Pluto Trade Liks Limited, CHENNAI V. ACIT, Bangalore

ITA 943/CHNY/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 8856 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-07-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 16-06-2016
• Assessment Year: 2013-2014
• Appeal Filed On: 12-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M MURUGABOOPATHY
• Assessee Lawyers: T P GIREESH
• Section: 154

Judgement Text

, / , IN THE INCOME TAX APPELLATE TRIBUNAL B SMC BENCH, CHENNAI ... , BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER !./ ITA NO.943/MDS/2016 # $%# / ASSESSMENT YEAR : 2013-14 M/S PLUTO TRADE LINKS LIMITED, ROSY TOWER, 3 RD FLOOR, 8, MAHATMA GANDHI ROAD, NUNGAMBAKKAM, CHENNAI - 600 034. PAN : AACCP 0004 A V. THE ASSISTANT COMMISSIONER OF INCOME TAX, CPC, BANGALORE. ('(/ APPELLANT) ()*'(/ RESPONDENT) '( + , / APPELLANT BY : SHRI T.P. GIREESH, CA )*'( + , / RESPONDENT BY : SHRI M. MURUGABOOPATHY, ADDL. CI T - $ + ./ / DATE OF HEARING : 16.06.2016 01% + ./ / DATE OF PRONOUNCEMENT : 15.07.2016 / O R D E R THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) 3, CHENNAI, DATED 20.01.2016 AND PERTAINS TO ASSESSMENT YEAR 2013-14. 2. SHRI T.P. GIREESH, THE LD. REPRESENTATIVE FOR TH E ASSESSEE, SUBMITTED THAT THE ASSESSEE MADE A CLAIM WITH REGAR D TO MAT CREDIT TO 2 I.T.A.NO.943/MDS/16 THE EXTENT OF ` 7,12,254/-. REFERRING TO THE COPY OF RETURN, WHICH IS AVAILABLE AT PAGE 8 IN THE PAPER-BOOK, THE LD. REPR ESENTATIVE SUBMITTED THAT THE ASSESSEE HAS SPECIFICALLY MADE THE CLAIM W ITH REGARD TO ` 7,12,254/-. THIS WAS OMITTED TO BE CONSIDERED BY T HE ASSESSING OFFICER AND THE CIT(APPEALS). THE ASSESSEE FILED P ETITION UNDER SECTION 154 OF THE INCOME-TAX ACT, 1961 (IN SHORT ' THE ACT'). THIS WAS ALSO NOT ACTED UPON. 3. THE LD. REPRESENTATIVE FOR THE ASSESSEE FURTHER SUBMITTED THAT THERE WAS A CLAIM WITH REGARD TO SHORT-TERM CAPITAL LOSS TO BE CARRIED FORWARD TO THE EXTENT OF ` 20,03,173/-. THIS WAS OMITTED TO BE PROCESSED BY THE COMPUTERIZED PROCESSING SYSTEM. A CCORDING TO THE LD. REPRESENTATIVE, WHEN THE ASSESSEE HAS MADE A CL AIM, THE SAME CANNOT BE REJECTED WHILE PROCESSING THE RETURN OF T HE ASSESSEE THROUGH COMPUTER SYSTEM. REFERRING TO THE ORDER OF THE CIT(APPEALS), THE LD. REPRESENTATIVE SUBMITTED THAT THE CIT(APPEA LS) HAS WRONGLY OBSERVED THAT THE INFORMATION FURNISHED BY THE ASSE SSEE WAS TAKEN INTO CONSIDERATION. REFERRING TO THE RETURN OF INC OME FILED BY THE ASSESSEE, A COPY OF WHICH IS AVAILABLE ON RECORD, T HE LD. REPRESENTATIVE SUBMITTED THAT THE ASSESSEE DEMONSTR ATED BEFORE THE CIT(APPEALS) THE ENTIRE CLAIM MADE BY IT WAS NOT PR OCESSED. 3 I.T.A.NO.943/MDS/16 THEREFORE, ACCORDING TO THE LD. REPRESENTATIVE, THE CPC AND THE CIT(APPEALS) ARE NOT JUSTIFIED IN REJECTING THE PET ITION FILED BY THE ASSESSEE UNDER SECTION 154 OF THE ACT. 4. I HEARD SHRI M. MURUGABOOPATHY, LD. DEPARTMENTAL REPRESENTATIVE ALSO. THE LD. D.R., AFTER CAREFULLY GOING THROUGH THE RETURN SAID TO BE FILED BY THE ASSESSEE, FOUND THAT THE ASSESSEE HAS MADE A CLAIM WITH REGARD TO MAT CREDIT AND CAPITAL LOSSES CARRIED FORWARD. 5. I HAVE CONSIDERED THE RIVAL SUBMISSIONS ON EITHE R SIDE AND PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. PRIMA FACIE IT APPEARS THE ASSESSEE HAS MADE A CLAIM WITH REGARD T O MAT CREDIT ENTITLEMENT TO THE EXTENT OF ` 7,12,254/- AND ALSO CLAIM OF SET OFF OF SHORT-TERM LOSSES TO THE EXTENT OF ` 20,03,173/-. THIS IS APPARENT FROM THE RETURN FILED BY THE ASSESSEE. THEREFORE, THE C OMPUTERIZED PROCESSING SYSTEM OUGHT TO HAVE RECTIFIED THE ORDER ON THE BASIS OF THE RETURN FILED BY THE ASSESSEE. THE CIT(APPEALS) WIT HOUT GOING THROUGH THE RETURN FILED BY THE ASSESSEE, FOUND THAT THE IN FORMATION FURNISHED BY THE ASSESSEE WAS TAKEN INTO CONSIDERATION. THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THE INFORMATION WITH REGARD TO CLAIM OF MAT 4 I.T.A.NO.943/MDS/16 CREDIT TO THE EXTENT OF ` 7,12,254/- AND THE SHORT-TERM CAPITAL LOSSES TO BE CARRIED FORWARD TO THE EXTENT OF ` 20,03,173/-, IS VERY MUCH AVAILABLE IN THE RETURN OF INCOME WHICH WAS NOT TAKEN INTO CO NSIDERATION BY CPC. THEREFORE, THIS HAS TO BE TAKEN INTO CONSIDERATION WHILE PROCESSING THE CLAIM THROUGH COMPUTERIZED PROCESSING SYSTEM. SINC E THIS WAS NOT DONE BY THE AUTHORITIES BELOW, THIS TRIBUNAL IS UNA BLE TO UPHOLD THE ORDER OF THE CIT(APPEALS). ACCORDINGLY, THE ORDER OF THE LOWER AUTHORITY IS SET ASIDE. THE ASSESSING OFFICER IS D IRECTED TO CONSIDER THE MAT CREDIT ENTITLEMENT TO THE EXTENT OF ` 7,12,254/- AND CARRY FORWARD THE CAPITAL LOSSES TO THE EXTENT OF ` 20,03,173/-. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED ON 15 TH JULY, 2016 AT CHENNAI. SD/- ( ... ) (N.R.S. GANESAN) /JUDICIAL MEMBER /CHENNAI, 3! /DATED, THE 15 TH JULY, 2016. KRI. 5 I.T.A.NO.943/MDS/16 + ).45 65%. /COPY TO: 1. '( /APPELLANT 2. )*'( /RESPONDENT 3. - 7. () /CIT(A)-3, CHENNAI 4. PRINCIPAL CIT, CHENNAI-5, CHENNAI 5. 5$8 ). /DR 6. 9# : /GF.