DCIT, CHENNAI V. M/s. Nubiala India Limited, CHENNAI

ITA 783/CHNY/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 52096 (ITAT-CHENNAI)
• Duration Of Justice: 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-12-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 01-12-2011
• Assessment Year: 2004-2005
• Appeal Filed On: 29-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI BEFORE DR. O.K. NARAYANAN, VICE-PRESIDENT AND SHRI HARI OM MARATHA, JUDICIAL MEMBER I.T.A.NO. 783/MDS/2011 (ASSESSMENT YEAR : 2004-05) THE DEPUTY COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE-IV(4), CHENNAI 600 034. VS. M/S. NUBIOLA INDIA LIMITED, 6 TH FLOOR, B SUITE, KENCES TOWER, 1, RAMAKRISHNA STREET, T. NAGAR, CHENNAI 600 017. PAN AABCS 0622 E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R.B.NAIK, IRS, COMMIS SIONER OF INCOME-TAX RESPONDENT BY : NONE DATE OF HEARING : 1 ST DECEMBER, 2011 DATE OF PRONOUNCEMENT : 1 ST DECEMBER, 2011 O R D E R PER DR. O.K. NARAYANAN, VICE-PRESIDENT THIS APPEAL IS FILED BY THE REVENUE. THE RELEVANT ASSESSMENT YEAR IS 2004-05. THE APPEAL IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-V , AT CHENNAI ITA 783/11 :- 2 -: DATED 25.01.2011. THE APPEAL ARISES OUT OF THE ASS ESSMENT COMPLETED UNDER SEC.143(3) OF THE INCOME-TAX ACT, 1 961. 2. THE GROUND RAISED BY THE REVENUE IS THAT THE COM MISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN ALLOWING ASSES SEES APPEAL AGAINST THE ASSESSING OFFICERS ACTION OF EXCLUSION OF 90% OF GAIN OF POSITIVE EXCHANGE FLUCTUATION OF ` 70,39,903/- FOR THE PURPOSE OF COMPUTATION OF DEDUCTION UNDER SEC.80HHC. 3. WHILE DISPOSING OF THE APPEAL, THE COMMISSIONER OF INCOME- TAX (APPEALS) HAS FOLLOWED THE ORDER OF THE INCOME- TAX APPELLATE TRIBUNAL AT CHENNAI BENCHES IN ITA NO.1047/MDS/2007 DATED 7.3.2008. IN VIEW OF THAT WE HAVE TO HOLD THAT THE RE IS NO MERIT IN THIS APPEAL FILED BY THE REVENUE. IT IS ACCORDINGL Y, DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF H EARING ON THURSDAY, THE 1 ST OF DECEMBER, 2011 AT CHENNAI. SD/- SD/- (HARI OM MARATHA) (DR.O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 1 ST DECEMBER, 2011 MPO* COPY TO : APPELLANT/RESPONDENT/CIT/CIT(A)/DR