M/s. Panchsheel Organics Ltd., Indore V. The DCIT, Circle 1(1), Indore

MA 68/IND/2013

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2311 (ITAT-INDORE)
• Duration Of Justice: 8 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 19-09-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 1999-2000
• Appeal Filed On: 26-12-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Assessee Lawyers: MAHESH AGRAWAL C AS
• Section: 80HHC

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE P.K. BANSAL, ACCOUNTANT MEMBER AND SHRI MUKU L KR. SHRAWAT, JUDICIAL MEMBER PAN NO. AABCP7256P M.A.NOS. 68 & 69/ IND/2013 (ARISING OUT OF I.T.A.NOS. 306 & 307/IND/2012) A.YS. : 1999-2000 & 2000-01. PANCHSHEEL ORGANICS LIMITED, INDORE. VS. DY. CIT/ACIT, CIRCLE 1(1), INDORE. (APP LICANT ) (RESPONDENT) APP LICANT BY : SHRI MANOJ GUPTA AND SHRI MAHESH AGRAWAL, C. AS. REVENUE BY : SHRI R. A. VERMA, SR. DR / // / DATE OF HEARING : 12.09.2014 /DATE OF PRONOUNCEMENT: 19/09/2014 / O R D E R PER P.K.BANSAL, A.M. BOTH THESE MISCELLANEOUS APPLICATIONS HAVE BEEN FIL ED BY THE ASSESSEE AGAINST THE ORDER OF THE TRIBUNAL DATE D 9.5.2013, STATING THEREIN THAT THERE HAD BEEN A MISTAKE APPAR ENT ON RECORD, WHILE DECIDING GROUND NOS. 1 & 2 IN THE ASSESSMENT YEAR 1999- 2000 AND 2000-01 REGARDING THE REOPENING OF THE ASS ESSMENT AS WELL AS REDUCTION OF THE NET INTEREST U/S 80HHC & 8 0IA. 2. AFTER HEARING THE RIVAL SUBMISSIONS AND GOING THROU GH THE ORDER OF THE TRIBUNAL, WE NOTED THAT THIS TRIBU NAL HAS PASSED PANCHSHEEL ORGANICS LIMITED, INDORE.M.A.NOS. 68 & 6 9/IND/2013 A.YS. 1999-2000 & 2000-01 2 AN ORDER DISPOSING OF BOTH THE ISSUES AND AFTER CON SIDERING ALL THE ARGUMENTS TAKEN BY THE ASSESSEE, THE GROUND RELATIN G TO THE REOPENING HAS BEEN DISPOSED OF FOLLOWING THE DECISI ON OF THE HON'BLE SUPREME COURT IN THE CASE OF RAJESH JHAVERI , 291 ITR 500, WHILE WE NOTED THAT IN RESPECT OF THE DEDUCTIO N U/S 80HHC AND 80IA IN RESPECT OF GROUND NO.2, THE TRIBUNAL HA S GIVEN CATEGORICAL FINDING RELATING TO EXCLUSION OF NET IN TEREST INCOME U/S 80HHC. THE TRIBUNAL HAS GIVEN A CATEGORICAL FIN DING THAT FROM THE FACTS, IT IS VERY CLEAR THAT THE ENTIRE IN TEREST INCOME HAS BEEN FOUND TO BE NOT FROM INDUSTRIAL UNDERTAKING TR EATING THE SAME AS INCOME FROM OTHER SOURCES. WHATEVER INTERES T EXPENDITURE HAS BEEN CLAIMED HAVE ALREADY BEEN REDU CED THE ASSESSEES PROFIT IN SO FAR AS THE SAME WAS INCURRE D FOR BUSINESS PURPOSES. ACCORDINGLY, THERE IS NO MERIT IN ASSESSE ES CONTENTION FOR REDUCING NET INTEREST WHILE COMPUTING THE DEDUC TION U/S 80IA. THE LD. AUTHORIZED REPRESENTATIVE BEFORE US E VEN THOUGH VEHEMENTLY ARGUED IN SUPPORT OF MISC. APPLICATIONS BUT COULD NOT CONVINCE US HOW THERE IS MISTAKE APPARENT ON RECORD . IT IS NOT A CASE WHERE ANY GROUND REMAINED UNCONSIDERED OR THE TRIBUNAL HAS NOT CONSIDERED THE SUBMISSION OF THE ASSESSEE. THE TRIBUNAL AFTER CONSIDERING THE SUBMISSION AND THE CASE LAWS AS WERE PANCHSHEEL ORGANICS LIMITED, INDORE.M.A.NOS. 68 & 6 9/IND/2013 A.YS. 1999-2000 & 2000-01 3 SUBMITTED BEFORE THE TRIBUNAL, DURING THE COURSE OF HEARING, HAS TAKEN A CONSCIOUS DECISION. THEREFORE, IN OUR VIEW, THERE IS NO MISTAKE APPARENT ON RECORD. THE TRIBUNAL CANNOT REV IEW THE ORDER OF THE TRIBUNAL DATED 9.5.2013 IN THE GARB OF MISTAKE APPARENT ON RECORD. THE TRIBUNAL DOES NOT HAVE ANY POWER U/S 254(2) TO REVIEW ITS ORDER. WE, THEREFORE, DISMISS BOTH THE MISC. APPLICATIONS FILED BY THE ASSESSEE. 3. IN THE RESULT, BOTH THE MISC. APPLICATIONS ARE DISM ISSED. SD/- SD/- (MUKUL KR. SHRAWAT) (P. K. BANSAL) JUDICIAL MEMBER ACCOUNTANT M EMBER INDORE; DATED 19/09/2014 CPU*SPS / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. '# ! / THE RESPONDENT. 3. $%$&' # # ( / CONCERNED CIT 4. # # ( ( ) / THE CIT(A), INDORE 5. +,# &' , # # &' , -.% / DR, ITAT, INDORE 6. ,/0 1 / GUARD FILE. PANCHSHEEL ORGANICS LIMITED, INDORE.M.A.NOS. 68 & 6 9/IND/2013 A.YS. 1999-2000 & 2000-01 4 / BY ORDER, -# -# -# -# $2 $2 $2 $2 (ASSTT.REGISTRAR) ITAT, IND ORE 1. DATE OF DICTATION- 18.09.2014 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 18.09.2014 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S. .. 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT .. 5. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK: 26. 09.2014 6. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 7. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 8. DATE OF DESPATCH OF THE ORDER