M/s Indo Swadishh Instriment, New Delhi V. ITO, New Delhi

ITA 6408/DEL/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 7036 (ITAT-DELHI)
• Duration Of Justice: 7 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-07-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC 1
• Next Hearing Date: 12-07-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 03-12-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: RELATES TO CLAIM OF DEDUCTION

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH SMC-I: NEW DELHI BEFORE SHRI P.K.BANSAL, ACCOUNTANT MEMBER ITA NO.:- 6408/DEL /2015 ASSESSMENT YEAR: 2009-10 M/S. INDO SWEDISH INSTRUMENT 41, FRIENDS COLONY (EAST) NEW DELHI 110 065 VS. LD. COMMISSIONER OF INCOME TAX (A)-X NEW DELHI. (APPELLANT) (RESPONDENT) O R D E R THIS APPEAL IS FILED AGAINST THE ORDER OF THE LD. C IT(A) DATED 15.9.2015. THE ONLY ISSUE INVOLVED IN THIS APPEAL F ILED BY THE ASSESSEE RELATES TO THE CLAIM OF THE DEDUCTION BY THE ASSESS EE U/S 80IC ON THE INTEREST INCOME AMOUNTING TO RS. 1,25,996/- WHICH H AS BEEN EARNED ON THE TERM DEPOSIT OF RS. 15 LACS GIVEN TO PURVANCHA L VIDYUT VITARAN NIGAM LIMITED AS A SECURITY DEPOSIT FOR A TENDER. 2. AFTER HEARING THE RIVAL SUBMISSIONS AND GOIN G THROUGH THE ORDER OF THE TAX AUTHORITIES BELOW I NOTED THAT THIS ISSUE I S NO MORE RES-INTEGRA IN ASSESSEE BY : SHRI P.K. GAUR, CA SHRI ARJUN MEHTA, CA DEPARTMENT BY : SHRI DEEPAK GARG, SR. DR DATE OF HEARING 12 /07 /2016 DATE OF PRONOUNCEMENT 12 /07 /2016 ITA NO. 6408/DEL/2015 2 VIEW OF THE DECISION OF THE HONBLE SUPREME COURT I N THE CASE OF PANDIAN CHEMICALS LTD. V. COMMISSIONER OF INCOME-TA X [2003] 262 ITR 278 (SC) IN WHICH ALSO THE ASSESSE HAS EARNED THE INTEREST INCOME ON THE SECURITY DEPOSIT MADE WITH THE ELECTRICITY BOAR D IN WHICH THE HONBLE SUPREME COURT TOOK THE VIEW THE INTEREST INCOME ON SUCH DEPOSIT CANNOT BE SAID TO HAVE BEEN DERIVED FROM THE BUSINE SS OF THE INDUSTRIAL UNDERTAKING. RESPECTFULLY FOLLOWING THE SAID DECISI ON I CONFIRM THE ORDER OF THE LD. CIT(A). 3. IN THE RESULT THE APPEAL FILED BY THE ASSESEE STAND S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 12/07/2016. SD/- (P.K. BANSAL) ACCOUNTANT MEMBER DATED: 12/07/2016 VEENA COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI