The Dy. Commissioner of Income-tax, Pathankot V. M/s. Kashmir Agro and Chemical Industries, Pathankot

ITA 66/ASR/2013

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 2251 (ITAT-AMRITSAR)
• Duration Of Justice: 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-04-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 30-01-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R L CHHANALIA
• Keywords: Question of law
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. B.P.JAIN, ACCOUNTANT MEMBER I.T.A. NO.66(ASR)/2013 ASSESSMENT YEAR:2009-10 PAN :AABFI7056H DY. COMMR. OF INCOME TAX, VS. M/S. KASHMIR AGRO AND CHEMICAL CIRCLE VI, PATHANKOT. INDUSTRIES, KATHUA, H.O.PAT HANKOT. (APPELLANT) (RESPONDENT) APPELLANT BY:SH.R.L.CHHANALIA, DR RESPONDENT BY:NONE DATE OF HEARING: 02/04/2013 DATE OF PRONOUNCEMENT:02/04/2013 ORDER PER BENCH ; THE REVENUE HAS FILED THE PRESENT APPEAL AGAINST THE IMPUGNED ORDER OF THE CIT(A), AMRITSAR, DATED 16.11.2012 FOR THE A SSESSMENT YEAR 2009-10 ON THE FOLLOWING GROUNDS: 1 ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A), AMRITSAR HAS ERRED BOTH ON THE QUESTION OF LAW AND ON FACTS IN DELETING THE ADDITION OF RS.14,13,316/- MADE BY THE A.O. BY DISALLOWING DEDUCTION U/S 80IB ON EXCISE DUTY REFUND RECEIVED B Y THE FIRM. ITA NO.66(ASR)/2013 2 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE EXCISE DUTY REFUND IS NOT DERIVED CONSEQUENT TO THE MANUFACTURI NG OPERATIONS OF THE INDUSTRIAL UNDERTAKING AND IS NOT ELIGIBLE FOR THE DEDUCTION U/S 80IB. 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ORDER OF THE LD. CIT(A), AMRITSAR ABE VACATED AND THAT OF THE ASSESS ING OFFICER BE RESTORED. 4. APPELLANT CARVES LEAVE TO AMEND OR ADD ANY OR MO RE GROUNDS OF APPEAL. 2. WE HAVE HEARD THE LEARNED DR AND PERUSED MATERIA L AVAILABLE ON RECORDS WITH US AND WE ARE OF THE VIEW THAT THE ISSUE INVOLVED IN GROUNDS OF THE APPEAL OF THE REVENUE RELATING TO DEDUCTIO N UNDER SECTION 80IB ON EXCISE DUTY REFUND IS SQUARELY COVERED BY THE JUDG MENT OF HON'BLE JURISDICTIONAL HIGH COURT OF JAMMU & KASHMIR IN THE CASE OF SHREE BALAJI ALLOYS V. CIT AND ANOTHER (2011) 333 ITR 335 (J&K) IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE, WHERE THE HONBLE HIGH COURT HAS HELD THAT THE EXCISE DUTY REFUND IS TO BE TREATED AS CA PITAL RECEIPT AND IS NOT LIABLE TO BE TAXED. THEREFORE, RESPECTFULLY FOLLOW ING THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT OF JAMMU & KASHMI R IN THE CASE OF SHREE BALAJI ALLOYS V. CIT AND ANOTHER (SUPRA), WE DISMIS S THE APPEAL FILED BY THE REVENUE. ACCORDINGLY, ALL THE GROUNDS OF REVENUES APPEAL ARE DISMISSED. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ITA NO.66(ASR)/2013 3 ORDER PRONOUNCED IN THE OPEN COURT ON 2ND APRIL, 2013. SD/- SD/- (B.P. JAIN) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 2 ND APRIL, 2013 /SKR/ COPY OF THE ORDER FORWARDED TO: 1. THE ASSESSEE:M/S. KASHMIR AGRO AND CHEMICALS INDUST RIES, KATHUA, H.O.PATHANKOT. 2. THE DCIT, CIRCLE VI, PATHANKOT. 3. THE CIT(A), 4. THE CIT 5. THE SR DR, ITAT, AMRITSAR. TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.