Anrak Aluminium Limited, Hyderabad, Hyderabad V. DCIT, Circle-1(1), Hyderabad, Hyderabad

MA 2/Hyd/2021

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 6995 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 28 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 09-04-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2013-2014
• Appeal Filed On: 12-02-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: A V RAGHURAM
• Keywords: Business income
• Section: 115JB; 254(2)

Judgement Text

MA NO 2 OF 2021 ANRAK ALUMINIUM LTD HYDERABAD PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD (THROUGH VIDEO CONFERENCING) BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER MA NO.2/HYD/2021 (ARISING OUT OF ITA NO.994/HYD/2017) ASSESSMENT YEAR: 2013-14 ANRAK ALUMINIUM LTD HYDERABAD PAN:AAGCA2333M VS. DY. CIT CIRCLE 1(1) HYDERABAD (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI A.V. RAGHURAM REVENUE BY : SRI SUNIL KUMAR PANDEY,DR DATE OF HEARING: 19/03/2021 DATE OF PRONOUNCEMENT: 09/04/2021 ORDER PER S.S. GODARA, J.M. THIS ASSESSEES MISCELLANEOUS APPLICATION FILED U/S 254(2) OF THE I.T. ACT, 1961 ARISES FROM THE TRIBUN ALS ORDER DATED 8 TH FEB.2021 IN ITA NO.994/HYD/2017 PARTLY ALLOWING TH E MAIN APPEAL FOR STATISTICAL PURPOSES. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. WITH THE ABLE ASSISTANCE FROM BOTH THE PARTIES, WE NOTICE AT THE OUTSET THAT OUR IMPUGNED ORDER DATED 8.2.21 HAS NOT ADJUDICATED UPON THE ASSESSEES FIFTH SUBSTANTIAL G ROUND GRIEVANCE REGARDING SEC 115JB MAT ADJUSTMENT PERTAI NING TO ITS INTEREST INCOME OF RS.26,45,20,127/-. 3. THE LEARNED DR FAILED TO DISPUTE THAT THE ASSESS ING OFFICERS ASSESSMENT ORDER DATED 7.3.2016 HAS NOWHE RE MADE IT CLEAR AS TO UNDER WHICH SPECIFIC CLAUSE OF MAT ADJU STMENT MA NO 2 OF 2021 ANRAK ALUMINIUM LTD HYDERABAD PAGE 2 OF 2 PROVIDED IN SEC 115JB EXP (1) THE ASSESSEES ABOVE INTEREST INCOME FALLS. SAME IS THE CASE IN THE CIT (A)S ORD ER AT PAGE 19 AT PARA 7.4 WHEREIN HE HAS UPHELD THE IMPUGNED MAT ADD ITION AFTER TREATING THE ASSESSEES INTEREST RECEIPT AS INCOME FROM OTHER SOURCES AS WELL AS U/S 115JB ADDITION DESPITE THE FACT THAT THE SAME HAD BEEN TAKEN OUT OF THE TAXPAYERS BUSINESS INCOME CLAIMED IN ITS BOOKS OF ACCOUNT. THIS TRIBUNALS MA IN ORDER DATED 8.2.2021 HAS UPHELD BOTH THE LOWER AUTHORITIES ACT ION TO THIS EFFECT AS WELL. FACED WITH THIS SITUATION AND MORE SO WHEN OUR IMPUGNED ORDER HAS NOT ADJUDICATED THE ISSUE, WE AC CEPT THE ASSESSEES CORRESPONDING FIFTH SUBSTANTIVE GROUND I N THE MAIN APPEAL SEEKING TO REVERSE BOTH THE LOWER AUTHORITIE S ACTION MAKING THE IMPUGNED MAT ADDITION. WE FURTHER MAKE I T CLEAR THAT OVER NON-ADJUDICATION OF ASSESSEES IMPUGNED GROUND RENDERS THE TRIBUNALS ORDER DATED 8.2.2021 AS SUFFERING FROM A N APPARENT MISTAKE. NECESSARY COMPUTATION SHALL FOLLOW AS PER LAW. 3. THIS ASSESSEES MISCELLANEOUS APPLICATION IS ALL OWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 9 TH APRIL, 2021. SD/- SD/- (LAXMI PRASAD SAHU) ACCOUNTANT MEMBER (S.S. GODARA) JUDICIAL MEMBER HYDERABAD, DATED 9 TH APRIL, 2021. VINODAN/SPS COPY TO: 1 ANARK ALUMINIUM LTD C/O K. VASANT KUMAR, A.V. RAG HURAM, P VINOD & M. NEELIMA DEVI, ADVOCATES, 610 BABUKHAN ES TATE, BASHEERBAGH, HYDERABAD 2 DY. CIT, CIRCLE 1(1) HYDERABAD 3 CIT (A)-1 HYDERABAD 4 PR. CIT 1 HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER