PANATONE FINVEST LTD, MUMBAI V. DCIT CIR 2(2), MUMBAI

ITA 7139/MUM/2011

• Counselvise Citation: 713919914 RSA 2011
• Duration Of Justice: 1 year(s) 9 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-08-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 14-08-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 21-10-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: A C TEJPAL
• Assessee Lawyers: BURJIS TARPOREVALA
• Section: 37

Judgement Text

, INCOME TAX APPELLATE TR IBUNAL C BENCH,MUMBAI. . . , ! , BEFORE S/SH.B.R.MITTAL, JUDICIAL MEMBER AND RAJENDRA,ACCOUNTANT MEMBER . I.TA. NO.7139/MUM/2011 - # -%. AY . .. . 2008-09 PANATONE FINVEST LTD. BOMBAY HOUSE, 24 HOMI MODY STREET, FORT, MUMBAI 400001. PAN: AAACP9523G VS. DCIT,CIRCLE 2(2) AAYAKAR BHAVAN, R.NO. 158 M.K.ROAD, MUMBAI. ( &' / APPELLANT ) ( ()&' / RESPONDENT ) &' * / APPELLANT BY : SHRI BURJIS TARPOREVALA ()&' + * /RESPONDENT BY : MS.A.C.TEJPAL , + -. / DATE OF HEARING : 14 -08-2013 /0% + -. / DATE OF PRONOUNCEMENT : 14 -08-2013 1 / O R D E R PER RAJENDRA, AM CHALLENGING THE ORDER DATED 20.07.2011 OF THE CIT(A )-5, MUMBAI ASSESSEE COMPANY HAD FILED FOLLOWING GROUNDS OF APPEAL: 1. THE COMMISSIONER OF INCOME TAX (APPEALS)-5, MUM BAI ERRED IN DISALLOWING INTEREST PAID BY THE APPELLANT OF RS. 63,08,21,505 AS EXPENDITURE IN RESPECT OF CAPITAL BORROWED UNDER SECTION 36(1)(III) OF THE INCOME TAX ACT, 1961 (THE ACT). FURTHER, THE CIT(A) ERRED IN NOT CONSIDERING SUCH AMOUNT AS ELIGIBLE FOR DEDUCTION UNDER SECTION 37 O F THE ACT. 2. WITHOUT PREJUDICE TO THE CONTENTION THAT THE APP ELLANT BE ALLOWED DEDUCTION OF INTEREST UNDER SECTION 36(1) (III) SECTION 37 OF THE ACT, THE APPE LLANT SUBMITS THAT IT BE PERMITTED TO CAPITALIZE TH E INTEREST PAID BY IT AND ENHANCE THE COST OF ACQUISI TION OF THE 40.70% OF THE SHARE CAPITAL OF TATA COMMUNICATIONS LTD. (PREVIOUSLY KNOWN AS VIDESH SAN CHAR NIGAM LTD.) 2. DURING THE COURSE OF HEARING BEFORE US TODAY AUTHOR IZED REPRESENTATIVE (AR) OF THE COMPANY SUBMITTED THAT ASSESSEE WAS NOT PRESSING GR OUND NO.1 & 2. 3. AS A RESULT, APPEAL FILED BY THE ASSESSEE STANDS D ISMISSED AS NOT PRESSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14 TH AUGUST, 2013. 1 + /0% 2 3- 3- 3- 3- 1 11 1 4 44 4 . 08 0808 08. .. .2013 2013 2013 2013 0 + 3. SD/- SD/- ( . . / B.R. MITTAL ) ( ! ! ! ! / RAJENDRA ) I.TA. NO. 7139/MUM/2011 PANATONE FINVEST LTD. 2 / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI, :, DATE: 1 4 TH AUGUST, 2013 SK 1 + (-; < ;%- 1 + (-; < ;%- 1 + (-; < ;%- 1 + (-; < ;%- / COPY OF THE ORDER FORWARDED TO : 1. , =- /APPELLANT 2. ()&' /RESPONDENT 3. > ? /THE CONCERNED CIT (A) 4. > ? /THE CONCERNED CIT 5. ;@3 (-, , /DR C BENCH, ITAT, MUMBAI 6. 3 B /GUARD FILE );- (- //TRUE COPY// 1, 1, 1, 1, / BY ORDER, C CC C / D D D D DY./ASSTT. REGISTRAR , / ITAT, MUMBAI