VALIANT GLASS WORK P. TD, V. ASST CIT 4(3),

MA 166/MUM/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9085 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 05-09-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2003-2004
• Appeal Filed On: 13-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHATURBHUJ DAS CHATNANI
• Section: 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH K, MUMBAI BEFORE P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER M.A. NO.166/M/2012 (AY: 2003-2004) (ARISING OUT OF ITA NO.858/M/2007) M/S. VALIANT GLASS WORKS PVT. LTD., 384, M. DABOLKARWADI, 5 TH FLOOR, KALBADEVI ROAD, MUMBAI 400 002. VS. THE ACIT 4(3), AAYAKAR BHAVAN, MUMBAI 400 020. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI S.L. JAIN RESPONDENT BY : SHRI CHATURBHUJ DAS CHATNANI DATE OF HEARING: 31.08.2012 DATE OF ORDER: 5.09.2012 O R D E R PER VIJAY PAL RAO, JM: THIS MISCELLANEOUS APPLICATION BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 29.7.2011 IN ITA NO.858/M/2007 FOR THE ASSESS MENT YEAR 2003-2004. 2. IN THE MISCELLANEOUS APPLICATION, THE ASSESSEE HA S POINTED OUT THAT WHILE DECIDING THE ISSUE OF DEDUCTION U/S 80HHC WITH RESP ECT TO THE DEPB CREDIT, THIS TRIBUNAL HAS FOLLOWED THE DECISION OF HONBLE JURIS DICTIONAL HIGH COURT IN THE CASE OF KALPATARU COLOURS & CHEMICALS REPORTED IN 233 CTR 3 13. HOWEVER, THE SAID DECISION OF THE HONBLE HIGH COURT HAS BEEN REVERSED BY THE HONBLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS VS. CIT REPORTED IN 342 ITR 49. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AS WELL AS CAREFULLY PERUSED THE IMPUGNED ORDER OF THIS TRIBUNAL. THIS TRIBUNAL IN PARA 4 OF THE IMPUGNED ORDER HAS 2 M.A. NO.166/M/2012 SET ASIDE THE ISSUE OF DEDUCTION U/S 80HHC IN RESPE CT OF DEPB CREDIT TO THE RECORD OF THE ASSESSING OFFICER TO DECIDE THE SAME IN THE LIG HT OF THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF KALPATARU COLOURS & CHEMICALS (SUPRA). SINCE, THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF KALPATARU COLOURS & CHEMICALS HAS BEEN REVERSED BY THE HONBL E SUPREME COURT IN THE CASE OF TOPMAN EXPORTS VS. CIT (SUPRA), THEREFORE, AN APPAR ENT ERROR HAS CREPT IN THE IMPUGNED ORDER OF THE TRIBUNAL QUA THIS ISSUE, IN V IEW OF THE DECISION OF THE HONBLE SUPREME COURT WHICH HAS TO BE RECTIFIED U/S 254(2). ACCORDINGLY, WE MODIFY THE PARA 4 OF THE IMPUGNED ORDER AND THE SAME MAY BE RE AD AS UNDER: PARA 4:- WE HAVE HEARD THE LEARNED AR AS WELL AS THE LEARNED DR AND CONSIDERED THE RELEVANT MATERIAL ON RECORD. THE IS SUE OF DEDUCTION U/S 80HHC IN RESPECT OF DEPB CREDIT IS NOW SETTLED BY T HE DECISION OF HONBLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS VS. CIT REPORTED IN 342 ITR 49. ACCORDINGLY, THE ISSUE OF DEDUCTIO N U/S 80HHC IN RESPECT OF DEPB CREDIT OF RS. 2,42,75,307/- IS SET ASIDE TO THE RECORD OF THE ASSESSING OFFICER TO DECIDE THE SAME IN THE LIGHT O F DECISION OF HONBLE SUPREME COURT IN CASE OF TOPMAN EXPORTS (SUPRA). 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION OF T HE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 5 TH DAY OF SEPTEMBER, 2012. SD/- SD/- (P.M. JAGTAP) (VIJAY PAL RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE : 5.9.2012 AT :MUMBAI OKK 3 M.A. NO.166/M/2012 COPY TO : 1. M/S. VALIANT GLASS WORKS PVT. LTD., MUMBAI. 2. THE ACIT 4(3), MUMBAI. 3. THE CIT (A), CONCERNED. 4. THE CIT CONCERNED. 5. THE DR K, BENCH, ITAT, MUMBAI. 6. GUARD FILE. // TRUE COPY// BY ORDER ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI