MASTER CARD ADVISORS LLC APMEA, MUMBAI V. ASST CIT CPC, Bangalore

ITA 6442/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88656 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 31-10-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARMANAND J DR
• Keywords: Business income; Opportunity of being heard
• Section: 234B

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES I, MUMBAI , . , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER ITA NO.6442/MUM/2011 ASSESSMENT YEAR: 2011-12 MASTER CARD ADVISORS LLC APMEA, 1/F, TRADE CENTRE, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI-400051 / VS. ASSISTNAT COMMISSIONER, INCOME TAX, CPC, POST BAG NO.2, ELECTRONIC CITY POST OFFICER, BANGALORE-561100 ( #$%& ' /ASSESSEE) ( / REVENUE) P.A. NO. AAFCM3170K #$%& ' / ASSESSEE BY): SHRI MADHUR AGARWAL / REVENUE BY SHRI PARMANAND J. -DR ( # ) ' * / DATE OF HEARING : 26/03/2015 +, ) ' * / DATE OF PRONOUNCEMENT : 26/03/2015 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE I MPUGNED ORDER DATED 30/08/2013 OF THE LD. FIRST APPELLATE A UTHORITY, MASTER CARD ADVISORS LLC APMEA 2 MUMBAI. THE ONLY GROUND CONTESTED BY THE LD. COUNSE L, SHRI MADHUR AGARAWAL, FOR THE ASSESSEE, IS THAT THE LD. COMMISSIONER OF INCOME TAX (APPEALS) IS NOT JUSTIFI ED IN UPHOLDING THE ADJUSTMENT MADE BY THE ASSISTANT COMMISSIONER OF INCOME TAX, CPC (ASSESSING OFFICER) IN THE INTIMATION U/S 143(1) DATED 16 TH FEBRUARY, 2012 IN NOT ALLOWING THE SET OFF OF BROUGHT FORWARD LOSS OF RS.1,14,11,094/- FROM AY 2010-11 AGAINST THE BUSINE SS INCOME FOR AY 2011-12. IT WAS FURTHER CONTENDED TH AT THE ASSESSEE WAS TO FILE THE RETURN UP TO 30/09/2010 WH ICH WAS FURTHER EXTENDED TILL 15/10/2010 BY THE CBDT AND TH US THE ASSESSEE FILED THE RETURN ON 14/10/2010, CONSEQUENT LY, IT WAS NOT A BELATED RETURN. ASSERTION WAS MADE BY TH E LD. COUNSEL THAT THE LD. COMMISSIONER OF INCOME TAX (AP PEALS) INADVERTENTLY DID NOT APPRECIATE THIS FACT. HOWEVE R, THE LD. DR, SHRI PARMANAND J., THOUGH DEFENDED THE CONCLUSI ON ARRIVED AT IN THE IMPUGNED ORDER BUT DID NOT CONTRA VENED THE FACT THAT THE DATE FOR FILING THE RETURN WAS EXTEND ED TO 15/10/2010 FROM 30/09/2010 BY THE CBDT. THE LD. COUNSEL ALSO FILED THE CERTIFIED COPY OF THE ORDER OF THE CBDT FOR EXTENSION OF DATE OF FILING OF RETURN. 2. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PER USED THE MATERIAL AVAILABLE ON RECORD. THE FACTS, IN BRI EF ARE THAT INTIMATION DATED 16/02/2012 U/S 143(1) OF THE INCOM E TAX ACT, 1961 (HEREINAFTER THE ACT) WAS ISSUED BY ACIT (CPC) BANGALORE (THE ASSESSING OFFICER). THE ASSESSEE CO NTESTED THIS INTIMATION. THE ASSESSEE FILED APPEAL BEFORE THE LD. COMMISSIONER OF INCOME TAX (APPEALS) WITH A REQUEST THAT SET MASTER CARD ADVISORS LLC APMEA 3 OFF OF BROUGHT FORWARD BUSINESS LOSS OF RS.1,14,11, 094/- FROM AY 2010-11 AGAINST THE BUSINESS INCOME OF AY 2011-1 2 ( AS CLAIMED BY THE ASSESSEE IN THE RETURN). HOWEVER, T HE LD. COMMISSIONER OF INCOME TAX (APPEALS) DID NOT ACCEPT THE CLAIM OF THE ASSESSEE ON THE PLEA THAT DUE DATE FOR FILING THE RETURN WAS 30 TH SEPTEMBER, 2010 AND NOT 30 TH NOVEMBER, 2010 AS CLAIMED BY THE ASSESSEE. IN THE ABSENCE OF ANY CIRCULAR, PRODUCED BY THE ASSESSEE, THE CLAIM WAS D ENIED, AGAINST WHICH THE ASSESSEE IS IN APPEAL BEFORE THE TRIBUNAL. WE NOTE FROM THE ASSESSMENT ORDER THAT THE ASSESSEE CLAIMED RS.1,14,11,094/- AS BROUGHT FORWARD LOSS FROM AY 20 10-11 TO BE SET OFF OF AGAINST THE CURRENT YEAR PROFIT. AS PER CERTIFIED COPY FILED BY THE ASSESSEE (ORDER F NO.225/72/2010/ IT(A-II) DATED 27/09/2010, THE DUE DATE OF FILING THE RETURN FOR AY 2010-11 WAS EXTENDED FROM 30/09/2010 TO 15 TH OCTOBER, 2010. FURTHER, THE DUE DATE FOR TAX AUDIT REPORT U /S 44AB OF THE ACT WAS ALSO EXTENDED TO 15 TH OCTOBER, 2010. THEREFORE, WE SET ASIDE THE ORDER OF THE LD. COMMISSIONER OF I NCOME TAX (APPEALS) AND DIRECT THE LD. ASSESSING OFFICER TO E XAMINE THE CLAIM OF THE ASSESSEE AND DECIDE IN ACCORDANCE WITH LAW AFTER PROVIDING DUE OPPORTUNITY OF BEING HEARD TO THE ASS ESSEE. THE ASSESSEE IS ALSO AT LIBERTY TO FURNISH EVIDENCE, IF ANY, IN SUPPORT OF ITS CLAIM. SO FAR AS CHARGING OF INTERES T U/S 234B AND 234C IS CONCERNED, IT IS CONSEQUENTIAL IN NATUR E. THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL P URPOSES. FINALLY, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. MASTER CARD ADVISORS LLC APMEA 4 THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 26/03/2015. - ) +, . #/ 26 /0 3 /2015 ) 4 SD/ - (D. KARUNAKARA RAO) SD/ - (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER ( MUMBAI; . # DATED : 26/03/2015 F{X~{T? P.S/. #.. %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. 6789 / THE APPELLANT 2. :;89 / THE RESPONDENT. 3. ( <' ( 67 ) / THE CIT, MUMBAI. 4. ( <' / CIT(A)- , MUMBAI 5. >? :'#$ , 67* 6$ , ( / DR, ITAT, MUMBAI 6. % @ / GUARD FILE. / BY ORDER, ;>7' :' //TRUE COPY// / (DY./ASSTT. REGISTRAR) , ( / ITAT, MUMBAI