J.C.T Limited, Kolkata V. J.C.I.T (OSD),Cir - 10,kolkata., Kolkata

MA 23/KOL/2013

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 3059 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-04-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 1996-1997
• Appeal Filed On: 04-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

M.A. NO. 23 / KOL / 201 3 (IN I.T.A. NO . 1 136 / KOL ./20 0 3 ) ASSESSMENT YEAR: 1996 - 1997 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA B BENCH, KOLKATA BEFORE SHRI P.K. BANSAL , ACCOUNTANT MEMBER AND SHRI MAHAVIR SINGH , JUDICIAL MEMBER M.A. NO. 23 /KOL/201 3 (ARISING OUT OF I.T.A. NO. 1 136 / KOL / 20 0 3 ) ASSESSMENT YEAR : 1996 - 1997 J.C.T. LIMIT ED,.................................. .............. ... ...... ....... ... .. .APP L ICA NT THAPAR HOUSE , 25, BRABOURNE ROAD, KOLKATA - 700 001 [PAN : AAACJ 6733 E] - VS. - JOINT COMMISSIONER OF INCOME TAX (OSD),........... .. ... . RESPONDENT CIRCLE - 10, K OLKATA APPEARANCES BY: SHRI A.K. GUPTA, FCA, FOR THE APPLICANT SHRI K.L. KANAK , J CIT , FOR THE RESPONDE NT DATE OF CONCLUDING THE HEARING : APRIL 1 7 , 2 01 5 DATE OF PRONOUNCING THE ORDER : APRIL 17 , 201 5 O R D E R PER P.K. BANSAL : IN THIS MISCELLA NEOUS APPLICATION , LD. A.R. BEFORE US BY REFERRING TO HIS APPLICATION DATED 26.03.2013 CONTENDED THAT THERE HAD BEEN A MISTAKE IN THE ORDER PASSED BY THIS TRIBUNAL DATED 15.02.2013. THE ASSESSE HAS TAKEN THE GROUNDS ABOUT THE DISALLOWANCE OF THE INTEREST O F RS.77,55,642/ - OUT OF THE INTEREST PAID ON BORROWED FUND IN RELATION TO ADVANCE MADE TO SONIA INTERNATIONAL. THE TRIBUNAL WHILE DECIDING THIS ISSUE VIDE ITS ORDER DATED 15.02.2013 RESTORED THE MATTER BACK TO THE FILE OF THE ASSESSING OFFICER TO RE - DECIDE THE ISSUE AS PER THE JUDGMENT OF THE HON BLE CALCUTTA HIGH COURT FOR THE ASSESSMENT YEAR 1994 - 95. WHILE IN EFFECT NO APPEAL RELATING TO THE ADVANCE MADE TO SONIA INTERNATIONAL WAS PENDING BEFORE THE HON BLE HIGH COURT. HON BLE HIGH COURT PASSED ITS ORDER ON 15.05.2009 IN ITA NO. 270 OF 2005 AND EVEN THE DECISION OF THE M.A. NO. 23 / KOL / 201 3 (IN I.T.A. NO . 1 136 / KOL ./20 0 3 ) ASSESSMENT YEAR: 1996 - 1997 PAGE 2 OF 3 HON BLE HIGH COURT HAS NOT GIVEN ANY DIRECTION FOR THE IMPUGNED ASSESSMENT YEAR DISALLOWANCE OF THE INTEREST OUT OF THE BORROWED FUND ON ACCOUNT OF INTEREST - FREE ADVANCE TO SONIA INTERNATION AL WAS NOT INVOLVED IN THE ASSESSMENT YEAR 1994 - 95. FOR ASSESSMENT YEAR 1998 - 99 IT WAS ARISING ONLY IN ASSESSMENT YEAR 1995 - 96 , WHEREIN THE TRIBUNAL VIDE ITS ORDER DATED 25.04.2003 HAD DISMISSED THE APPEAL FILED BY THE REVENUE. FROM A QUERY FROM THE BENCH, IT WAS STATED THAT INTEREST ON ADVANCE MADE TO SONIA INTERNATIONAL IS INCLUDED IN THE SUM OF RS.90,35,217/ - , I.E. THE GROUND TAKEN BY THE ASSESSEE. IT WAS FAIR ENOUGH TO CONCEDE THAT THE ASSESSEE HAS NOT TAKEN SPECIFIC GROUND BUT THE SAID SUM IS INCLUDED IN THE SUM OF RS.90,35,217/ - . 2. LD. D.R., ON THE OTHER HAND, CONTENDED THAT IT WAS NOT A MISTAKE APPARENT ON RECORD. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY CONSIDERED THE SAME ALONG WITH THE ORDER OF THIS TRIBUNAL DATED 15.02. 2013. WE NOTE D THAT THE MISTAKE AS CREPT INTO THE ORDER OF THE TRIBUNAL AND THE TRIBUNAL HAS PRESUMED THAT THE INTEREST AS HAS BEEN CLAIMED BY THE ASSESESE ON CAPITAL BORROWED AMOUNTING TO RS.90,35,217/ - IN THE GROUND TAKEN BY IT, IS DULY COVERED BY THE DECISION OF THE HON BLE CALCUTTA HIGH COURT FOR THE ASSESSMENT YEARS 1994 - 95 AND 1998 - 99. AS THE ASSESSEE HAS NOT SPECIFICALLY TAKEN THE GROUND IN RESPECT OF SONIA INTERNATIONAL, WE, THEREFORE, RE - CALL OUR ORDER DATED 15.02.2013 AND DIRECT THE REGISTRY TO FIX THE APPEAL FOR FRESH HEARING IN ACCORDANCE WITH LAW. 4 . IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSE E IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH APRIL , 201 5 . SD/ - SD/ - MAHAVIR SINGH P.K. BANSAL ( JUDICIAL MEMBER) ( ACCOUNTANT MEMBER) KOLKATA, THE 17 TH D AY OF APRIL , 201 5 M.A. NO. 23 / KOL / 201 3 (IN I.T.A. NO . 1 136 / KOL ./20 0 3 ) ASSESSMENT YEAR: 1996 - 1997 PAGE 3 OF 3 COPIES TO : (1) J.C.T. LIMITED, THAPAR HOUSE , 25, BRABOURNE ROAD, KOLKATA - 700 001 (2) JOINT COMMISSIONER OF INCOME TAX (OSD), CIRCLE - 10, KOLKATA (3) COMMISSIONE R OF INCOME - TAX (APPEALS) (4) COMMISSIONER OF INCOME TAX ( 5 ) THE DEPARTMENTAL REPRESENTATIVE ( 6 ) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TR IBUNAL KOLKATA B ENCHES, KOLKATA LAHA/SR. P.S .