Somdutt Builders NCC(JV), Hyderabad V. ITO, Secunderabad

ITA 743/HYD/2006

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 4403 (ITAT-HYDERABAD)
• Duration Of Justice: 10 year(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-08-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Next Hearing Date: 08-08-2016
• Assessment Year: 2003-2004
• Appeal Filed On: 07-08-2006
• Court: TRIBUNAL
• Department Lawyers: K J RAO
• Assessee Lawyers: S RAMA RAO
• Keywords: Retrospective amendment

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER I.T.A. NO. 743/HYD/2006 ASSESSMENT YEAR: 2003-04 SOMDUTT BUILDERS-NCC (JV) HYDERABAD [PAN: AAQFS2933Q] VS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI S. RAMA RAO, AR FOR REVENUE : SHRI K. J. RAO, DR DATE OF HEARING : 16-08-2016 DATE OF PRONOUNCEMENT : 16-08-2016 O R D E R PER B. RAMAKOTAIAH, A.M. : THIS APPEAL WAS PREFERRED BY ASSESSEE AGAINST THE ORD ER OF THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS), TIRUPA TI, DATED 07-04-2006 FOR AY. 2003-04 ON THE ISSUE OF DEDUCTION U/S. 80IA(4) OF THE INCOME TAX ACT [ACT]. ASSESSEE IS CONTENDING THAT IT IS ELIGIBLE FOR DEDUCTION U/S. 80IA(4) IN RESPECT OF NEW INFRASTRUCTURE FACILITY BEING HIGHWAY PROJECT, UNDER AN AGREEMEN T WITH NATIONAL HIGHWAY AUTHORITY OF INDIA. 2. ASSESSEE IS SEEKING ADJOURNMENT IN THIS CASE ALL ALONG ON THE REASON THAT ASSESSEE HAS FILED A WRIT PETITION NO. 5328/ 2010 BEFORE ITA NO. 743/HYD/2006 SOMDUTT BUILDERS-NCC (JV) :- 2 -: THE HON'BLE HIGH COURT OF AP CHALLENGING THE VALIDIT Y OF EXPLANATION TO SECTION 80IA INTRODUCED VIDE FINANCE ACT NO.2, 2009 WITH RETROSPECTIVE EFFECT FROM 01-04-2000. IT WAS FURTHER SUBMITTED THAT HON'BLE HIGH COURT VIDE ORDER DT. 10-03-2010 IN WP MP NO. 6850/2010, ISSUED INTERIM DIRECTIONS STAYING THE APPEAL S AND REVISION PROCEEDINGS FOR AYS. 2004-05 TO 2009-10. 3. WHEN IT WAS POINTED OUT THAT THE INTERIM DIRECTIONS O F THE HON'BLE HIGH COURT ARE NOT APPLICABLE TO THE IMPUGNED A SSESSMENT YEAR AND FURTHER, THERE WAS ONLY LOSS SUFFERED BY AS SESSEE DURING THE YEAR, ASSESSEE WITHDREW THE APPEAL BY STATING AS UN DER: THE ABOVE MENTIONED APPEAL WAS FILED BY THE COMPAN Y ON 12.7.2006. THE ONLY GROUND OF APPEAL IS ABOUT THE DEDUCTION U/S. 80IA OF THE INCOME TAX ACT IN RESPECT OF THE INCOME DERIVED FROM INFRASTRUCTURE FACILITY DEVELOPED BY THE APPELLANT. THE APPELLANT SUBMITS THAT THE ASSESSING OFFICER, WHILE COMPLETING THE ASSESSMENT, DETERMINED LOSS OF RS. 16,53,260/- FOR THE YEAR UNDER CONSIDERATION. ACCORDING TO THE PROVISIONS OF SEC.80IA OF THE INCOME-TAX ACT, WHERE THE COMPUTATION OF INCOME RESULTED IN A LOSS, DEDUCTION U/S. 80IA IS N OT ALLOWABLE. THEREFORE, THE APPELLANT PRAYS THE HON'BLE ITAT TO PERMIT WITH DRAWAL OF APPEAL ON THE GROUND THAT THE DEDUCTION U/S. 80IA IS NOT ALLO WABLE AS THE NET RESULT IS A LOSS. 4. AFTER DISCUSSION WITH THE LD. DR, ASSESSEES REQU EST FOR WITHDRAWAL OF APPEAL IS ALLOWED. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH AUGUST, 2016 UPON COMPLETION OF HEARING SD/- SD/- (P. MADHAVI DEVI) (B. RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEM BER HYDERABAD, DATED 16 TH AUGUST, 2016 TNMM ITA NO. 743/HYD/2006 SOMDUTT BUILDERS-NCC (JV) :- 3 -: COPY TO : 1. SOMDUTT BUILDERS-NCC (JV) HYDERABAD. C/O. CA. S AMUEL NAGADESI, 408, SRI RAMAKRISHNA TOWERS, BESIDES IMAG E HOSPITALS, AMEER PET, HYDERABAD. 2. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-6(1), HYDERABAD. 3. CIT(APPEALS), TIRUPATI. 4. CIT, HYDERABAD 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.