SPECTRATEK INDUSTRIES, MUMBAI V. ITO WD 20(2)(2), MUMBAI

ITA 7869/MUM/2010

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8573 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-10-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2005-2006
• Appeal Filed On: 15-11-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E BENCH BEFORE SHRI B.R.MITTAL(JUDICIAL MEMBER) AND SHRI RAJENDRA (ACCOUNTANT MEMBER) ITA NO.7869/MUM/2010 ASSESSMENT YEAR: 2005-06 SPECTRATEK INDUSTRIES, 4/7-419, MIDAS SAHAR PLAZA, M.V.ROAD, ANDHERI(E), MUMBAI-59 PA NO.AAFCS 6028 Q ITO WARD 20(2)(2), PIRAMAL CHAMBERS, LALBAUG, PAREL, MUMBAI. (APPELLANT) VS. (RESPONDENT) APPELLANT BY : RESPONDENT BY: DATE OF HEARING: 15.10.2012 DATE OF PRONOUNCEMENT: 15 .10.2012 ORDER PER B.R.MITTAL, JM: THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT Y EAR 2005-06 AGAINST ORDER DATED 15.9.2010 OF LD CIT(A)-31, MUMBAI ON FOLLOWI NG GROUNDS; 1 ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, LD CIT(A) ERRED IN HOLDING THAT THE ENTIRE RECEIPTS ON ACCOUN T OF DEPB LICENSE SALES RECEIVED BY YOUR APPELLANT AMOUNTING TO RS.12,28,70 2 BEING INCENTIVE RECEIVED AGAISNT THE GOODS EXPORTED IS THE INCOME O F YOUR APPELLANT NOT DERIVED FROM INDUSTRIAL UNDERTAKING AND HENCE NOT E LIGIBLE FOR DEDUCTION U/S.80IB(4) OF THE ACT. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, LD CIT(A) ERRED IN HOLDING THAT THE INTEREST ON FDR RECEIVED FROM BANK AMOUNTING TO RS.38,758 IS INCOME FROM OTHER SOURCES AND HENCE NOT ELIGIBLE FOR DEDUCTION U/S.80IB(4) OF THE ACT. 2. AT THE TIME OF HEARING, A LETTER DATED 12.10.201 2 WAS PLACED ON BEHALF OF ASSESSEE BEFORE THE BENCH STATING THAT ASSESSEE DO NOT WANT TO PURSUE THE SAID APPEAL AND SAID APPEAL BE TREATED AS WITHDRAWN. LD D.R. H AS NO OBJECTION TO ABOVE PRAYER OF ASSESSEE. 2 3. IN VIEW OF ABOVE, APPEAL OF THE ASSESSEE IS DISM ISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 15 TH OCTOBER, 2012 SD/- (RAJENDRA) ACCOUNTANT MEMBER SD/- (B.R. MITTAL) JUDICIAL MEMBER MUMBAI, DATED 15 TH OCTOBER, 2012 PARIDA COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS),31, MUMBAI 4. COMMISSIONER OF INCOME TAX, 20 , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, BENCH E MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI