MUDRA EXPORT ( NOW SUCCEEDED BY MUDRA LIFESTYLE LTD), V. DCIT CIR 20(2),

MA 271/MUM/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9104 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-09-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2002-2003
• Appeal Filed On: 02-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V KRISHNAMOORTHY
• Assessee Lawyers: MANTHAN DHOLAKIA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B , MUMBAI BEFORE S/SHRI R. S. SYAL, AM & DINESH KUMAR AGARWAL , JM M.A. NO. : 271/MUM/2012 (ARISING OUT OF I.T.A. NO. 158/MUM/2010) ASSESSMENT YEAR : 2002-03 M/S. MUDRA EXPORTS (INDIA) B-5129, OBERAI GARDEN ESTATE, CHANDIVALI FARMS ROAD, CHANDIVALI, ANDHERI (EAST), MUMBAI-400 072 PAN NO: AACFM 1065 B VS. DY. COMMISSIONER OF INCOME TAX, 22(2), MUMBAI-400 012 (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI KIRIT KAMDAR, SHRI JANAK KAPADIA & SHRI MANTHAN DHOLAKIA DEPARTMENT BY : SHRI V. KRISHNAMOORTHY DATE OF HEARING : 14.09.2012 DATE OF PRONOUNCEMENT : 14.09.2012 ORDER PER R. S. SYAL, AM : BY MEANS OF THE PRESENT MISCELLANEOUS APPLICATION, THE ASSESSEE REQUESTS FOR RECTIFICATION OF THE ORDER PASSED BY T HE TRIBUNAL IN ITA NO. 158/M/2010 ON THE GROUND THAT THE JUDGMENT OF THE H ON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF KALPATARU COLOURS AND CHEMICALS [(2010) 192 TAXMAN 432 ( BOM .) RELIED ON BY THE TRIBUNAL IN ITS ORDER FOR DECIDING THE QUESTION OF DEDUCTION U/S.80HHC ON DEP B AGAINST THE ASSESSEE, HAS BEEN REVERSED BY THE HON'BLE SUPREME COURT TOPMAN EXPORTS V. CIT [2012] 342 ITR 0049 . NO SERIOUS OBJECTION WAS TAKEN BY THE LD. DR. M.A. NO. 271/MUM/2012 M/S. MUDRA EXPORTS (INDIA) 2 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. IT IS OBSERVED THAT WHILE PASSI NG THE IMPUGNED ORDER, THE TRIBUNAL RELIED ON THE JUDGMENT OF THE HONBLE JURISDICTIONAL HIGH COURT ON THE ISSUE, WHICH IS NO MORE A GOOD LAW IN VIEW OF THE LATER JUDGMENT OF THE HON'BLE SUPREME COURT IN THE CASE O F TOPMAN EXPORTS (SUPRA). A S THE TRIBUNAL ORDER IS BASED ON THE JUDGMENT OF HON'BLE JURISDICTIONAL HIGH COURT, WHICH NO MORE HOLDS THE FIELD, WE ARE OF THE CONSIDERED OPINION THAT THE IMPUGNED ORDER SUFFERS FROM INFIRMITY REQUIRING RECTIFICATION IN CONSONANCE WITH THE JUDG EMENT OF HON'BLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS (SUPRA). ACCORDINGLY, THE A.O. IS DIRECTED TO RECOMPUTE THE AMOUNT OF DEDUCTI ON U/S.80HHC IN THE LIGHT OF THE JUDGMENT OF HON'BLE SUPREME COURT AS A FORESTATED. THE IMPUGNED ORDER IS ACCORDINGLY AMENDED. 3. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE ASSESSEE IS ALLOWED PRO TANTO. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 14 TH DAY OF SEPTEMBER, 2012. SD/- SD/- ( D. K. AGARWAL ) ( R. S. SYAL ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DT: 14.09.2012 M.A. NO. 271/MUM/2012 M/S. MUDRA EXPORTS (INDIA) 3 COPY FORWARDED TO : 1. THE APPELLANT, 2. THE RESPONDENT, 3. THE C.I.T. 4. CIT (A) 5. THE DR, J- BENCH, ITAT, MUMBAI //TRUE COPY// BY ORDER ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI ROSHANI