Joint Commissioner of Income-tax, (OSD), Circle -7, Pune V. M/s. Weikfield Products Corporation LLP, Pune

ITA 886/PUN/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 3365 (ITAT-PUNE)
• Duration Of Justice: 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-02-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 16-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M K VERMA
• Assessee Lawyers: R G NAHAR
• Section: 143(3)

Judgement Text

- IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC , PUNE , BEFORE MS. SUSHMA CHOWLA, JM . / ITA NO. 886 /P U N/201 8 / ASSESSM ENT YEAR : 20 13 - 14 THE JT. COMMISSIONER OF INCOME TAX (OSD), CIRCLE 7, PUNE . / APPELLANT VS. M/S. WEIKFIELD PRODUCTS CORPORATION LLP, D BLOCK, 9 TH FLOOR, WEIKFIELD CITI INFO PARK, NAGAR ROAD, RAMWADI, PUNE 411014 . / RESPONDENT PAN: AABFW2289C / APPELLANT BY : SHRI M.K. VERMA / RESPONDENT BY : S HRI R.G. NAHAR / DATE OF HEARING : 1 7 . 0 1 .201 9 / DATE OF PRONOUNCEMENT: 19 . 0 2 .201 9 / ORDER PER SUSHMA CHOWLA, J M : TH E APPEAL FILED BY REVENUE IS AGAINST THE ORDER OF CIT (A) , PUNE - 5 , PUNE, DATED 22 . 0 1 .20 1 8 RELATING TO ASSESSMENT YEAR 20 13 - 14 AGAINST ORDER PASSED UNDER SECTION 14 3(3) OF THE INCOME - TAX ACT , 1961 (IN SHORT THE ACT) . 2. THE REVENUE HAS RAISED THE FOLLOWING GROUND OF APPEAL: - ITA NO. 886 /P U N/20 1 8 WEIKFIELD PRODUCTS CORPORATION LLP 2 1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) WAS JUSTIFIED IN DIRECTING THE AO TO DELETE THE ADDITION OF RS.90,00,000/ - MADE ON ACCOUNT OF INTEREST INCOME. 3. THE I SSUE RAISED IN THE PRESENT APPEAL FILED BY REVENUE IS AGAINST DIRECTION OF CIT(A) TO DELETE ADDITION OF 90 LAKHS. 4. ON PERUSAL OF APPELLATE ORDER VIDE PARA 3.4 AT PAGES 5 AND 6 OF THE APPELLATE ORDER, THE CIT(A) HAS NOTED THE CONTENTION OF ASSESSEE THAT THE SAID INTEREST INCOME WAS OFFERED IN ASSESSMENT YEAR 2015 - 16 AND THE ASSESSMENT WAS COMPLETED UNDER SECTION 143(3) OF THE ACT, WHEREIN INTEREST PERTAINING TO ALL THE THREE ASSESSMENT YEARS I.E. 2013 - 14 TO 2015 - 16 WAS OFFERED. THE CONTENTION OF ASSESSEE BEFORE THE CIT(A) WAS THAT THE ADDITION COULD NOT BE SUSTAINED IN BOTH THE YEARS AS THAT WOULD BE DOU BLE ADDITION. THE CIT(A) AGREEING WITH THE CONTENTION OF ASSESSEE HAS DIRECTED THE ASSESSING OFFICER TO DELETE ADDITION IN THIS YEAR , IF ON VERIFICATION, THE ASSESSING OFFICER FINDS THAT INTEREST AMOUNT SHOWN IN ASSESSMENT YEAR 2015 - 16 INCLUDES AN AMOUNT WHICH OUGHT TO HAVE BEEN SHOWN IN THE YEAR UNDER CONSIDERATION. SO, ON THIS BASIS, GROUND OF APPEAL RAISED BY THE ASSESSEE WAS ALLOWED BY THE CIT(A) SUBJECT TO THE DIRECTIONS TO THE ASSESSING OFFICER. 5. THE REVENUE IS IN APPEAL AGAINST THE ORDER OF CIT( A). 6. THERE IS NO MERIT IN THE GROUND OF APPEAL RAISED BY THE REVENUE AS IN THE FIRST INSTANCE, THE ISSUE HAS BEEN SET ASIDE TO THE FILE OF ASSESSING OFFICER WITH DIRECTIONS TO VERIFY THE STAND OF ASSESSEE AND SECONDLY, IN CASE THE AMOUNT HAS ALREADY BEEN OFFERED AND TAXED IN ASSESSMENT YEAR 2015 - 16, THEN ITA NO. 886 /P U N/20 1 8 WEIKFIELD PRODUCTS CORPORATION LLP 3 THE SAME CANNOT BE TAXED IN THIS YEAR ALSO. CONSEQUENTLY, THE GROUND OF APPEAL RAISED BY REVENUE IS DISMISSED. 7 . IN THE RESULT, APPEAL OF REVENUE IS DISMISSED. ORDER PRONOUNCED ON THIS 19 TH DAY OF FEBR UARY , 201 9 . SD/ - (SUSHMA CHOWLA) / JUDICIAL MEMBER / PUNE ; DATED : 19 TH FEBR UARY , 201 9 . GCVSR / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT ; 2. / THE RESPONDENT; 3. ( ) / THE CIT(A) , PUNE - 5, PUNE ; 4. THE PR. CIT , PUNE - 4 , PUNE ; 5. 6. , , , - / DR SMC , ITAT, PUNE; / GUARD FILE . / BY ORDER , // TRUE COPY // / SR. PRIVATE SECRETARY , / ITAT, PUNE