ALOK INDUSTRIES LTD., MUMBAI V. DCIT CENT. CIR. 6(2), MUMBAI

MA 650/MUM/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 6554 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 17 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 18-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2012-2013
• Appeal Filed On: 31-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHAITANYA ANJARIA
• Keywords: Proportionate interest
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL K , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI PAWAN SINGH , JM MA NO.650/MUM/2018 (ARISING OUT OF ITA NO. 1017 / MUM/20 1 7 ( ASSESSMENT YEAR : 2012 - 13 ) M/S. ALOK INDUSTRIES LTD., TOWER B, 2 ND FLOOR PENINSULA BUSINESS PARK G.K. MARG, LOWER PAREL MUMBAI 400 013 VS. DCIT CENT CIR 6(2) PAN/GIR NO. AAACA0201C ( APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY SHRI BHADRESH DOSHI REVENUE BY SHRI CHAITANYA ANJARIA DATE OF HEARING 11 / 01 /201 9 DATE OF PRONOUNCEMENT 18 / 01 /201 9 / O R D E R PER R.C.SHARMA (A.M) : THIS MA AROSE OUT OF ITA NO.1017/MUM/2018, ORDER DATED 21/05/2018. 2. THROUGH THIS MA, LD. AR CONTENDED THAT APPEAL WAS FILED WITH NINE GROUNDS. HOWEVER, FOUR GROUNDS NAMELY GROUND NO. 5 TO 8 HAVE NOT BEEN DECIDED BY THE TRIBUNAL WHICH AMOUNTS TO MISTAKE APPARENT FROM RECORD. 3. WE HAVE GONE THROUGH THE MISCELLANEOUS PETITION AS WELL AS THE ORDER PASSED BY THE TRIBUNAL D ATED 21/05/2018 AND FOUND THAT GROUND NO. 5 OF THE SAID APPEAL RELATES TO ADDITION OF THE DISALLOWANCE MADE U/S M A NO. 650/MUM/2018 M/S. ALOK INDUSTRIES LIMITED 2 14A READ WITH RULE 8D OF RS. 10,88,24,112/ - TO THE BOOK PROFIT WHILE COMPUTING THE MAT U/S 115JB. GROUND NO. 6 DEALS WITH APPELLANT'S CLAIM THAT LD. AO HAS ERRED IN DISALLOWING INTEREST OF RS. 8,37,01,584/ - BEING PROPORTIONATE INTEREST EXPENDITURE WHICH WAS ALLEGED TO BE INCURRED TOWARDS EXTENDING INTEREST FREE LOANS AND ADVANCES TO SISTER CONCERNS. GROUND NO. 7 RELATES TO DISALLOWANCE OF EMPLOYEES CONTRIBUTION TO PROVIDENT FUND TO THE TUNE OF RS. 74,37 ,578/ - AS THE PAYMENT IN RESPECT OF THE SAME WAS NOT MADE WITHIN THE DUE DATE SPECIFIED IN THE ACT. GROUND NO. 8 RELATES TO A SSESSEE 'S CLAIM THAT LD. AO HAS ERRED IN DISALLOWING EXPENSES OF RS.31,44,360/ - BY ALLEGING THE SAME TO BE PRIOR PERIOD EXPENDITUR E HAVE NOT BEEN DECIDED BY THE TRIBUNAL, WHICH AMOUNTS TO MISTAKE APPARENT FROM RECORD. ACCORDINGLY, WE RECALL THE ORDER DATED 21/05/2018 WITH A LIMITED SCOPE OF DECIDING THE GROUND 5,6,7 & 8. 4. IN THE RESULT, MA FILED BY THE ASSESSEE IS ALLOWED. ORDER PR ONOUNCED IN THE OPEN COURT ON THIS 18 / 01 /201 9 SD/ - ( PAWAN SINGH ) SD/ - (R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 18 / 01 /201 9 KARUNA SR. PS M A NO. 650/MUM/2018 M/S. ALOK INDUSTRIES LIMITED 3 COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//