M/s Jana Priya Engineers Syndicate-(J.V), Hyderabad V. DCIT,Central Circle - 2, Hyderabad

ITA 642/HYD/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6630 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-04-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 12-04-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 07-04-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M SITARAM
• Section: 80IB

Judgement Text

ITA NO 642 OF 2014 JANAPRIYA ENGINEERS SYNDICATE HY DERABAD PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD BEFORE SHRI P.MADHAVI DEVI, JUDICIAL MEMBER & SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER ITA NO. 642/HYD/2016 (ASSESSMENT YEAR: 2009-10) M/S. JANA PRIYA ENGINEERS SYNDICATE (J-V) HYDERABAD PAN: AAEFJ 4368 G VS. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2 HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI A. SRINIVAS FOR REVENUE : SHRI M. SITARAM, DR DATE OF HEARING : 12.04.2016 DATE OF PRONOUN CEMENT : 29.04 .2016 O R D E R PER SMT. P. MADHAVI DEVI, J.M. THIS IS ASSESSEES APPEAL FOR A.Y 2009-10. IN THIS APPEAL, THE ASSESSEE IS AGGRIEVED BY THE ORDER OF THE CIT ( A) IN DISALLOWING THE CLAIM OF DEDUCTION U/S 80IB OF THE I.T. ACT AND ALSO IN ENHANCHING THE ASSESSMENT BY DISALLOWING IN TEREST PAYMENT OF AN AMOUNT OF RS.2,01,63,144. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE CO MPANY WHICH IS ENGAGED IN THE BUSINESS OF CONSTRUCTION AND DEVE LOPMENT FILED ITS RETURN OF INCOME FOR THE A.Y 2009-10 ON 30.09.2 009 DECLARING NIL INCOME AFTER CLAIMING DEDUCTION OF RS.1,64,44 ,522 U/S 80IB OF THE ACT. DURING THE ASSESSMENT PROCEEDINGS, THE AO DISALLOWED THE CLAIM OF DEDUCTION U/S 80IB AND ALSO MADE AN ADDITION OF RS.77,26,450 TOWARDS FINANCIAL CHARGES. AGGRIEVED, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT (A) WHO PARTLY ALLOWED THE SAME AND ALSO ENHANCED THE ASSESSMENT B Y BRINGING ITA NO 642 OF 2014 JANAPRIYA ENGINEERS SYNDICATE HY DERABAD PAGE 2 OF 2 TO TAX THE INTEREST PAYMENT OF RS.2,01,63,144. AGGR IEVED BY THE ORDER OF THE CIT (A), ASSESSEE IS IN APPEAL BEFORE US. 3. AT THE TIME OF HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE FAIRLY ADMITTED THAT BOTH THE ISSUES ARE COVERED AG AINST THE ASSESSEE AND IN FAVOUR OF THE REVENUE BY THE DECISI ON OF THE COORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR THE A.Y 2005-06 IN ITA NO. 1250/HYD/2012. COPY OF THE S AID ORDER IS PRODUCED BEFORE US. WE FIND THAT THE CIT (A) HAS FOLLOWED THE DECISION OF THE ITAT FOR THE A.Y 2005-06 ON BOTH TH E ISSUES AND HAS PARTLY ALLOWED THE APPEAL. THEREFORE, WE DO NO T SEE ANY REASON TO INTERFERE WITH THE ORDER OF THE CIT (A) W HICH IS IN CONSONANCE WITH THE PRECEDENT ON THE ISSUE IN THE A SSESSEES OWN CASE. 4. IN THE RESULT, ASSESSEES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 29 TH APRIL, 2016. S D/ - S D/ - (B. RAMAKOTAIAH) (P. MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED 29 TH APRIL, 2016. VNODAN/SPS COPY TO: 1. M/S. JANA PRIYA ENGINEERS SYNDICATE (J.V),8-2-120/8 6, PLOT NO.11 & 12, KEERTHI & PRIDE TOWERS, ROAD NO.2, BANJ ARA HILLS, HYDERABAD 500034 2. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, A AYAKAR BHAVAN, HYDERABAD 3. CIT(A) -IV HYDERABAD 4. CIT III HYDERABAD 5. THE DR, ITAT, HYDERABAD 6. GUARD FILE BY ORDER