The CIT., Ahmedabad V. Atul Limited, Ahmedabad

MA 2/AHD/2010

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 7895 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 4 month(s) 3 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 11-05-2012
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2002-2003
• Appeal Filed On: 08-01-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B L YADAV

Judgement Text

, , , , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, AHMEDABAD BEFORE SHRI D.K. TYAGI, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER MA NO.2/AHD/2010 (ARISING OUT OF I.T.A. NO.846/AHD/2006) ( / / / / ASSESSMENT YEAR : 2002-03) DY.CIT (OSD) AHMEDBAD RANGE-1 AHMEDABAD (ORIGINAL RESPONDENT) / VS. ATUL LTD. ASHOKA CHAMBERS RASALA MARG,ELLISBRIDGE AHMEDABAD (ORIGINAL APPELLANT) !'./$% !'./ PAN/GIR NO. : AABCA 2390 M ( & / // / APPLICANT ) .. ( '(& / RESPONDENT ) REVENUE BY : SHRI B.L. YADAV, SR. D.R. ASSESSEE BY : SHRI S.N.SOPARKAR, SR.ADV. !)* + , / / / / DATE OF HEARING : 27/04/2012 -. + , / DATE OF PRONOUNCEMENT : 11/05/2012 / / O R D E R PER SHRI D.K. TYAGI, JUDICIAL MEMBER : THIS MISCELLANEOUS PETITION HAS BEEN FILED BY THE R EVENUE DATED 08/01/2010 ARISING FROM THE ORDER OF THE ITAT D BENCH AHMEDABAD PASSED FOR A.Y. 2002-03 IN ITA NO.846/AHD/2006 (I.E . IN CROSS APPEAL IN THE CASE OF ATUL LTD. VS. DY.CIT) DATED 24/07/2009 . 2. AFTER HEARING BOTH THE PARTIES, WE FIND THA T THE TRIBUNAL VIDE ITS ORDER DATED 24/07/2009, FOLLOWING THE VARIOUS DECIS IONS OF VARIOUS HIGH MA NO.2/AHD/2010 (ARISING OUT OF ITA NO.846/AHD/2006) THE DY.CIT VS. ATUL LTD. ASST.YEAR 2002-03 - 2 - COURTS, HAS HELD THAT THE ASSESSEE WAS ENTITLED FOR DEDUCTION U/S.80-IA ON DEPB BENEFITS. HOWEVER, IN THE CASE OF M/S.LIBERTY INDIA VS. CIT DATED 31/08/2009 REPORTED AT (2009) 317 ITR 218 (S C) :: [SLP (VC) NO.5827/07] IT HAS BEEN HELD BY THE HON'BLE APEX CO URT THAT DUTY DRAW BACK RECEIPTS/DEPB BENEFITS DO NOT FORM PART OF NET PROFITS OF ELIGIBLE INDUSTRIAL UNDERTAKING FOR THE PURPOSE OF SECTIONS 80-I/80-IA/80-IB OF THE I.T.ACT, 1961. SINCE THIS HAS RESULTED IN AN A PPARENT MISTAKE ON RECORD IN OUR ORDER IN VIEW OF HON'BLE SUPREME COU RTS DECISION IN THE CASE OF ASST.CIT VS. SAURASHTRA KUTCH STOCK EXCHANGE LTD. (2008) 305 ITR 227 (SC), WE HEREBY RECTIFY THIS MISTAKE BY MODIFYING THE ORDER OF TRIBUNAL DATED 24/07/2009(SUPRA) BY HOLDI NG THAT THE ASSESSEE WAS NOT ENTITLED FOR DEDUCTION U/S.80-IA OF THE I.T .ACT ON DEPB BENEFITS RECEIVED BY THE ASSESSEE DURING YEAR UNDER APPEAL. 3. IN THE RESULT, REVENUES MISCELLANEOUS APPLICATI ON IS ALLOWED. SD/- SD/- ( A.K. GARODIA ) ( D.K. TYAGI ) ACCOUNTANT MEMBER JUDICI AL MEMBER AHMEDABAD; DATED 11/05/2012 0.!., ..!./ T.C. NAIR, SR. PS MA NO.2/AHD/2010 (ARISING OUT OF ITA NO.846/AHD/2006) THE DY.CIT VS. ATUL LTD. ASST.YEAR 2002-03 - 3 - / + ',1 21, / + ',1 21, / + ',1 21, / + ',1 21,/ COPY OF THE ORDER FORWARDED TO : 1. & / THE APPLICANT-REVENUE 2. '(& / THE ASSESSEE 3. !'' , )3 / CONCERNED CIT 4. )3() / THE CIT(A)-VI, AHMEDABAD 5. 167 ', , , / LEARNED DEPARTMENTAL REPRESENTATIVE, ITAT, AHMEDABAD 6. 7 8* / GUARD FILE. /)! /)! /)! /)! / BY ORDER, !(1, ', //TRUE COPY// 9 99 9/ // /! '$ ! '$ ! '$ ! '$ ( DY./ASSTT.REGISTRAR) , , , , / ITAT, AHMEDABAD 1. DATE OF DICTATION..4.5.12 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 4.5.12 OTHER MEMBER 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S.. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 5. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P .S./P.S11.5.12 6. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 11.5.12 7. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 8. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 9. DATE OF DESPATCH OF THE ORDER