ROCKLINE DEVELOPERS P.LTD, MUMBAI V. ITO 9(3)(4), MUMBAI

ITA 6382/MUM/2013

• Counselvise Citation: 638219914 RSA 2013
• Duration Of Justice: 3 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-02-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2010-2011
• Appeal Filed On: 30-10-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A C TEJPAL
• Assessee Lawyers: S K TYAGI VIMAL PUNMIYA
• Section: 234B; 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH D, MUMBAI BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND DR. S.T.M. PAVALAN, JUDICIAL MEMBER ITA NO. 6382/MUM/2013 ASSESSMENT YEAR: 2010-11 M/S. ROCKLINE DEVELOPERS P. LTD 801, HUBTOWN SOLARIS N.S. PHADKE MARG OFF TELIGALI ANDHERI (EAST), MUMBAI- 400 069 VS. ITO 9(3)(4) MUMBAI (APPELLANT) (RESPONDENT) PERMANENT ACCOUNT NO. :-AAACR 4467 P APPELLANT BY : SHRI S.K. TYAGI, VIMAL PUNMIYA & HIMANSHU GANDHI RESPONDENT BY : SHRI A.C. TEJPAL DATE OF HEARING : 17.02.2014 DATE OF PRONOUNCEMENT : 21.02.2014 O R D E R PER DR. S.T.M. PAVALAN, JM: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF THE LD.CIT(A) -20, MUMBAI DATED 16.09.2013 FOR THE ASSE SSMENT YEAR 2010-11. 2. IN THIS APPEAL, THE MAIN GROUND B RAISED BY TH E ASSESSEE RELATES TO THE DECISION OF THE LD.CIT(A) IN CONFIRMING THE ORDER O F THE AO LEVYING INTEREST U/S 234B AND 234C OF THE ACT TO THE EXTENT OF RS.2,90,22,007 /- AND RS.45,12,423/ -(SIC) RESPECTIVELY. 3. THE RELEVANT FACTS ARE THAT AFTER ASCERTAINING T HE BOOK PROFIT U/S 115JB, THE AO HAD DISALLOWED THE CLAIM OF DEDUCTION U/S 80IB ( 10) AS SUCH BOOK PROFIT WAS NOT TO BE REDUCED BY CLAIM OF DEDUCTION AND THUS COMPUT ED TAXABLE INCOME AND TAX THEREON WHICH WAS INCLUSIVE OF INTEREST U/S 234B OF RS.2,90,22,007/- AND INTEREST U/S 234C OF RS.45,12,432/-. ON APPEAL, THE LD.CIT(A) CO NFIRMED THE ACTION OF THE AO BY ITA NO. 6382/MUM/2013 M/S. ROCKLINE DEVELOPERS P. LTD ASSESSMENT YEAR: 2010-11 2 RELYING ON THE DECISION OF THE HONBLE APEX COURT I N THE CASE OF JCIT VS. ROLTA INDIA LTD. 330ITR 470 (SC). 4. HAVING HEARD BOTH THE SIDES AND PERUSED THE MATE RIAL ON RECORD, IT IS PERTINENT TO MENTION THAT THE DECISION OF THE HONB LE APEX COURT IN THE CASE OF ROLTA INDIA LTD. (SUPRA) HAS BEEN PASSED ON 07.01.2011. HOWEVER, DU RING THE RELEVANT ASSESSMENT YEAR UNDER CONSIDERATION, THE LAW ON THI S POINT HAS BEEN GOVERNED BY THE DECISION OF THE HONBLE APEX COURT IN THE CASE OF CIT VS. KWALITY BISCUITS LTD. 284 ITR 434 (SC) ACCORDING TO WHICH NO INTEREST HAS CHARGEABLE U/S 234B AND 234C FOR NON-PAYMENT OF MAT IN ADVANCE. SINCE THIS DIFFE RENCE IN THE LEGAL POSITION AS APPLICABLE TO THE CASE OF ASSESSEE HAS NOT BEEN APP RECIATED BY THE AUTHORITIES BELOW, WE ARE OF THE CONSIDERED VIEW THAT AUTHORITI ES BELOW ARE NOT JUSTIFIED IN CONFIRMING/ LEVYING THE INTEREST U/S 234B AND 234C OF THE ACT AND HENCE THE SAME ARE DELETED. 5. SINCE THE OTHER ISSUES RAISED IN GROUND NO. A BECOMES MERELY ACADEMIC IN VIEW OF THE AFOREMENTIONED ADJUDICATION ON THE MAIN ISSUE THE SAME IS DISMISSED AS REQUIRES NO ADJUDICATION. 6. IN THE RESULT THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 21 ST DAY OF FEBRUARY, 2014. SD/- SD/- (RAJENDRA) (DR. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: .02.2014. *SRIVASTAVA COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR D BENCH //TRUE COPY// [ BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.