Deputy Commissioner of Income Tax, Circle- 1 (1), Panaji., Panaji V. M/s B. Brawn Medical (India) Pvt. Ltd., Panaji

ITA 89/PAN/2015

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 1049 (ITAT-PANAJI)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-07-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 29-07-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 12-03-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S NATARAJ LD

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI, HON'BLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 89/PNJ/2015 : (A.Y 2010 - 11) DY. COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI (APPELLANT) VS. M/S. B. BRAUN MEDICAL (INDIA) PVT. LTD., A - 601, 6 TH FLOOR, BOOMERANG, NEAR CHANDIVALI STUDIO, ANDHERI EAST, MUMBAI 400 072 (RESPONDENT) PAN : AAACB7394M ASSESSEE BY : NONE REVENUE BY : S. NATARAJ, LD. DR DATE OF HEARING : 29/07/2015 DATE OF PRONOUNCEMENT : 29/07/2015 O R D E R PER GEORGE MATHAN : 1. THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A), PANAJI - 1 IN ITA NO. 360/PNJ/13 - 14 DT. 16.12.2014 FOR THE A.Y 2010 - 11. SHRI S. NATARAJ , LD. DR REPRESENTED ON BEHALF OF THE REVENUE AND NONE REPRESENTED ON BEHALF OF THE ASSESSEE. HOWEVER, A LETTER HAS BEEN FILED BY BMR & ASSOCIATES LLP DT. 28.7.2015 REQUESTING FOR ADJOURNMENT WHEREIN IT IS ALSO MENTIONED THAT THE ISSUE IS COVERED BY THE E ARLIER DECISION OF THE CO - ORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE FOR THE A.YS 2008 - 09 & 2009 - 10. 2 ITA NO. 89/PNJ/2015 (A.Y : 2010 - 11) 2. THE ONLY ISSUE RAISED IN THE REVENUES APPEAL IS AGAINST THE ACTION OF LD. CIT(A) IN DELETING THE ADDITION ON ACCOUNT OF SL OW MOVING GOODS. IT WAS SUBMITTED BY THE LD. DR THAT IN THE COURSE OF THE ASSESSMENT THE AO HAD MADE ADDITION OF RS. 65,99,000/ - ON ACCOUNT OF PROVISION FOR SLOW MOVING GOODS. IT WAS THE SUBMISSION THAT THE AO HAD DISALLOWED THE SAME ON THE GROUND THAT T HE SAID PROVISION WAS NOTIONAL AND CONTINGENT AND AN ESTIMATED LOSS AND THE ACTUAL LOSS HAD NOT OCCURRED TO THE ASSESSEE. IT WAS THE SUBMISSION THAT THE LD. CIT(A) HAD DELETED THE ADDITION FOLLOWING THE DECISION OF THE CO - ORDINATE BENCH OF THIS TRIBUNAL I N ASSESSEES OWN CASE FOR A.Y 2008 - 09. IT WAS THE SUBMISSION THAT ORDER OF THE LD. CIT(A) WAS LIABLE TO BE REVERSED. 3. WE HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT THE LD. CIT(A) HAS IN PARA 6 OF HIS ORDER FOLLOWED THE DECISION OF THE CO - O RDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE FOR THE A.Y 2008 - 09 IN ITA NO. 99/PNJ/2013 DT. 25.10.2013 AND AS THE REVENUES APPEAL TO THE HON'BLE HIGH COURT AGAINST THE SAID ORDER HAS ALSO BEEN DISMISSED, WE ARE OF THE VIEW THAT THE FINDING OF THE LD. CIT(A) ON THIS ISSUE DOES NOT CALL FOR ANY INTERFERENCE. CONSEQUENTLY, THE SAME STANDS UPHELD. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 29/07/2015. S D / - (N.S. SAINI) ACCOUNTANT MEMBER S D / - ( GEORGE MATHAN ) JUDICIAL MEMBER PLACE : PANAJI / GOA DATED : 29/07/ 201 5 *SSL* 3 ITA NO. 89/PNJ/2015 (A.Y : 2010 - 11) COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT(A) CONCERNED (4) CIT CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER , 4 ITA NO. 89/PNJ/2015 (A.Y : 2010 - 11) DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ORDER ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 29/07/2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 29/07/2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 29/07/2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 29/07/2015 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 29/07/2015 SR.PS 6. DATE OF PRONOUNCEMENT 29/07/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 29/07/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER