THE CONDITIONS LAID DOWN I N SECTION 10B OF THE ACT. HOWEVER, ON APPEAL FILED BY THE ASSESSEE, LEAR NED CIT(A) ACCEPTED THE CONTENTION OF THE ASSESSEE THAT THE ACTIVITY OF CUTTING AND POLISHING AND SIZING GRANITES WOULD BE COVERED WITHIN THE MEA NING OF THE EXPRESSION PRODUCTION AND HENCE ASSESSING OFFICER WAS DIRECTED TO ALLOW THE BENEFIT UNDER SECTION 10B OF THE ACT, IN THE LIGHT OF DECISION OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. FA TEH GRANITE PVT. LTD. (2009) 314 ITR 32 (BOM.) . 2 3. AGGRIEVED, REVENUE IS IN APPEAL BEFORE US. LEAR NED COUNSEL RELIED UPON THE DECISION OF THE APEX COURT IN THE CASE OF ITO VS. ARIHANT TILES & MARBLES P. LTD. (2010) 320 ITR 79 (SC) TO SUBMIT THAT THE ISSUE STANDS COVERED IN FAVOUR OF THE ASSESSEE AND AGAINS T THE REVENUE. 4. LEARNED DR ON THE OTHER HAND MERELY RELIED UPON THE ORDER OF THE ASSESSING OFFICER. 5. HAVING REGARD TO THE RIVAL SUBMISSIONS AND IN T HE LIGHT OF DECISIONS CITED (SUPRA) WE DISMISS THE APPEAL FILED BY THE REVENUE AND UPHOLD THE ORDER OF THE LEARNED CIT(A). 6. IN THE RESULT, APPEAL FILED BY THE REVENUE IS D ISMISSED, AS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF THE PARTIES. ORDER PRONOUNCED ACCORDINGLY IN THE OPEN COURT. SD/- SD/- (ANANDI LAL GEHLOT) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATE 02 ND JULY, 2010. VBP/- COPY TO 1. ACIT 8 (1), ROOM NO. 206, 2 ND FLOOR, AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400 020. 2. FATEH GRANITES LTD., A/22, 33 GREEN FIELD, NEAR MAHAKALI CAVES ROAD, JOGESHWARI VIKHROLI LINK ROAD, ANDHERI (E ), MUMBAI 093 PAN AAACF-4425-H 3. CIT (A)-16, MUMBAI. 4. CIT-VIII, MUMBAI. 5. D.R. F BENCH 6. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT, MUMBAI BENCHES MUMBAI.