ACIT Range II, V. Steriplate (P) LTd,

MA 201/DEL/2010

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 7515 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 10 month(s) 3 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-01-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2002-2003
• Appeal Filed On: 17-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SALIL MISHRA
• Assessee Lawyers: ROHIT JAIN
• Keywords: Retrospective amendment
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH I BENCH I BENCH I BENCH I : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI I.P.BANSAL, JM AND SHRI BEFORE SHRI I.P.BANSAL, JM AND SHRI BEFORE SHRI I.P.BANSAL, JM AND SHRI BEFORE SHRI I.P.BANSAL, JM AND SHRI B.C.MEENA B.C.MEENA B.C.MEENA B.C.MEENA, AM , AM , AM , AM MISCELLAN MISCELLAN MISCELLAN MISCELLANEOUS APPLICATION NO.201/DEL/2010 EOUS APPLICATION NO.201/DEL/2010 EOUS APPLICATION NO.201/DEL/2010 EOUS APPLICATION NO.201/DEL/2010 (IN ITA NO.2470/DEL/2007 (IN ITA NO.2470/DEL/2007 (IN ITA NO.2470/DEL/2007 (IN ITA NO.2470/DEL/2007) )) ) ASSESSMENT YEAR : 2002 ASSESSMENT YEAR : 2002 ASSESSMENT YEAR : 2002 ASSESSMENT YEAR : 2002- -- -03 0303 03 ASSTT. ASSTT. ASSTT. ASSTT. COMMISSIONER OF COMMISSIONER OF COMMISSIONER OF COMMISSIONER OF INCOME TAX, INCOME TAX, INCOME TAX, INCOME TAX, CIRC CIRC CIRC CIRCLE LELE LE- -- -II, II,II, II, FARIDABAD. FARIDABAD. FARIDABAD. FARIDABAD. VS. VS. VS. VS. M/S STERIPLATE (P) LTD., M/S STERIPLATE (P) LTD., M/S STERIPLATE (P) LTD., M/S STERIPLATE (P) LTD., 1 11 1- -- -H/60, B.P., NIT, H/60, B.P., NIT, H/60, B.P., NIT, H/60, B.P., NIT, FARIDABAD. FARIDABAD. FARIDABAD. FARIDABAD. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SALIL MISHRA, DR. RESPONDENT BY : SHRI ROHIT JAIN, CA. ORDER ORDER ORDER ORDER PER I.P.BANSAL, JM PER I.P.BANSAL, JM PER I.P.BANSAL, JM PER I.P.BANSAL, JM : : : : VIDE MISCELLANEOUS APPLICATION FILED AS ABOVE, THE REVENUE HAS REQUESTED TO RECTIFY THE ORDER OF THE TRIBUNAL DATE D 27 TH MARCH, 2008 PASSED IN ITA NO.2470/DEL/2007 FOR AY 2002-03. 2. THE ONLY ISSUE DECIDED BY THE TRIBUNAL IN THE SA ID ORDER WAS REGARDING A SUM OF ` 91,80,970/- WHICH WAS ADDED BY THE DEPARTMENT BEING PROVISION FOR DIMINUTION IN THE VALUE OF THE INVESTMENT WHICH WAS ADDED BACK BY THE ASSESSING OFFICER WHILE COMPUTING BOOK PROFIT UNDER SECTION 115JB OF THE IT ACT. THE ADDITION WAS DELE TED BY THE LEARNED CIT(A) AND THE TRIBUNAL HAD UPHELD HIS ORDER. 3. IN THE MISCELLANEOUS APPLICATION, IT HAS BEEN CO NTENDED THAT DUE TO AMENDMENT BROUGHT IN THE PROVISIONS OF SECTION 1 15JB BY THE FINANCE (NO.2) ACT, 2009 WITH RETROSPECTIVE EFFECT FROM 1 ST APRIL, 2001, SUCH ADDITION WAS TO BE MADE. MA-201/DEL/2010 2 4. AT THE TIME OF HEARING, IT WAS BROUGHT TO OUR NO TICE THAT THE REVENUE HAD FILED AN APPEAL AGAINST THE SAID ORDER OF THE TRIBUNAL WHICH HAS BEEN DECIDED BY HONBLE PUNJAB & HARYANA HIGH COURT VIDE ITS ORDER DATED 30 TH MAY, 2011 IN ITA NO.931 OF 2008. A COPY OF THE SAID ORDER HAS BEEN PLACED ON RECORD. IN THE SAID ORDER, THE HONBLE HIGH COURT HAS REVERSED THE ORDER OF THE TRIBUNAL A ND HAS ALLOWED THE APPEAL FILED BY THE REVENUE. 5. IT WAS SUBMITTED BY THE LEARNED AR OF THE ASSESS EE THAT IN VIEW OF THE AFOREMENTIONED ORDER OF THE HONBLE HIGH COU RT, THE MISCELLANEOUS APPLICATION FILED BY THE REVENUE HAS BECOME INFRUCTUOUS. 6. THE LEARNED DR DID NOT OBJECT TO SUCH ARGUMENT O F THE LEARNED AR. 7. IN VIEW OF THE ABOVE POSITION, WE DISMISS THE AP PLICATION FILED BY THE REVENUE ON ACCOUNT OF ITS HAVING BECOME INFRUCT UOUS. 8. IN THE RESULT, THE MISCELLANEOUS APPLICATION OF THE REVENUE IS DISMISSED. DECISION PRONOUNCED IN THE OPEN COURT ON CONCLUSION OF HEARING ON 20 TH JANUARY, 2012. SD/- SD/- ( (( (B.C.MEENA B.C.MEENA B.C.MEENA B.C.MEENA) )) ) ( (( (I.P.BANSAL I.P.BANSAL I.P.BANSAL I.P.BANSAL) )) ) ACCOUNTANT ACCOUNTANT ACCOUNTANT ACCOUNTANT MEMBER MEMBER MEMBER MEMBER JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER DATED : 20.01.2012 VK. MA-201/DEL/2010 3 COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT ASSISTANT REGISTRAR