ASST CIT CIR 2(1), V. ARISTO PHARMACEUTICALS LTD,

MA 376/MUM/2011

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9447 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 05-10-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2003-2004
• Appeal Filed On: 07-07-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K G KUTTY
• Keywords: Question of law
• Section: 80IB

Judgement Text

MA NOS.369 376 AND 365 OF 2011 ARISTO PHARMACEUTICA LS LTD MUMBAI PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL 'G' BENCH, MUMBAI BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER M.A. NOS.369, 376 & 365/MUM/2011 (ARISING OUT OF ITA NOS.6387/MUM/2004, 376/MUM/2007 & 5681/MUM/2007) (ASSESSMENT YEARS: 2002-03 TO 2004-05) ACIT, CIRCLE-2(1), ROOM NO.561, 5 TH FLOOR, AAYAKAR BHAVAN, MUMBAI 400020 VS. N/S ARISTO PHARMACEUTICALS LTD, MERCANTILE CHAMBERS-V, 3 RD FLOOR, JN HEREDIA MARG, BALLARD ESTATE, MUMBAI 400001 (APPELLANT) (RESPONDENT) DEPARTMENT BY: MR. K.G. KUTTY, DR ASSESSEE BY: SHRI AJAY KUMAR RASTOGI DATE OF HEARING: 05/10/2012 DATE OF PRONOUNCEMENT: 05/10/2012 O R D E R PER B. RAMAKOTAIAH, A.M. THESE THREE MISCELLANEOUS APPLICATIONS ARE FILED B Y THE REVENUE AGAINST THE CONSOLIDATED ORDERS OF THE ITAT DATED 30.05.2008. THE ISSUES IN THESE APPEALS IS WHETHER ASSESSEE IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80IB ON THE IN TEREST INCOME EARNED. THE ITAT FOLLOWING ITS OWN DECISION IN EARL IER YEARS HAS ALLOWED THE CLAIM OF DEDUCTION UNDER SECTION 80IA O F ASSESSEE IN RESPECT OF INTEREST INCOME. THE PRESENT M.AS ARE PR EFERRED PLACING RELIANCE ON THE BASIS OF THE JUDGMENT OF THE HON'BL E SUPREME COURT IN THE CASE OF LIBERTY INDIA, 317 ITR 218 (SC) AND THE DECISION OF THE HON'BLE BOMBAY HIGH COURT IN THE CASE OF DRESSER RA ND INDIA (P) LTD IN ITA NO.4168/2009 AND ASIAN STAR, 324 ITR 221 (BOM.). 2. AT THE OUTSET IT WAS SUBMITTED THAT THE REVENUE HAS PREFERRED THE APPEALS BEFORE THE HON'BLE BOMBAY HIGH COURT AN D THE HON'BLE MA NOS.369 376 AND 365 OF 2011 ARISTO PHARMACEUTICA LS LTD MUMBAI PAGE 2 OF 2 BOMBAY HIGH COURT HAS ADMITTED THE FOLLOWING SUBSTA NTIAL QUESTION OF LAW ON THE SAME ISSUE: WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF T HE CASE, THE ITAT WAS CORRECT IN LAW IN HOLDING THAT T HE INTEREST EARNED ON F.D AND INTEREST ON SUNDRY DEBTO RS HAVE DIRECT AND PROXIMATE NEXUS WITH THE BUSINESS O F INDUSTRIAL UNDERTAKING AND WERE LIABLE TO CONSIDERE D AS A PROFIT AD GAIN DERIVED FROM THE INDUSTRIAL UNDERT AKING FOR DEDUCTION UNDER SECTION 80IB?. 3. SINCE THE MATTER IS PENDING ADJUDICATION BEFORE THE HON'BLE HIGH COURT, THE M.AS CANNOT BE MAINTAINED AT THIS L EVEL AS CONSIDERED BY THE SPECIAL BENCH OF THE ITAT IN THE CASE OF TATA COMMUNICATIONS LTD. V. JT. CIT. (2009) 317 ITR (AT) 0001. 4. IN THE RESULT MISCELLANEOUS APPLICATIONS FILED BY T HE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH OCTOBER, 2012. SD/- SD/- (AMIT SHUKLA) (B. RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED 5 TH OCTOBER, 2012. VNODAN/SPS COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, G BENCH, ITAT, MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI