M/S SHAKUN ADVERTISING PVT. LTD., Jaipur V. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, Jaipur

MA 62/JPR/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 5112 (ITAT-JAIPUR)
• Duration Of Justice: 4 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-02-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 18-09-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: K C GUPTA JCIT DHK
• Assessee Lawyers: S L PODDAR

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES B, JAIPUR JH JES'K LH 'KEKZ] YS[KK LNL; ,OA JH FOT; IKY JKO] U;KF;D LNL; DS LE{K BEFORE: SHRI RAMESH C SHARMA, AM & SHRI VIJAY PAL RAO, JM M.A. NO. 62/JP/2019 (ARISING OUT OF ITA NO. 1170/JP/2018) FU/KZKJ.K O'KZ@ ASSESSMENT YEAR : 2012-13 M/S SHAKUN ADVERTISING PVT. LTD., B-3, FIRST FLOOR, GIRIRAJ MANSION, NEW COLONY, M.I. ROAD, JAIPUR. CUKE VS. A.C.I.T. CENTRAL CIRCLE-2, JAIPUR. LFKK;H YS[KK LA -@THVKBZVKJ LA -@ PAN/GIR NO.: AABCS 9742 H VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS @ ASSESSEE BY : SHRI S.L. PODDAR (ADV) JKTLO DH VKSJ LS @ REVENUE BY : SHRI K.C. GUPTA (JCIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 03/01/2020 MN?KKS 'K.KK DH RKJH[K @ DATE OF PRONOUNCEMENT : 17/02/2020 VKNS'K@ ORDER PER: R.C. SHARMA, A.M. THIS MISC. APPLICATION IS FILED TO RECTIFY A MISTAKE ALLEGED TO BE OCCURRED IN THE ORDER OF THE TRIBUNAL DATED 23/07/2019 PASSED IN ITA NO. 1170/JP/2018. 2. THROUGH THIS MISC. APPLICATION, THE LD AR OF THE ASSESSEE HAS SUBMITTED THAT THE DISALLOWANCE OF INTEREST WAS WRONGLY MADE BY THE A.O. IN SO FAR AS EXCESS INTEREST RECEIVED WAS IN THE NATURE OF INTEREST MA 62/JP/2019_ M/S SHAKUN ADVERTISING PVT. LTD. VS ACIT 2 INCOME AND THE TRIBUNAL HAD WRONGLY RESTORED THE ALLEGED ADDITION TO THE A.O. 3. A TYPOGRAPHICAL MISTAKE WAS ALSO POINTED OUT TO THE EFFECT THAT THE APPEAL WAS PERTAINING TO THE A.Y. 2012-13 BUT IT WAS INADVERTENTLY TYPED AS A.Y. 2013-14. 4. WE HAVE GONE THROUGH THE CONTENTS OF THE MISC. APPLICATION AND THE ORDER OF THE TRIBUNAL DATED 23/07/2019 AS WELL AS ORDER PASSED BY THE A.O. A TYPOGRAPHICAL MISTAKE IS BEING CORRECTED AND APPEAL IS TO BE READ AS PERTAINING TO A.Y. 2012-13 IN PLACE OF A.Y. 2013-14. 5. IN SO FAR AS THE ALLEGATION OF THE AR THAT THE TRIBUNAL HAS WRONGLY RESTORED THE MATTER BACK TO THE FILE OF A.O. FOR DECIDING THE DISALLOWANCE OF INTEREST IS CONCERNED, WE FOUND THAT THE TRIBUNAL HAVE DEALT WITH THE ISSUE THREADBARE AT PARA 7 OF THE ORDER AND AFTER RECORDING ITS FINDING REACHED TO THE CONCLUSION THAT THE ASSESSEE HAD NOT SHOWN UTILIZATION OF INTEREST FREE FUNDS FOR GIVING ADVANCE FOR NON- BUSINESS PURPOSES. ACCORDINGLY, THE MATTER WAS RESTORED BACK TO THE FILE OF A.O. WITH A DIRECTION TO THE ASSESSEE TO GIVE FULL DETAILS OF THE INTEREST BEARING FUNDS VIS A VIS INTEREST FREE FUNDS FOR DECIDING AFRESH THE ALLOWABILITY OF INTEREST EXPENSES. THUS, THERE IS NO ANY MISTAKE MA 62/JP/2019_ M/S SHAKUN ADVERTISING PVT. LTD. VS ACIT 3 MUCH LESS AN APPARENT MISTAKE IN THE ORDER OF THE TRIBUNAL DATED 23/07/2019 IN THIS REGARD. 6. IN THE RESULT, THIS M.A. IS ALLOWED IN PART IN TERMS INDICATED HEREINABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH FEBRUARY, 2020. SD/- SD/- FOT; IKY JKO JES'K LH 'KEKZ (VIJAY PAL RAO) (RAMESH C SHARMA) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 17 TH FEBRUARY, 2020 *RANJAN VKNS'K DH IZFRFYFI VXZSFKR @ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ @ THE APPELLANT- M/S SHAKUN ADVERTISING PVT. LTD., JAIPUR. 2. IZR;FKHZ @ THE RESPONDENT- THE A.C.I.T. CENTRAL CIRCLE-2, JAIPUR. 3. VK;DJ VK;QDR @ CIT 4. VK;DJ VK;QDRVIHY @ THE CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ @ DR, ITAT, JAIPUR 6. XKMZ QKBZY @ GUARD FILE (MA NO. 62/JP/2019) VKNS'KKUQLKJ @ BY ORDER, LGK;D IATHDKJ @ ASST. REGISTRAR