PRINCE PIPE & FITTINGS P. LTD, MUMBAI V. DCIT RG 7(1), MUMBAI

ITA 7559/MUM/2013

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2187 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-12-2015
• Appeal Filed By: Assessee
• Bench Allotted: C
• Assessment Year: 2005-2006
• Appeal Filed On: 24-12-2013
• Court: TRIBUNAL
• Section: 80IB

Judgement Text

IN THE INCO ME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH , JUDICIAL MEMBER I.T.A. NO. 7559/M/2013 (ASSESSMENT YEAR : 2005 - 200 6 ) PRINCE PIPE & FITTINGS PVT LTD., THE RUBY, 8 TH FLOOR, SENAPATI BAPAT MARG (TULSI PIPE ROAD), DADAR (W), MUMBAI - 400 028. / VS. DCIT, RANGE 7(1), MUMBAI. ./ PAN : AAACP2319J ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : MS. MRUGAKSHI JOSHI / RESPONDENT BY : SHRI DURGA DUTT / DATE OF HEARING : 09.12 .2015 / DATE OF PRONOUNCEMENT : 09 .12.2015 / O R D E R PER D. KARUNAKARA RAO, AM: THIS APPEAL FILED BY THE ASSESSEE ON 24.12.2013 IS AGAINST THE ORDER OF THE CIT (A) - 13, MUMBAI DATED 28.11.2013 FOR THE ASSESSMENT YEAR 2005 - 2006. 2. THE ONLY ISSUES RAISED IN THIS APPEAL RELATES TO THE ALLOWABILITY OF DEDUCTION U/S 80IB OF THE ACT IN RESPECT OF DUTY DRAWBACK RECEIPTS AMOUNTING TO RS. 18,83,594/ - . AO AND THE CIT (A) DENIED THE BENEFIT OF DEDUCTION ON SUCH RECEIPTS RECEIVED ON ACCOUNT OF DUTY DRAWBACK SCHEME. FOR THIS PROPOSITION, THE AO AND THE CIT (A) RELIED ON THE JUDGMENT OF THE HONBLE SUPREME CO URT IN THE CASE OF M/S. LIBERTY INDIA VS. CIT [317 ITR 218] (SC) AND MANY OTHER PRECEDENTS IN THEIR SUPPORT. AGGRIEVED WITH THE ABOVE, ASSESSEE IS IN APPEAL BEFORE THE TRIBUNAL. 3. DURING THE PROCEEDINGS BEFORE US, AT THE OUTSET, LD COUNSEL FOR THE ASSESS EE SUBMITTED THAT IN VIEW OF THE ABOVE CITED APEX COURT JUDGMENT IN THE CASE OF LIBERTY INDIA (SUPRA), THE APPEAL FILED BY THE ASSESSEE IS NOT PRESSED. ACCORDINGLY, AFTER HEARING LD REPRESENTATIVES OF BOTH THE PARTIES , WE DISMISS THE APPEAL OF THE 2 ASSESSE E AS NOT PRESSED. ACCORDINGLY, THE SOLITARY GROUND RAISED BY THE ASSESSEE IS DISMISSED AS NOT PRESSED. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN CO URT ON 9 T H DECEMBER, 2015. S D / - S D / - ( AMARJIT SINGH ) (D. KARUNAKARA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; 9 /12/2015 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI