ORION TRAVELS P. LTD, MUMBAI V. DCIT CEN CIR 31, MUMBAI

ITA 8479/MUM/2010

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 3629 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-01-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 29-12-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 06-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M A Y; DR P DANIEL ITA NO M
• Section: 115JB

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI . . , ! , ' , # BEFORE S/SHRI B.R.BASKARAN, ACCOUNTANT MEMBER AND AMARJIT SINGH, JUDICIAL MEMBER / I.T.A. NO.8479/MUM/2010 ( ' $ %$ / ASSESSMENT YEAR: 2007-08) M/S. ORION TRAVELS PVT. LTD. 32, MADHULI, 3 RD FLOOR, DR.ANNIE BESANT ROAD, NEHRU CENTRE, WORLI, MUMBAI - 400018 / VS. DY. COMMISSIONER OF INCOME TAX CEN. CIR. 31 MUMBAI I.T.A. NO. 1723/MUM/2013 ( ' $ %$ / ASSESSMENT YEAR: 2008-09) M/S. ORION TRAVELS PVT. LTD. 32, MADHULI, 3 RD FLOOR, DR.ANNIE BESANT ROAD, NEHRU CENTRE, WORLI, MUMBAI - 400018 / VS. ASST. COMMISSIONER OF INCOME TAX CEN. CIR. 31 R.NO.409, AAYKAR BHAVAN, M.K.ROAD, MUMBAI - 400020 ./ ./ PAN/GIR NO. : AAACO1591K ( / APPELLANT ) .. ( / RESPONDENT ) / DATE OF HEARING: 29.12.2015 !' /DATE OF PRONOUNCEMENT: 15.01.2016 #$ / O R D E R ASSESSEE BY: SHRI DHAVAL SHAH DEPARTMENT BY: DR. P. DANIEL ITA NO. 8479/M/10 & 1723/M/13 A.Y. 2007-08 & 2008-09 2 PER AMARJIT SINGH, JM: THIS ORDER SHALL DISPOSED OFF TWO APPEALS FILED BY THE ASSESSEE AGAINST THE ORDER DATED 10.09.2010 & 24.12.2012 PAS SED BY COMMISSIONER OF INCOME TAX (APPEALS)-40 & 36, MUMBA I [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO THE ASSESSMENT YEAR 2007-08 & 2008-09. SINCE THE PARTIES ARE THE SAME AND THE MATTER OF CONTROVERSY IS ALSO OF THE SIMILAR IN NAT URE THEREFORE, THESE APPEALS ARE BEING TAKEN UP TOGETHER FOR ADJUDICATIO N FOR THE SAKE OF CONVENIENCE. 2. HOWEVER, THE ASSESSEE HAS RAISED NUMBER OF ISSUE S BUT THE ASSESSEE HAS TOOK ONLY TWO GROUNDS IN THE SAID APPE ALS BY ALLEGING THAT THE CIT(A) HAS WRONGLY DENIED THE RELIEF OF THE LIA BILITY AMOUNTING TO RS.15,78,212/- & RS.26,77,555/- ON ACCOUNT OF INTER EST EXPENSES IN THE ABOVE MENTIONED APPEALS RESPECTIVELY AND ALSO R AISED OTHER GROUNDS WITH REGARD TO THE CONFIRMING THE CALCULATI ON OF BOOK PROFIT U/S. 115JB OF THE INCOME TAX ACT, 1961( IN SHORT T HE ACT) AMOUNTING TO RS.7,74,534/- & RS.10,28,561/- RESPECT IVELY. AT THE VERY OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE H AS ARGUED THE PRESENT CASE IS SQUARELY COVERED BY THE ORDER DATED 10.06.2 014 IN ITA NO. 7293&7294/M/12 FOR A.Y.2001-02 & 2003-04 TITLED AS ORION TRAVELS PVT. LTD. IN ASSESSEES OWN CASE AND ALSO COVERED B Y M/S. FORTUNE HOLDINGS PVT. LTD. VS. DCIT CC 31, MUMBAI IN ITA NO .1459/M/11, ITA NO. 1460/M/11 & ITA NO.1462/M/11 AND OTHERS. O N THE OTHER ITA NO. 8479/M/10 & 1723/M/13 A.Y. 2007-08 & 2008-09 3 HAND THE LEARNED DEPARTMENTAL REPRESENTATIVE DID NO T DENY THE FACTUAL POSITION ON RECORD. ON APPRAISAL OF THE SAID ORDER S IT CAME INTO NOTICE THAT IN THE ASSESSEES OWN CASE FOR THE A.Y.2001-02 & 2003-04 THE CO- ORDINATE BENCH OF MUMBAI IN ITA NO. 7293&7294/M/12 HAS RESTORED THE ABOVE SAID THE ISSUES TO THE FILE OF CIT(A) FOR FRESH ADJUDICATION IN THE LIGHT OF ORDER PASSED BY ITAT, MUMBAI IN THE CA SE OF HITESH S. MEHTA VS. DCIT IN ITA NO.7726&7727/M/2010 DATED 26. 04.2013 TO READJUDICATE THE MATTER IN VIEW OF THE OBSERVATIONS MADE THEREIN. 3. THEREFORE IN THE SAID CIRCUMSTANCE WEDIRECT THE CIT(A) TO DECIDE THE MATTER OF CONTROVERSY IN THE LIGHT OF TH E ORDER PASSED BY THE ITAT, MUMBAI IN THE CASE OF HITESH S. MEHTA VS. DCI T VIDE ITA NO.7726&7727/M/2010 DATED 26.04.2013. ACCORDINGLY THE APPEALS OF THE ASSESSEE IS HERBY ALLOWED. 4. IN THE RESULT BOTH THE APPEALS FILED BY THE ASSE SSEE ARE HEREBY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH JANUARY , 2016. SD/- SD/- (B.R.BASKARAN) (AMARJIT SINGH) # / ACCOUNTANT MEMBER %& # /JUDICIAL MEMBER ' ( MUMBAI; )# DATED : 15 TH JANUARY, 2016 MP MP MP MP ITA NO. 8479/M/10 & 1723/M/13 A.Y. 2007-08 & 2008-09 4 ' ( )' * +*% / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. * ( ) / THE CIT(A)- 4. * / CIT 5. -./ &&01 , 01' , ' ( / DR, ITAT, MUMBAI 6. /34 5 / GUARD FILE. ' / BY ORDER, - & //TRUE COPY// ,/! (DY./ASSTT. REGISTRAR) , ' ( / ITAT, MUMBAI