M/S. OM INTERCONTINENTAL, V. ACIT CIR 18(2),

MA 121/MUM/2011

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0633 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 25 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-07-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2002-2003
• Appeal Filed On: 22-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T ROUMUAN PAITE
• Section: 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH A, MUMBAI BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER MA NO. 121/MUM/2011 ARISING OUT OF ITA NO.3439/MUM/2006 ASSESSMENT YEAR : 2002-03 OM INTERNATIONAL C/O., SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS 12, ENGINEER BUILDING 265, PRINCESS STREET MUMBAI-400 002. PAN NO. AAEFA 4818 VS. ACIT CIRCLE-18(2) MUMBAI. ( APPLICANT ) (RESPONDENT) ASSESSEE BY : SHRI S.L. JAIN REVENUE BY : SHRI T. ROUMUAN PAITE DATE OF HEARING : 05/07/2013 DATE OF PRONOUNCEMENT : 17 /07/2013 O R D E R PER B. RAMAKOTAIAH, AM: THIS MISCELLANEOUS APPLICATION IS PREFERRED BY THE ASSESSEE AGAINST THE ORDER OF ITAT IN ITA NO.3439/MUM/06 FOR THE ASS ESSMENT YEAR 2002- 03. THE ASSESSEE POINTED OUT THAT THE AMOUNT OF LAT E REALIZATION OF EXPORTS WAS WRONGLY STATED AT RS.38,32,962/- AS AGA INST RS.60,49,367/- AND SOUGHT CORRECTION IN THE ABOVE AMOUNT. 2. AFTER HEARING THE LD. COUNSEL AND ON PERUSING TH E GROUNDS RAISED BY THE ASSESSEE AND ORDER OF THE CIT(A), THERE APPE ARS A MISTAKE IN MENTIONING THE AMOUNT AT RS.38,32,962/- IN PARA-5 OF THE ABOVE MA NO.121/M/2011(A/O/O ITA NO.3439/M/06 A.Y.02-03 OM INTERNATIONAL 2 REFERRED ORDER. THE ASSESSEE HAD A TOTAL TURNOVER OF RS.50,31,70,430/- OUT OF WHICH AFTER REMAND IN THE COURSE OF APPELLAT E PROCEEDINGS THE CIT(A) CONFIRMED THAT DEDUCTION UNDER SECTION 80HHC WILL NOT BE ALLOWABLE ON THE AMOUNTS WHICH WERE NOT RECEIVED BY THE ASSESSEE. THAT AMOUNT WAS RS.38,32,962/-. HOWEVER, THE BALANCE AMO UNT OF RS.60,49,367/- ON WHICH CIT(A) DENIED DEDUCTION UND ER SECTION 80HHC WAS ON ACCOUNT OF LATE REALIZATION OF EXPORT BILLS. THE ASSESSEE CAME UP IN APPEAL AND CONTESTED THE AMOUNT OF RS.60,49,367/ - WHICH WAS RECOVERED AFTER SIX MONTHS BUT WITH THE APPROVAL O F RBI. CONSIDERING THE SUBMISSIONS VIDE PARA-8, THE ITAT DIRECTED THE AO TO ALLOW DEDUCTION UNDER SECTION 80HHC ON THE AMOUNT LATE REALIZED. TH EREFORE, THERE OCCURRED A MISTAKE IN MENTIONING THE AMOUNT OF RS.3 8,62,962/- WHICH IN FACT WAS THE AMOUNT PERTAINING TO AMOUNTS THAT W ERE NOT REALIZED, AS AGAINST CORRECT AMOUNT OF RS.60,49,367/- CONTESTED IN THE GROUND. THE AMOUNT IN PARA-5 SHOULD BE READ AS AN AMOUNT OF RS.60,49,367 /-. THE ORDER IS MODIFIED TO THAT EXTENT. 3. IN THE RESULT, MISCELLANEOUS APPLICATION IS ALLO WED. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH JULY, 2013. SD/- SD/- (I.P. BANSAL) JUDICIAL MEMBER (B. RAMAKOTAIAH ) ACCOUNTANT MEMBER MUMBAI, DATED: 17/07/2013. JV. MA NO.121/M/2011(A/O/O ITA NO.3439/M/06 A.Y.02-03 OM INTERNATIONAL 3 COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.