Shahabad Co-op Sugar Mills Ltd, Kurukshetra V. JCIT, Kurukshetra

ITA 955/CHANDI/2011

• Counselvise Citation: 95521514 RSA 2011
• Duration Of Justice: 1 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 03-10-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: JAI SHREE SHARMA
• Assessee Lawyers: S K MUKHI
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL:B BENCH: CHA NDIGARH BEFORE SHRI H.L.KARWA, VP & SHRI D K SRIVASTAVA, AM ITA NO. 955/CHD/2011 ASSESSMENT YEAR: 2007-08 M/S SHAHABAD COOP SUGAR MILLS LTD., V JCIT, SHAHABAD (M), KURUKSHETRA. KURUKSHETRA. PAN: AAAAP-0381-N APPELLANT BY: SHRI S.K.MUKHI RESPONDENT BY: SMT.JAISHREE SHARMA DATE OF HEARING : 30.11.2011 DATE OF PRONOUNCEMENT : 30.11.2011 ORDER D K SRIVASTAVA: THE APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER PASSED BY THE CIT(A) ON 25.07.201 1, ON THE FOLLOWING GROUNDS : 1. THAT THE LD. CIT(A) IS NOT JUSTIFIED IN CONCURR ING WITH THE ORDERS PASSED BY THE AO U/S 143(3) OF THE INCOME-TA X ACT,1961 AND THEREBY CONFIRMING THE ACTION OF LD. A O SO THAT SO THE ORDERS OF THE FIRST APPELLATE AUTHORITY IS BAD IN LAW, ERRONEOUS AND PERVERSE AND THUS NEEDS TO BE QUASHED. 2. THAT THE LD. CIT(A)-II IS NOT JUSTIFIED IN CONC URRING WITH THE FINDINGS OF AO, IN MAKING AN ADDITION OF RS.74,95,1 25/- U/S 36(1)(III) OF INCOME-TAX ACT,1961 ON ACCOUNT OF INT EREST BY HOLDING THAT THE APPELLANT SHOULD HAVE CHARGED INTE REST ON THE IMPUGNED STICKY LOANS WHEREIN EVEN THERE WAS NO CHANCE OF EVEN RETURN OF PRINCIPAL AMOUNT IN VIEW O F ESTABLISHED PRINCIPLES OF LAW. 3. THAT WITHOUT PREJUDICE TO THE ABOVE GROUNDS OF A PPEAL THE APPELLANT DISPUTES THE QUANTUM OF ADDITION CONFIRME D BY THE FIRST APPELLATE AUTHORITY AS HIGHLY EXCESSIVE. 2. AT THE TIME OF HEARING, LD. COUNSEL FOR THE ASSE SSEE SUBMITTED THAT GROUND NOS. 1, 3 & 4 WERE GENERAL AND THEREFORE DO NOT REQUIRE ADJUDICATION. 3. APROPOS GROUND NO.2, THE LD. COUNSEL FOR THE ASS ESSEE CONCEDED THAT THE ISSUE WAS COVERED AGAINST THE ASSESSEE BY THE ORDER PASSED BY THIS TRIBUNAL ON 31.10.2008 IN THE ASSESSEE'S OWN A PPEAL BEARING ITA NO. 501/CHD/2008 FOR ASSESSMENT ITA 955 /CHD/2011 M/S SHAHABAD COOP SUGAR MILLS,KURUKSHETRA 2 YEAR 2003-04. IN THIS VIEW OF THE MATTER, THE APPE AL FILED BY THE ASSESSEE IS DISMISSED. COPY OF THE AFORESAID ORDER PASSED BY THIS TRIBUNAL IS ENCLOSED FOR READY REFERENCE. 4. APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED ON 30 TH NOV.,2011. SD/- SD/- (H.L.KARWA) (D K SRIVAS TAVA) VICE PRESIDENT ACCOUNTANT MEMBER DATED: 30 TH NOV.,2011 POONAM COPY TO: 1. THE APPELLANT, 2. THE RESPONDENT, 3. THE CIT(A), 4. THE CIT 5. THE D.R, INCOME-TAX DEPARTMENT, CHANDIGARH ASSISTANT REGISTRAR, ITAT, CHANDIGARH