Khivraj Motors Pvt. Ltd., CHENNAI V. DCIT, CHENNAI

MA 393/CHNY/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6693 (ITAT-CHENNAI)
• Duration Of Justice: 6 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 29-06-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 30-11-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MRS S VIJAYA PRABHA
• Assessee Lawyers: AJITH KUMAR CHORDIA
• Keywords: Notional interest

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: CHENNAI , ., ! BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER , AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER MISCELLANEOUS PETITION NO S . 393 & 394 / CHNY /20 17 (IN ITA NO.874/CHNY/2013 & ITA NO.3098 /CHNY/2016) '# /ASSESSMENT YEARS: 2009-10 & 2012-13 M/S.KHIVRAJ MOTORS PVT. LTD., 623, ANNA SALAI, CHENNAI-600 006. VS. THE DY. COMMISSIONER- OF INCOME TAX, CORPORATE CIRCLE-II(4), CHENNAI-600 034. [PAN: AAACK 2572 Q ] ( $ /APPELLANT) ( %&$ /RESPONDENT) $ ' / APPELLANT BY : MR.AJITH KUMAR CHORDIA, CA %&$ ' /RESPONDENT BY : MRS.S.VIJAYAPRABHA, JCIT ' ' *+ /DATE OF HEARING : 29.06.2018 # ' *+ /DATE OF PRONOUNCEMENT : 29.06.2018 / O R D E R PER A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER : THESE TWO MISCELLANEOUS PETITIONS ARE FILED BY THE ASSESSEE SEEKING FOR RECALLING THE ORDER OF THE TRIBUNAL DATED 02.05 .2017 FOR THE ASSESSMENT YEARS 2009-10 & 2012-13. 2. THE LD.AR SUBMITTED THAT FOR THE ASSESSMENT YEAR S 2009-10 & 2012-13, THE TRIBUNAL DID NOT CONSIDER ALL THE ARGU MENTS/GROUNDS MP NOS.393/CHNY/2017 (IN ITA NO.874/CHNY/2013) MP NOS.394/CHNY/2017 (IN ITA NO.3098/CHNY/2016) :- 2 -: ADVANCED BY THE ASSESSEE FOR GRANTING DEDUCTION U/S .80IA(4) OF THE ACT AND FURTHER FOR THE ASSESSMENT YEAR 2009-10, THE TR IBUNAL HAS NOT ADDRESSED THE GROUNDS RAISED WITH RESPECT TO ADDITI ON ON ACCOUNT OF NOTIONAL INTEREST. IT WAS THEREFORE PLEADED THAT T HE ORDER OF THE TRIBUNAL FOR THE ASSESSMENT YEARS 2009-10 & 2012-13, MAY BE RECALLED. THE LD.DR STRONGLY OPPOSED TO THE SUBMISSION TO THE LD. AR AND PRAYED FOR DISMISSING THE MISCELLANEOUS PETITIONS FILED BY THE ASSESSEE. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y PERUSED THE MATERIAL PLACED ON RECORD. ON PERUSING THE ORDER O F THE TRIBUNAL WE FIND THAT THE TRIBUNAL HAS CONSIDERED THE ISSUE WITH RES PECT TO DEDUCTION U/S.80IA(4) OF THE ACT AND HAS PASSED AN ELABORATE SPEAKING ORDER. THEREFORE, RECALLING THE ORDER OF THE TRIBUNAL FOR CONSIDERING THE ISSUE WITH RESPECT TO DEDUCTION U/S.80IA(4) OF THE ACT WOULD A MOUNT TO REVIEW WHICH IS NOT PERMISSIBLE WITHIN THE PROVISIONS OF THE ACT . FURTHER, WE FIND THAT THE GROUND RAISED BY THE ASSESSEE WITH RESPECT TO N OTIONAL INTEREST WAS NEVER ARGUED BEFORE THE BENCH AT THE TIME OF HEARIN G. THEREFORE, WE DO NOT FIND IT NECESSARY TO RECALL THE ORDER OF THE TR IBUNAL FOR BOTH THE ASSESSMENT YEARS. ACCORDINGLY, THE MISCELLANEOUS P ETITIONS FILED BY THE ASSESSEE FOR BOTH THE ASSESSMENT YEARS 2009-10 & 20 12-13 IS DEVOID OF MERITS. MP NOS.393/CHNY/2017 (IN ITA NO.874/CHNY/2013) MP NOS.394/CHNY/2017 (IN ITA NO.3098/CHNY/2016) :- 3 -: 4. IN THE RESULT, BOTH THE MISCELLANEOUS PETITIONS FILED BY THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON JUNE 29, 201 8, IN CHENNAI. SD/- SD/- ( ) (GEORGE MATHAN) /JUDICIAL MEMBER ( . ) ( A. MOHAN ALANKAMONY ) /ACCOUNTANT MEMBER /CHENNAI, /0 /DATED: JUNE 29, 2018. TLN .'%*1232#* /COPY TO: 1. $ /APPELLANT 4. ) 4* /CIT 2. %&$ /RESPONDENT 5. 2'56%* /DR 3. ) 4* ( ) /CIT(A) 6. 69: /GF