R.I. Agri Engineers Ltd., Ludhiana V. Addl. CIT, Ludhiana

MA 44/CHANDI/2010

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6154 (ITAT-CHANDIGARH)
• Duration Of Justice: 8 month(s) 8 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 10-03-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 28-01-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 02-07-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: N K SAINI
• Section: 80IB

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES A CHANDIGARH BEFORE SHRI D.K.SRIVASTAVA, ACCOUNTANT MEMBER AND MS SUSHMA CHOWLA, JUDICIAL MEMBER M.A. NO. 44/CHD/2010 (IN ITA NO.22/CHD/2010) ASSESSMENT YEAR: 2006-07 M/S R.I. AGRI ENGINEERS PVT. LTD., VS. THE ADDL.CIT , RANGE-VII, LUDHIANA LUDHIANA PAN NO. AABCR-0682H (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI S.R.CHHABRA / SHRI AMARJIT KAMB OJ RESPONDENT BY: SHRI N.K.SAINI ORDER PER SUSHMA CHOWLA, JM THE APPLICANT HAS PREFERRED THE PRESENT MISCELLANEO US APPLICATION AGAINST THE ORDER OF THE TRIBUNAL DATED 5.3.2010 IN ITA NO. 22/CHD/2010 RELATING TO ASSESSMENT YEAR 2006-07. 2. THE GRIEVANCE OF THE APPLICANT IS THAT THE TRIBU NAL WHILE PASSING THE ORDER IN RESPECT OF GROUND NO.1 (A) HAD ALLOWED THE GROUND PARTLY I.E. ONLY IN RESPECT OF THE FIRST LIMB OF THE GROUND OF APPEA L AND THE SECOND LIMB OF THE GROUND AS PER THE ASSESSEE HAD ESCAPED THE NOTI CE OF THE TRIBUNAL. THE GROUND NO.1 (A) RAISED IN THE PRESET APPEAL REA DS AS UNDER:- 1. (A) BY ARBITRARILY SUSTAINING THE DISALLOWANCE O F DEDUCTION U/S 80IB BY THE LD. ASSESSING OFFICER ON THE GROSS AMOUNT OF EXPORT INCENTIVES RS. 25,32,233/- INSTEAD OF ON THE NET INCOME FROM EXPORT INCENTIVES AFTER DEDUCTING EXPENSES INCURRED ON THEIR REALIZATION. 2 3. THE ISSUE ADJUDICATED UPON BY THE TRIBUNAL WAS I N RESPECT OF THE COMPUTATION OF DEDUCTION U/S 80IB OF THE ACT IN RES PECT OF INCOME BY WAY OF EXPORT INCENTIVE IN THE FORM OF DEPB AND DUTY DR AW BACK. THE ISSUE WAS DECIDED FOLLOWING THE RATIO LAID DOWN BY THE HO N'BLE SUPREME COURT IN LIBERTY INDIA [317 ITR 218 (SC)] AND THE GROUND OF APPEAL RAISED BY THE ASSESSEE WAS DISMISSED. 4. THE APPLICANT VIDE THE PRESENT MISC. APPLICATIO N HAS RAISED THE ISSUE THAT EVEN IF THE DEDUCTION U/S 80IB OF THE AC T IS TO BE RECOMPUTED, THEN THE NET INCOME FROM EXPORT INCENTIVE AFTER DED UCTING EXPENSES ARE TO BE EXCLUDED. WE FIND NO MERIT IN THE PRESENT MISC. APPLICATION MOVED BY THE APPLICANT IN VIEW OF THE RATIO LAID DOWN BY THE HON'BLE SUPREME COURT IN LIBERTY INDIA [317 ITR 218 (SC)]. FURTHER, THE LD. AR FOR THE ASSESSEE WAS SPECIFICALLY ASKED TO POINT OUT THE EX PENDITURE INCURRED ON THE REALIZATION OF THE EXPORT INCENTIVES. THE LD. AR FAILED TO BRING TO OUR NOTICE ANY SUCH EXPENDITURE INCURRED. WE FIND NO M ERIT IN THE PRESENT MISC. APPLICATION MOVED BY THE ASSESSEE AND HENCE T HE SAME IS DISMISSED. 3. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 10 TH DAY OF MARCH, 2011. SD/- SD/- (D.K.SRIVASTAVA) (SUSHMA CHOWLA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 10 TH MARCH, 2011 RKK 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR