DCIT, CHENNAI V. Acrastyle Power (India) Ltd., CHENNAI

ITA 814/CHNY/2015

• Counselvise Citation: 81421714 RSA 2015
• Duration Of Justice: 5 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2015
• Appeal Filed By: Department
• Bench Allotted: C
• Next Hearing Date: 10-09-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 13-04-2015
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTH
• Assessee Lawyers: SAROJ KUMAR PARIDA

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI , ! ' . #$ , % &' BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER ./ ITA NO. 814/MDS/2015 / ASSESSMENT YEAR : 2009-10 THE DEPUTY COMMISSIONER OF INCOME-TAX, CORPORATE CIRCLE-1(1), CHENNAI 34. APPELLANT) V. M/S. ACRASTYLE POWER (INDIA) LTD., 67 (OLD NO.19), II FLOOR, DR. RANGA ROAD, MYLAPORE, CHENNAI-600 004. PAN AABCS0429F RESPONDENT) / APPELLANT BY : SHRI A.V.SREEKANTH, JCIT / RESPONDENT BY : SHRI SAROJ KUMAR PARIDA, ADVOCATE ! / DATE OF HEARING : 10.09.2015 '# ! / DATE OF PRONOUNCEMENT: 23.09.2015 ( / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS) DATED 29 .12.2014. - - ITA 814/1 5 2 2. THE REVENUE HAS RAISED THE FOLLOWING GROUND IN T HIS APPEAL : 2. THE LEARNED CIT(A) ERRED IN DELETING THE DISALLOWANCE TOWARDS INTEREST INCOME NOT OFFERED TO TAX TO THE TUNE OF ` 34,25,415/-. 3. WE HAVE HEARD BOTH THE SIDES AND PERUSED THE MAT ERIAL ON RECORD. THE MAIN GRIEVANCE OF THE REVENUE IS TH AT THE CIT(APPEALS) OUGHT TO HAVE APPRECIATED THE FACT THA T ON AN IDENTICAL ISSUE FOR A.Y. 2006-07 THE DEPARTMENT HAS PREFERRED APPEAL IN THE ASSESSEES OWN CASE AGAINST THE JURIS DICTIONAL ITATS ORDER IN ITA NO.1021/MDS/11 DATED 4.4.2013. TO KEEP THE ISSUE ALIVE APPEAL TO THE ITAT IS NECESSITATED. IN OUR OPINION, THE GROUND IS TOTALLY MISCONCEIVED. THE I SSUE HAS ALREADY BEEN DECIDED BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2006-07 IN ITA NO. 1021/MDS/201 1 AND GIVEN A CATEGORICAL FINDING BY HOLDING THAT INTERE ST EARNED BY THE ASSESSEE SHOULD BE BROUGHT TO TAX ONLY WHEN IT WAS ACTUALLY RECEIVED BY THE ASSESSEE BECAUSE IT COULD HAVE BEEN ALLOWED AS DEDUCTION ONLY WHEN IT WAS PAID BY THE OTHER PARTY. - - ITA 814/1 5 3 BEING SO, WE ARE INCLINED TO DISMISS THE APPEAL OF THE REVENUE. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON WEDNESDAY, THE 23 RD OF SEPT., 2015 AT CHENNAI. SD/- SD/- ( $ % . & '( ) ( ) * + , ) DUVVURU RL REDDY - ./012304556037- 8 9: /JUDICIAL MEMBER ! 9:;<<5=1>01>?@AB@3 )8 /CHENNAI, C9 /DATED, THE 23 RD SEPT., 2015. MPO* 9D EFGF /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. H- /CIT(A) 4. H /CIT 5. FIJ K /DR 6. J(L /GF.