ITO Wd. - 6(2)(2), V. CREATIVE MOBUS FABRICS LTD.,

MA 54/MUM/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6438 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 9 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 29-04-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2003-2004
• Appeal Filed On: 20-01-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D SONGATE

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES K, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI N.V.VASUDEVAN, JM M.A.NO.54/MUM/2011 (ARISING OUT OF ITA NO.1405/MUM/2007 : ASST.YEAR 20 03-2004) THE DY.COMMISSIONER OF INCOME-TAX CIRCLE 6(2) MUMBAI. VS. M/S.CREATIVE MOBUS FABRICS LIMITED 229, ADHYERU INDUSTRIAL ESTATE SUN MILLS COMPOUND, LOWER PAREL MUMBAI 400 013. PAN : AAACC5458P. (APPLICANT) (RESPONDENT) APPLICANT BY : SHRI D.SONGATE RESPONDENT BY : SHRI SUNIL HIRAWAT O R D E R PER R.S.SYAL, AM : THIS MISCELLANEOUS APPLICATION U/S.254(2) OF THE IN COME-TAX ACT, 1961 HAS BEEN MOVED BY THE REVENUE PRAYING FOR THE RECTIFICA TION OF THE ORDER OF THE TRIBUNAL U/S 254(2) DATED 04.06.2010 IN M.A. NO. 28 7/MUM/2919 ARISING OUT OF ITA NO.1405/MUM/2007. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. IT IS NOTED THAT THE TRIBUNAL, IN THE IMPUG NED ORDER, RELIED ON THE ORDER PASSED BY THE SPECIAL BENCH IN THE CASE OF TOPMAN EXPORT VS. ITO [(2009) 318 ITR 87 (MUM.) (SB)] AND REMITTED THE MATTER TO THE FILE OF A.O. FOR CO MPUTING DEDUCTION U/S.80HHC ACCORDINGLY. IT IS SEEN THAT TH E HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. KALPATARU COLOURS AND CHEMICALS [(2010) 328 ITR 415 (BOM.)] HAS REVERSED THE SPECIAL BENCH ORDER BY HOLDING TH AT THE ENTIRE AMOUNT FROM THE SALE PROCEEDS OF DEPB IS INCOME U/S.28(II ID). IN VIEW OF THE JUDGEMENT OF THE HONBLE JURISDICTIONAL HIGH COURT DIRECTLY O N THE POINT, CONTRARY TO WHAT HAS BEEN LAID DOWN IN THE IMPUGNED ORDER, IT IS AXIOMA TIC THAT THE MISTAKE HAS CREPT IN THE IMPUGNED ORDER REQUIRING RECTIFICATION. WE, THE REFORE, MODIFY THE IMPUGNED ORDER AND DIRECT THE ASSESSING OFFICER TO DECIDE TH E ISSUE IN ACCORDANCE WITH THE MA NO.54/MUM/2011 M/S.CREATIVE MOBUS FABRICS LIMITED. 2 LAW LAID DOWN BY THE HONBLE JURISDICTIONAL HIGH CO URT IN THE CASE OF KALPATARU COLOURS AND CHEMICALS (SUPRA) . 3. IN THE RESULT, THE MISCELLANEOUS APPLICATION IS ALLOWED. ORDER PRONOUNCED ON THIS 29 TH DAY OF APRIL, 2011. SD/- SD/- (N.V.VASUDEVAN) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 29 TH APRIL, 2011. DEVDAS* COPY TO : 1. THE APPLICANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) VI, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.