JCIT (OSD), CHENNAI V. Bherudan Dugar Finance Ltd., CHENNAI

MA 404/CHNY/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 7036 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 4 month(s) 26 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 24-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 29-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANMUGA PRIYA
• Assessee Lawyers: J PRABHAKAR

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI ... , . !'# ! , $ !% BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER && / M.P. NO.404/CHNY/2017 (IN I.T.A. NO.1541/MDS/2016) ' (' / ASSESSMENT YEAR : 2011-12 THE JOINT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(2), CHENNAI - 600 034. V. M/S BHERUDAN DUGAR FINANCE LTD., NO.73/1A, JERMIAH ROAD, VEPERY, CHENNAI - 600 007. PAN : AAACB 3042 Q (*+' /PETITIONER) (*,+-/ RESPONDENT) *+' / 0 /PETITIONER BY : MS. SHANMUGA PRIYA, JCIT *,+- / 0 / RESPONDENT BY : SHRI J. PRABHAKAR, CA 1 / 2$ / DATE OF HEARING : 24.08.2018 3'( / 2$ / DATE OF PRONOUNCEMENT : 24.08.2018 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THE REVENUE HAS FILED THE PRESENT MISCELLANEOUS P ETITION ON THE GROUND THAT ONE OF THE GROUNDS WITH REGARD TO A CCRUED INTEREST WAS NOT DISPOSED OF WHILE DISPOSING OF THE APPEAL. 2. MS. SHANMUGA PRIYA, THE LD. DEPARTMENTAL REPRESE NTATIVE, SUBMITTED THAT THE REVENUE HAD RAISED AN ISSUE IN G ROUND NO.3 WITH 2 M.P. NO.404/CHNY/17 REGARD TO ACCRUED INTEREST. THE ASSESSEE, ACCORDIN G TO THE LD. D.R., IS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING, THEREFORE, INTEREST ON THE INVESTMENT SHALL BE OFFERED FOR TAX ATION ON ACTUAL BASIS. ACCORDING TO THE LD. D.R., THIS ISSUE WAS N OT DISPOSED OF. 3. WE HEARD SHRI J. PRABHAKAR, THE LD. REPRESENTATI VE FOR THE ASSESSEE ALSO. ACCORDING TO THE LD. COUNSEL, THE O RDER OF THIS TRIBUNAL DATED 23.09.2016 WAS RECALLED BY THIS TRIB UNAL BY A MISCELLANEOUS PETITION FILED BY THE ASSESSEE, BY AN ORDER DATED 17.03.2017. THE APPEAL WAS AGAIN RE-HEARD AND THIS TRIBUNAL DISPOSED OF THE APPEAL BY AN ORDER DATED 28.07.2017 . IN THAT SUBSEQUENT ORDER, THE GROUNDS WITH REGARD TO RE-INV ESTMENT WAS ALSO DISPOSED OF. ACCORDING TO THE LD. REPRESENTAT IVE, THE REVENUE HAS FILED THE MISCELLANEOUS PETITION WITHOUT CONSID ERING THE SUBSEQUENT ORDER PASSED BY THIS TRIBUNAL IN THE MIS CELLANEOUS PETITION AND THE APPEAL. THEREFORE, ACCORDING TO T HE LD. REPRESENTATIVE, THE PRESENT MISCELLANEOUS PETITION FILED BY THE REVENUE IS NOT MAINTAINABLE. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS ON EITH ER SIDE AND PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. AS RIGHTLY SUBMITTED BY THE LD. REPRESENTATIVE FOR THE ASSESSE E, THE ORDER PASSED BY THIS TRIBUNAL IN THE APPEAL WAS RECALLED IN M.P. 3 M.P. NO.404/CHNY/17 NO.4/MDS/2017 BY AN ORDER DATED 17.03.2017. SUBSEQ UENTLY, THE APPEAL WAS POSTED BEFORE REGULAR BENCH AND THIS TRI BUNAL BY AN ORDER DATED 28.07.2017 DISPOSED BOTH THE GROUNDS, T HEREFORE, IT IS NOT CORRECT TO SAY THAT ONE OF THE GROUNDS WITH REG ARD TO ACCRUED INTEREST ON THE INVESTMENT WAS NOT DISPOSED OF. IN VIEW OF THE ABOVE, WE DO NOT FIND ANY MERIT IN THE MISCELLANEOU S PETITION FILED BY THE REVENUE AND ACCORDINGLY, THE SAME IS DISMISS ED. 5. WITH THE ABOVE OBSERVATION, THE MISCELLANEOUS PE TITION FILED BY THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSI ON OF HEARING ON 24 TH AUGUST, 2018 AT CHENNAI. SD/- SD/- (. !'# ! ) ( ... ) (A. MOHAN ALANKAMONY) (N.R.S. GANESAN) $ / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 5 /DATED, THE 24 TH AUGUST, 2018. KRI. / *26& 7&(2 /COPY TO: 1. *+' / PETITIONER 2. *,+- /RESPONDENT 3. 1 82 () /CIT(A) 4. 1 82 /CIT 5. &9 *2 /DR 6. :' ; /GF.