ACIT, Circle-10(1), Hyderabad V. M/s. Kaya Infratech Projects, Secunderabad

MA 156/HYD/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0838 (ITAT-HYDERABAD)
• Duration Of Justice: 2 month(s) 17 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-08-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 12-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMLAN TRIPATHY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER MA NO. 156/HYD/2013 IN ITA NO. 1528/HYD/2012 ASSESSMENT YEAR 2009-10 THE ACIT CIRCLE-10(1) HYDERABAD VS. M/S. KAYA INFRATECH PROJECTS SECUNDERABAD PAN: AAIFK2881R APPELLANT RESPONDENT APPELLANT BY: SRI AMLAN TRIPATHY RESPONDENT BY: NONE DATE OF HEARING: 30 .0 8 .2013 DATE OF PRONOUNCEMENT: 30.08.2013 O R D E R PER CHANDRA POOJARI, AM: BY THE ABOVE MISCELLANEOUS APPLICATION (MA), THE A SSESSEE SEEKS RECTIFICATION IN THE ORDER OF THE TRIBUNAL DA TED 22.1.2013 IN ITA NO. 1528/HYD/2012. NONE APPEARED FOR THE AS SESSEE. 2. THE LEARNED DR SUBMITTED THAT THE TRIBUNAL A BENCH, HYDERABAD VIDE ORDER IN ITA NO. 1528/HYD/2012 DATED 22.01.2013 FOLLOWING THE DECISION OF THE TRIBUNAL I N THE CASE OF C. ESWARA REDDY & CO. VS. ACIT IN ITA NO. 668/HYD/2 009, ETC., DATED 31.01.20111 UPHELD THE PERCENTAGE OF ESTIMATI ON BUT ALLOWED DEDUCTION OF INTEREST AND REMUNERATION TO T HE PARTNERS AS PER PROVISIONS OF SECTION 40(B) OF IT ACT, 1961 ONLY. THE TRIBUNAL, WHILE UPHOLDING THE ORDER OF THE CIT(A), HAS NOT ADJUDICATED THE ISSUE RAISED BY THE REVENUE AT GROU NDS NOS. 3, 4 AND 5 OF GROUNDS OF APPEAL. HENCE, THE REVENUE IS FILING THIS MISCELLANEOUS APPLICATION BEFORE THE TRIBUNAL FOR A DJUDICATING THE GROUNDS AT SI. NO. 3, 4 AND 5 OF GROUNDS OF APP EAL FILED BEFORE THIS TRIBUNAL. IN VIEW OF THE ABOVE FACTS, IT IS PRAYED THAT MA NO. 156/HYD/2013 M/S. KAYA INFRATECH PROJECTS ====================== 2 THE TRIBUNAL, HYDERABAD MAY BE PLEASED TO TAKE UP T HIS MISCELLANEOUS APPLICATION AND REQUESTED FOR ADJUDIC ATION OF THE APPEAL OF REVENUE AT GROUNDS NO. 3, 4 AND 5 OF GROU NDS OF APPEAL WITH RESPECT TO ISSUE OF ALLOWABILITY OF SEI GNIORAGE CHARGES AS DEDUCTION FROM TURNOVER FOR THE PURPOSE OF ESTIMATION OF NET PROFIT. NONE APPEARED FOR THE AS SESSEE. 3. AFTER HEARING THE LEARNED DR, WE ARE OF THE OPINION THAT THE TRIBUNAL FOLLOWED THE ORDER OF THE CO-ORDINATE BENCH IN THE CASE OF C. ESWARA REDDY & CO. IN ITA NO. 668/HYD/20 09 DATED 31.1.2011. AS THE ISSUE IS SIMILAR TO THAT ONE CON SIDERED BY THE TRIBUNAL ON EARLIER OCCASION AND TRIBUNAL HAS TAKEN THE DECISION ON THAT BASIS. HENCE THE MA FILED BY THE D EPARTMENT IS MISCONCEIVED AND ACCORDINGLY DISMISSED. 4. IN THE RESULT, MA BY THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH AUGUST, 2013. S D/ - (SAKTIJIT DEY) JUDICIAL MEMBER SD/ - (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED 30 TH AUGUST, 2013 TPRAO COPY FORWARDED TO: 1. THE ACIT, CIRCLE 10(1), HYDERABAD. 2 . M/S. KAYA INFRATECH PROJECTS, PLOT NO. 6, LALITHA N AGAR COLONY, WEST MARREDPALLY, SECUNDERABAD. 3 . THE CIT(A) - VI, HYDERABAD. 4 . THE CIT - V, HYDERABAD. 5 . THE DR ' A ' BENCH, ITAT, HYDERABAD