M/s Andhra Ferro Alloys Ltd., Visakhapatnam V. The ITO, Ward-3(2), Visakhapatnam, Visakhapatnam

MA 56/VIZ/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8362 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 9 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-04-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2004-2005
• Appeal Filed On: 04-04-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAVI SHANKAR NARAYAN
• Assessee Lawyers: C SUBRAMANYAM

Judgement Text

MP NO.56/VIZAG/2012 (ARISING OUT OF ITA NO.206/VIZAG/2007) ANDHRA FERRO ALLOYS LTD., VISAKHAPATNAM PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE: SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI BR BASKARAN, ACCOUNTANT MEMBER MP NO.56/VIZAG/2012 (ARISING OUT OF ITA NO.206/VIZAG/2007) ASSESSMEN T YEAR: 2004 - 05 M/S ANDHRA FERRO ALLOYS LTD., VISAKHAPATNAM. VS. ITO, WARD - 3(2), VISAKHAPATNAM. (APPELLANT) PAN NO: AACCA4847Q (RESPONDENT) APPELLANT BY: SHRI C SUBRAMANYAM, CA RESPONDENT BY: SHRI RAVI SHANKAR NARAYAN DATE OF HEARING: 12.04.201 2 DATE OF PRONOUNCEMENT: 12.04.2012 ORDER PER SHRI B. R. BASKARAN, ACCOUNTANT MEMBER: THE ASSESSEE HAS MOVED THIS PETITION SEEKING RECTI FICATION OF ORDER PASSED BY THE TRIBUNAL IN THE LIGHT OF DECISION REN DERED BY THE HON'BLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS VS. CIT REPORTED IN (2012)(247 CTR (SC) 353). 2. THE ISSUE INVOLVED IN THE APPEAL REFERRED (SUP RA) RELATED TO THE TAXABILITY OF PROFIT ON TRANSFER OF DEPB LICENSES. NOW THE CONTROVERSY REGARDING TAXABILITY OF THE PROFIT ON TRANSFER OF D EPB LICENSES HAS BEEN SETTLED BY THE HON'BLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS REFERRED (SUPRA). ACCORDINGLY, WE MODIFY OUR ORDER REFERRED ABOVE BY SETTING ASIDE THE ISSUE TO THE FILE OF THE ASSESSIN G OFFICER WITH THE DIRECTION TO ADJUDICATE THE ISSUE IN ACCORDANCE WITH THE DECI SION OF HON'BLE SUPREME COURT IN THE CASE OF TOPMAN EXPORTS, REFERRED (SUPR A). MP NO.56/VIZAG/2012 (ARISING OUT OF ITA NO.206/VIZAG/2007) ANDHRA FERRO ALLOYS LTD., VISAKHAPATNAM PAGE 2 OF 2 3. IN THE RESULT, THE MISCELLANEOUS APPLICATION OF THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 12-04-2012 SD/- SD/- (SUNIL KUMAR YADAV) (B R BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER VISAKHAPATNAM, DATE: 12 TH APRIL, 2012 COPY TO 1 M/S ANDHRA FERRO ALLOYS LTD., C/O C SUBRAHMANYAM, CHARTERED ACCOUNTANT, 102, LAXMI APARTEMENTS, FACOR LAYOUT, W ALTAIR UPLANDS, VISAKHAPATNAM. 2 ITO, WARD - 3(2), VISAKHAPATNAM 3 4. THE CIT , VISAKHAPATNAM. THE CIT(A), VISAKHAPATNAM. 5 THE DR, ITAT, VISAKHAPATNAM. 6 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM