LUPIN LTD, V. ASST CIT 10(1),

MA 311/MUM/2012

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0047 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-03-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 1998-1999
• Appeal Filed On: 22-05-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MOHIT JAINDR
• Assessee Lawyers: MRS VASANTHI PATEL
• Keywords: Question of law
• Section: 80HHC

Judgement Text

MA NOS.311 & 312 OF 2012LUPIN LTD MUMBAI PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH, MUMBAI BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER & DR. S.T.M. PAVALAN, JUDICIAL MEMBER M.A.NOS.311 & 312/MUM/2012 (ARISING OUT OF ITA NOS.2060 & 2061/MUM/2005 (ASSESSMENT YEARS: 1998-99 & 1999-2000) M/S. LUPIN LIMITED (FORMERLY KNOWN AS LUPIN LABORATORIES LTD), 159 CST ROAD, KALINA SANTACRUZ (E) MUMBAI 400098 VS. ASSTT. COMMISSIONER OF INCOME TAX 10(1) AAYAKAR BHAVAN, MUMBAI 400020 (APPELLANT) (RESPONDENT) ASSESSEE BY: MRS. VASANTHI PATEL DEPARTMENT BY: SHRI MOHIT JAIN,DR DATE OF HEARING: 15/03/2013 DATE OF PRONOUNCEMENT: 15/03/2013 O R D E R PER B. RAMAKOTAIAH, A.M. THESE M.AS WERE PREFERRED BY ASSESSEE ON THE DIRECT ION OF THE ITAT WITH REFERENCE TO DEDUCTION OF INTEREST WHILE CALCULATING THE DEDUCTION UNDER SECTION 80HHC OF THE INCOME TAX ACT . IT WAS THE CONTENTION THAT FOLLOWING THE DECISION OF THE JURIS DICTIONAL HIGH COURT IN THE CASE OF CIT VS. ASIA STAR COMPANY LTD, 326 ITR 56, THE DEPAREMENTAL APPEAL HAS BEEN ALLOWED, WHEREAS THE D ECISION RELIED ON BY THE ITAT HAS BEEN OVERRULED BY THE DECISION O F THE HON'BLE SUPREME COURT IN THE CASE OF ACG ASSOCIATED CAPSULE S (P.) LTD. VS. CIT [2012] 205 TAXMAN 136 (SUPREME COURT). ASSESSEE PRAYED FOR RECTIFICATION OF THE MISTAKE ACCORDINGLY IN BOTH TH E YEARS. 2. AT THE OUTSET IT WAS FAIRLY ADMITTED THAT THE HON'B LE BOMBAY HIGH COURT HAS ADMITTED THE QUESTION OF LAW ON THE SAME ISSUE IN THE APPEALS BY ASSESSEE IN ITA NO.1101 OF 2011 AND 1099 OF 2011. THEREFORE, SINCE THE QUESTION OF LAW WAS ALREADY AD MITTED BY THE MA NOS.311 & 312 OF 2012LUPIN LTD MUMBAI PAGE 2 OF 2 HON'BLE HIGH COURT, QUESTION OF REVISING THE ORDER UNDER SECTION 254(2) DOES NOT ARISE. THEREFORE, THESE MISCELLANEO US APPLICATIONS ARE DISMISSED. 3. IN THE RESULT, MISCELLANEOUS APPLICATIONS FILED BY ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH MARCH, 2013 SD/- SD/- (DR.S.T.M. PAVALAN) (B. RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED 15 TH MARCH, 2013. VNODAN/SPS COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, C BENCH, ITAT, MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI