ACIT, Circle-8(1), Hyd, Hyderabad V. Hi Power Electrical Industries, Medak Dist, Medak Dist

MA 54/HYD/2016

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 5114 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 28 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 02-12-2016
• Appeal Filed By: Department
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 05-08-2016
• Court: TRIBUNAL
• Department Lawyers: K J RAO
• Assessee Lawyers: B SHANTHI KUMAR
• Section: 80IB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B, HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER M.A. NO. 54/HYD/2016 (ARISING OUT OF ITA NO. 27/HYD/14) ASSESSMENT YEAR: 2009-10 ASST. COMMISSIONER OF INCOME TAX, CIRCLE-8(1), HYDERABAD VS M/S. HI-POWER ELECTRICAL INDUSTRIES, PATANCHERU, MEDAK DIST., HYDERABAD [PAN: AACFH8217J] (APPLICANT) (RESPONDENT) FOR REVENUE : SHRI K.J. RAO, DR FOR ASSESSEE : SHRI B. SHANTHI KUMAR, AR DATE OF HEARING : 02-12-2016 DATE OF PRONOUNCEMENT : 02-12-2016 O R D E R PER B. RAMAKOTAIAH, A.M. : THIS MISCELLANEOUS APPLICATION IS FILED BY REVENUE SEEKING RECALL OF THE ORDER OF THIS TRIBUNAL DATED 22-12-201 5, DISMISSING THE APPEAL ON THE REASON THAT THE REVENUE EFFECT INVOL VED IN THIS APPEAL IS LESS THAN THE LIMIT PRESCRIBED IN PARA-3 OF THE CIRCULAR NO. 21/2015 DATED 10-12-2015 ISSUED BY CBDT. M.A. NO. 54/HYD/2016 :- 2 -: 2. IN THIS APPLICATION, THE REVENUE HAS PRAYED AS UNDE R: THE ISSUE WHICH NECESSITATED THE MISCELLANEOUS PET ITION FOR THE AY. 2009-10 IS THAT THE ASSESSING OFFICER HAS PASSED AN ORDER LEVYING PENALTY OF RS. 10,83,942/- U/S. 271(1)(C) DATED 27-06-2012 AGAINST THE ADDITIONS TOWARDS 1) EXCESS CLAIM OF EXEMPTION U/S. 80IB AND 2) SUPPRESSION OF SALES. THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(A) -III, HYDERABAD. THE LD.CIT(A) HAS ALLOWED THE APPEAL OF THE ASSESSE E AND DIRECTED THE AO TO DELETE THE ADDITION. AGGRIEVED, THE DEPARTMENT HAS FILED FURTHER APPEAL BEFORE THE HON'BLE ITAT AND SAME WAS MISTAKENLY DIS MISSED BY ITAT, HOLDING THAT THE APPEAL OF THE REVENUE TO BE TREATE D AS WITHDRAWN/NOT PRESSED, STATING THAT THE REVENUE EFFECT INVOLVED I N THIS APPEAL IS LESS THAN THE LIMIT PRESCRIBED IN PARA-3 OF THE CIRCULAR NO. 21/2015 DATED 10-12- 2015 ISSUED BY CBDT. HOWEVER IT IS SUBMITTED THAT THE TAX INVOLVED IN THIS APPEAL IS RS. 10,83,942/-. IN VIEW OF THE APPARENT MISTAKE AND AS THE TAX EFF ECT INVOLVED BEING MORE THAN MONITORY LIMITS OF RS. 10 LAKHS, IT IS PR AYED TO HON'BLE ITAT TO ALLOW THIS M.A. AND DISPOSE THE APPEAL ON MERITS AS FILED BY THE REVENUE. 3. TAKING THE ABOVE FACTS INTO CONSIDERATION, WE ARE INCLINED TO ACCEPT THE REVENUES CONTENTION. WE HEREBY RECALL THE O RDER DATED 22-12-2015 AND FIX THE APPEAL FOR HEARING ON MERITS O N 02-03-2017. AS THE DATE HAS BEEN ANNOUNCED IN THE OPEN COURT, NO FRESH NOTICE NEED BE GIVEN TO THE PARTIES. 4. IN THE RESULT, MISCELLANEOUS APPLICATION IS ALLOW ED. ORDER PRONOUNCED IN THE OPEN COURT ON 2 ND DECEMBER, 2016 UPON CONCLUSION OF HEARING SD/- SD/- (D. MANMOHAN) (B. RAMAKOTAIAH) VICE PRESIDENT ACCOUNTANT MEMB ER HYDERABAD, DATED 2 ND DECEMBER, 2016 TNMM M.A. NO. 54/HYD/2016 :- 3 -: COPY TO : 1. THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-8(1 ), HYDERABAD. 2. M/S. HI-POWER ELECTRICAL INDUSTRIES, D-4, PHASE- V, IDA, PATANCHERU, MEDAK DIST., HYDERABAD. 3. CIT (APPEALS)-III, HYDERABAD. 4. CIT-III, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.