J.C.T Limited, Kolkata V. A.C.I.T Cir - 12,kolkata, Kolkata

MA 24/KOL/2013

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 3061 (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: 2001-2002
• Appeal Filed On: 04-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 12; 2

Judgement Text

M.A. NO S . 2 4 & 25 / KOL / 201 3 (IN I.T.A. NO S . 1 26 & 1640 / KOL ./20 0 6 ) ASSESSMENT YEAR S : 2001 - 02 & 2002 - 03 & M.A. NO. 26/KOL/2013 (ARISING OUT OF ITA NO. 1064/KO L/2008) ASSESSMENT YEAR : 2003 - 2004 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 S . 2 4 & 25 /K OL /201 3 (ARISING OUT OF I.T.A. NO S . 1 2 6 & 1640 / KOL / 20 0 6 ) ASSESSMENT YEAR S : 2001 - 2002 & 2002 - 2003 J.C.T. LIMITED,.................................. .............. ... ...... ....... ... .. .APP L ICA NT THAPAR HOUSE , 25, BRABOURNE ROAD, KOLKATA - 700 001 [PAN : AAACJ 6733 E] - VS. - ASSISTANT COMMISSIONER OF INCOME TAX, ......... .. .. ... . RESPONDENT CIRCLE - 1 2 , KOLKATA & M.A. NO. 26/KOL/2013 (ARISING OUT OF I.T.A. NO. 1064 / KOL / 20 08) ASSESSMENT YEAR: 2003 - 2004 J.C.T. LIMITED,................................................................ ..... .APP LICA NT THAPAR HOUSE , 25, BRABOUR NE ROAD, KOLKATA - 700 001 [PAN : AAACJ 6733 E] - VS. - DEPUTY COMMISSIONER OF INCOME TAX,................... . RESPONDENT CIRCLE - 12, KOLKATA 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 : THESE MISCELLANEOUS APPLICATIONS HAVE BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THIS TRIBUNAL , ALL DATED 15.02.2013 IN ITA NOS . 126/KOL/20 06 , 1640/KOL/ 2006 M.A. NO S . 2 4 & 25 / KOL / 201 3 (IN I.T.A. NO S . 1 26 & 1640 / KOL ./20 0 6 ) ASSESSMENT YEAR S : 2001 - 02 & 2002 - 03 & M.A. NO. 26/KOL/2013 (ARISING OUT OF ITA NO. 1064/KO L/2008) ASSESSMENT YEAR : 2003 - 2004 PAGE 2 OF 3 AND 1064/KOL/200 8 FOR THE ASSESSMENT YEARS 2001 - 02, 2002 - 03 & 2003 - 04 RESPECTIVELY. 2. AT THE TIME OF HEARING IT WAS POINTED OUT BY THE LD. D.R. THAT A MISTAKE AS CREPT INTO THE ORDER OF THIS TRIBUNAL DATED 15.02.2013 UNDER PARA 8 IN ITA NO. 126/KOL /2006 , PARA 9 IN ITA NO. 1640 /KOL/2006 AND PARA 6 IN ITA NO. 1064/KOL /2008 . IT WAS POINTED OUT THAT IN ITA NO. 1640/KOL /2006 AND ITA NO. 1064/KOL/ 2008, TRIBUNAL UNDER PARA 9 AND PARA 6 RESPECTIVELY REPRODUCED THE PARA 8 OF THE ORD ER IN ITA NO. 126/KOL /2006 AND RESPECTFULLY FOLLOWING THE SAME SET ASIDE THE ORDER OF THE LD. CIT(APPEALS) BY RESTORING THE ISSUE TO THE FILE OF THE ASSESSING OFFICER ON THE BA S IS OF THE DIRECTIONS GIVEN IN ITA NO. 126/KOL/2006. SINCE THE MISTAKE AS CREPT INITIALLY IN THE ORDER OF THIS TRIBUNAL IN ITA NO. 126/KOL/2006 UNDER PARA 6, THE SAID MISTAKE CONTINUED IN ITA NOS. 1640 /KOL/2006 & 1064/KOL /2008 AND THE TRIBUNAL HAS SIMPLY FOLLOWED THE ORDER FOR THE ASSESSMENT YEAR 2001 - 02. THE TRIBUNAL UNDER PARA 8 HA S TAKEN THE VIEW THAT THE APPEAL IN THE CASE OF THE ASSESSEE FOR THE ASSESSMENT YEAR 1994 - 95 IS PENDING BEFORE THE HON BLE CALCUTTA HIGH COURT WHILE THE CORRECT FACT WAS THAT THE HON BLE HIGH COURT HAS DECIDED THE APPEAL IN THE CASE OF THE ASSESSEE VIDE OR DER DATED 15 TH MAY, 2009 AND RESTORED THIS ISSUE TO THE TRIBUNAL. THE TRIBUNAL VIDE ITS ORDER DATED 15.06.2012 ALLOWED THE GROUND TAKEN BY THE ASSESSEE. WHEN THE TRIBUNAL INVOLVED IN ALL THE THREE YEARS HAS PASSED THE ORDER, NO APPEAL WAS PENDING BEFORE TH E HON BLE HIGH COURT, THEREFORE, THE MISTAKE IS TO BE RECTIFIED. 3. LD. D.R., ON THE OTHER HAND, CONTENDED THAT THERE IS NO MISTAKE APPARENT ON RECORD. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY CONSIDERED THE SAME. WE NOTED THAT UNDER PARA 8 IN ITA NO. 126/KOL /2006 , THE TRIBUNAL HAS INCORRECTLY OBSERVED THAT THE ISSUE IS PENDING BEFORE THE HON BLE HIGH COURT AND, THEREFORE, UNDER PARA 8 IT RESTORED THE ISSUE TO THE FILE OF THE ASSESSING OFFICER RELATING TO THE DISALLOWANCE OF INTEREST PAID ON THE CAPITAL BORROWED. THE ASSESSEE SPECIFICALLY BY WAY OF A CHART WHICH HAS BEEN REPRODUCED AT PAGE 7 OF THE ORDER IN ITA NO. 126/KOL/2006 HAS STATED THAT THE TRIBUNAL VIDE ITS ORDER DATED 15.06.2012 IN ITA NO. 1135/KOL/2003 ALLOWED THE GROUND M.A. NO S . 2 4 & 25 / KOL / 201 3 (IN I.T.A. NO S . 1 26 & 1640 / KOL ./20 0 6 ) ASSESSMENT YEAR S : 2001 - 02 & 2002 - 03 & M.A. NO. 26/KOL/2013 (ARISING OUT OF ITA NO. 1064/KO L/2008) ASSESSMENT YEAR : 2003 - 2004 PAGE 3 OF 3 REGARDING THE D ISALLOWANCE OF THE INTEREST ON ADVANCES. IN VIEW OF THIS FACT, WE ARE CONVINCED THAT THE MISTAKE H AS CREPT INTO THE ORDER OF THIS TRIBUNAL WHILE DISPOSING OF THE GROUND IN EACH OF THE ASSESSMENT YEAR S REGARDING THE DISALLOWANCE MADE BY THE ASSESSING OFFICER FOR THE INTEREST PAID ON THE CAPITAL BORROWED. WE, THEREFORE, RE - CALL OUR ORDER IN EACH OF THE ASSESSMENT YEAR S ON THE GROUND TAKEN BY THE ASSESSEE REGARDING THE DISALLOWANCE OF THE INTEREST ON BORROWED CAPITAL. 5. IN THE RESULT, THE SE MISCELLANEOUS APPL ICATIONS FILED BY THE ASSESSEE ARE ALLOWED. THE REGISTRY IS DIRECTED TO FIX THE APPEAL S AFRESH ONLY FOR THE PURPOSE OF DISPOSING OF THE GROUND RELATING TO THE DISALLOWANCE OF INTEREST ON BORROWED CAPITAL. 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 COPIES TO : (1) J.C.T. LIMITED, THAPAR HOUSE , 25, BRABOURNE ROAD, KOLKATA - 700 001 (2) ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1 2 , KOLKATA (3) ) DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 12, KOLKATA ( 4 ) COMMISSIONER OF INCOME - TAX (APPEALS) ( 5 ) COMMISSIONER OF INCOME TAX ( 6 ) THE DEPARTMENTAL REPRESENTATIVE ( 7 ) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL KOLKATA B ENCHES, KOLKATA LAHA/SR. P.S .