DCIT, New Delhi V. M/s. Jasmine Buildtech Pvt. Ltd., New Delhi

ITA 6816/DEL/2014

• Counselvise Citation: 681620114 RSA 2014
• Duration Of Justice: 6 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-07-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC 2
• Next Hearing Date: 15-07-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 17-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANOJ KR CHOPRA
• Assessee Lawyers: AJAY BHAGWANI
• Keywords: Loose papers

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH SMC-2, NEW DELHI) BEFORE SHRI J. S. REDDY, ACCOUNTANT MEMBER I.T.A. NO.6816 /DEL/2014 ASSESSMENT YEAR : 2011-12 DCIT, CC-32, VS. JASMINE BUILDTECH PVT. LTD., NEW DELHI M-11, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI GIR / PAN:AABCJ6865E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MANOJ KR. CHOPRA, SR. DR RESPONDENT BY : SHRI AJAY BHAGWANI, CA DATE OF HEARING : 15.07.2015 DATE OF PRONOUNCEMENT : 16.07.2015 ORDER THIS IS AN APPEAL FILED BY REVENUE DIRECTED AGAINS T THE ORDER OF LD. CIT(A) XXXIII, NEW DELHI DATED 05.08.2014 FOR THE ASSESSMENT YEAR 2011-12 ON THE FOLLOWING GROUNDS: I) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE CIT(A) HAS ERRED IN DIRECTING THE A.O. TO COMPUTE THE INTE REST BASED ON POST DATED CHEQUES FROM THE DATE AFTER THE SIX MONTHS OF ISSUE OF SUCH POST DATED CHEQUES. II) THE ORDER OF THE CIT(A) IS ERRONEOUS AND IS NOT TENABLE ON FACTS AND IN LAW. 2. AFTER HEARING RIVAL CONTENTIONS, WE FIND THAT TH E ISSUE IN QUESTION IS COVERED IN FAVOUR OF ASSESSEE AND AGAINST THE REVEN UE BY THE DECISION OF C BENCH OF THE TRIBUNAL IN I.T.A. NO. 1674/DEL/20134 NEW DELHI 1765/DEL/2013 FOR ASSESSMENT YEAR 2008-09 IN THE CA SE OF M/S. IAG PROMOTERS AND DEVELOPERS PVT. LTD. ORDER DATED 31.1 0.2014 WHEREIN AT PARA 5 IT IS HELD AS UNDER: 5. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AND PERUSED RELEVANT MATERIAL PLACED BEFORE US. AT THE OUTSET, THE GROUND RAISED BY THE REVENUE IS MISCONCEIVED BECAUSE LEARNED CIT(A) HAS NOT DELETED THE ADDITION OF TS,06,62SI- BUT HAS ONLY DIRECTED T O RECALCULATE THE ITA NO.6816/DEL/2014 2 INTEREST. WE HAVE CAREFULLY GONE THROUGH THE ORDER OF THE LEARNED OT(A) AND ALSO THE SUBMISSIONS OF BOTH THE PARTIES AND WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LEARNED CIT(A). AFTER EXAMINING THE LOOSE PAPERS SEIZED AT THE TIME AT SEARCH AT THE AS SESSEE'S PREMISES, IT WAS NOTICED THAT INTEREST IS PAID ON THE POCS ONLY DURING THE PERIOD OF EXTENSION OF PDCS AND, THEREFORE, HE DIRECTED TH E ASSESSING OFFICER TO RECOMPUTED THE INTEREST ON PDCS AT THE TIME OF E XTENSION AT THE PDCS. HE HAS FURTHER OBSERVED THAT IF IT IS NOT POS SIBLE TO WORK OUT THE-EXTENSION OF PDCS IN EACH CASE, THEN THE ASSESS ING OFFICER IS DIRECTED TO RECOMPUTED INTEREST ON PDCS AFTER SIX M ONTHS FROM THE DATE OF ISSUE OF THE PDCS. THEREFORE, THE GROUND OF APPEAL OF THE REVENUE THAT THE CIT(A) DELETED THE ADDITION OF RS. 5,06,625/- MADE BY THE ASSESSING OFFICER ON ACCOUNT OF INTEREST ON PDC S IS FACTUALLY INCORRECT AND CONTRARY TO THE ORDER OF THE CIT(A). THE CIT(A) DIRECTED TO RECALCULATE THE INTEREST ON PDCS AND TH ERE WAS A SOUND LOGIC FOR SUCH DIRECTION. HIS DIRECTION IS BASED ON MATERIAL FOUND AND SEIZED AT THE TIME OF SEARCH. IN VIEW OF THE ABOVE , WE DO NOT FIND ANY JUSTIFICATION TO INTERFERE WITH THE ORDER OF LEARNE D CIT(A) IN THIS REGARD AND ACCORDINGLY, WE REJECT GROUND NO.1 OF TH E REVENUE'S APPEAL. 3. RESPECTFULLY FOLLOWING THE DECISION OF COORDINAT E BENCH ORDER, I DISMISS THIS APPEAL OF REVENUE. 4. ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH JULY, 2015. SD./- (J. S. REDDY) ACCOUNTANT MEMBER DATE: 16.07. 2015 SP COPY FORWARDED TO:- 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT (A)-, NEW DELHI. 5. THE DR, ITAT, LOKNAYAK BHAWAN, KHAN MARKET, NEW DEL HI. TRUE COPY. BY ORDER (ITAT, NEW DELHI). ITA NO.6816/DEL/2014 3 S.NO. DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 15/7 SR. PS/PS 2 DRAFT PLACED BEFORE AUTHOR 16/7 SR. PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/AM 5 APPROVED DRAFT COMES TO THE SR. PS/PS 16/7/15 SR. PS/PS 6 KEPT FOR PRONOUNCEMENT 16/7 SR. PS/PS 7 FILE SENT TO BENCH CLERK 17/7 SR. PS/PS 8 DATE ON WHICH THE FILE GOES TO HEAD CLERK 9 DATE ON WHICH FILE GOES TO A.R. 10 DATE OF DISPATCH OF ORDER