Dy. Commissioner of Income Tax, Lucknow V. M/s UPAL Developers Pvt. Ltd., Lucknow

MA 52/LKW/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 4843 (ITAT-LUCKNOW)
• Duration Of Justice: 1 month(s) 15 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-02-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2013-2014
• Appeal Filed On: 24-12-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: HONBLE TRIBUNAL IN

Judgement Text

M.A. NO.52/LKW/2018 (IN M.A. NO.20/LKW/2018 (IN I.T.A. NO.379/LKW/2016) ASSESSMENT YEAR:2013 - 14 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI A. D. JAIN, VICE PRESIDENT AND SHRI T. S. KAPOOR, ACCOUNTANT MEMBER M.A.NO.52/LKW/2018 (IN M.A.NO.20/LKW/2018) (IN I.T.A. NO.379/LKW/2016) ASSESSMENT YEAR:2013-14 DY.C.I.T., RANGE-6, LUCKNOW. VS. M/S UPAL DEVELOPERS PVT. LTD., AROMA COMPLEX, 7-A, HABIBULAH STATE, HAZARATGANJ, LUCKNOW. PAN:AAACU 7953 K (APPELLANT) (RESPONDENT) O R D E R PER T. S. KAPOOR, A.M. THIS MISC. APPLICATION HAS BEEN FILED BY THE REVENU E AGAINST THE ORDER OF THE TRIBUNAL DATED 18/05/2018 PASSED IN I.T.A. N O.379/LKW/2016 AND IN M.A.NO.20/LKW/2018 DATED 31/08/2018. 2. THROUGH THIS MISC. APPLICATION THE REVENUE IS AG GRIEVED WITH THE ORDER PASSED BY HON'BLE TRIBUNAL IN I.T.A. NO.379/L KW/2016 VIDE WHICH IT HAS BEEN CONTENDED THAT WHILE PASSING THE ABOVE ORD ER HON'BLE TRIBUNAL HAS NOT CONSIDERED AND DECIDED GROUND NO. 2 RAISED BY T HE REVENUE IN I.T.A. NO.379/LKW/2016, WHICH IS AS UNDER: APPELLANT BY SHRI C. K. SINGH, D.R. RESPONDENT BY MS. SWETA MITTA, F.C.A. DATE OF HEARING 01 / 02 /201 9 DATE OF PRONOUNCEMENT 08/02/2019 M.A. NO.52/LKW/2018 (IN M.A. NO.20/LKW/2018 (IN I.T.A. NO.379/LKW/2016) ASSESSMENT YEAR:2013 - 14 2 2. THE CIT(A) HAS ERRED IN LAW AND ON FACTS IN DEL ETING THE ADDITION OF RS.22,16,374/- MADE ON ACCOUNT OF DISAL LOWANCE OF EXCESS INTEREST PAID ON BORROWED CAPITAL TAKEN FROM PRIVATE PARTY WITHOUT APPRECIATING THE FACT THAT THE ASSESS EE COULD HAVE AVAILED THE LOAN FROM OPEN MARKET AT LOWER RATE OF INTEREST AS COMPARED TO THE INTEREST RATE OFFERED BY PRIVATE PA RTY. 3. AFTER HEARING BOTH THE PARTIES AND GOING THROUGH THE MISC. APPLICATION AND ORDER PASSED BY HON'BLE TRIBUNAL IN I.T.A. NO.3 79/LKW/2016, WE FIND THAT THE ABOVE GROUND TAKEN BY THE REVENUE HAS NOT BEEN ADJUDICATED. THEREFORE, WE RECALL THE ORDER PASSED BY THE TRIBUN AL AND DIRECT THE REGISTRY TO REFIX THIS APPEAL FOR HEARING ON 20 TH MARCH, 2019 FOR LIMITED PURPOSE TO DECIDE THE GROUND NO. 2 ONLY TAKEN BY REVENUE IN I. T.A. NO.379/LKW/2016 FOR WHICH NO SEPARATE NOTICE OF HEARING WILL BE ISS UED AS THE DATE OF HEARING WAS ANNOUNCED IN THE OPEN COURT DURING THE COURSE O F HEARING OF THE MISC. APPLICATION IN PRESENCE OF BOTH THE PARTIES. 4. IN THE RESULT, THE MISC. APPLICATION OF THE REVE NUE IS ALLOWED. (ORDER PRONOUNCED IN THE OPEN COURT ON 08/02/2019) SD/. SD/. ( A. D. JAIN ) ( T. S. KAPOOR ) VICE PRESIDENT ACCOUNTANT MEMBER DATED:08/02/2019 *SINGH COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. CONCERNED CIT 4. THE CIT(A) 5. D.R., I.T.A.T., LUCKNOW