Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: TDS
 
 
From the Courts »
 Micro Spacematrix Solution P Ltd vs. ITO (ITAT Delhi)
 CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court)
 IndiaBulls Financial Services Ltd vs. DCIT (Delhi High Court)
 Maharao Bhim Singh of Kota vs. CIT (Supreme Court)
 Ravneet Takhar Vs. Commissioner Of Income Tax Ix And Ors.
 Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
 Formula One World Championship Limited Vs. Commissioner Of Income Tax, International Taxation-3 And Anr.
 Commissioner Of Income Tax International Taxation-3 Delhi Vs. Formula One World Championship Ltd. And Anr.
 Reliance Communications Ltd vs. DDIT (ITAT Mumbai)
  Sushila Devi vs. CIT (Delhi High Court)
 Ashok Prapann Sharma vs. CIT (Supreme Court)a

Dadranagar Haveli Sahakari Khand Udhyog Mandali Ltd. New Marketing Centre, Room No. 16 & 17, Dadra Nagar Haveli, Silvasa-396230 V/s. The Income-tax Officer, Ward-1, Vapi
October, 30th 2013
               IN THE INCOME TAX APPELLATE TRIBUNAL
                 AHMEDABAD "B" BENCH AHMADABAD
                     Before Shri G.C.Gupta, Vice President and
                          Shri T.R. Meena, Accountant Member
                                ITA No. 2499/Ahd/2011
                               Assessm ent Year :2008-09

  Dadranagar Haveli Sahakari Khand       V/s . The Income-tax Officer,
  Udhyog Mandali Ltd.                          Ward-1, Vapi
  New Marketing Centre, Room No. 16 &
  17, Dadra Nagar Haveli, Silvasa-396230
                             PAN No. AAAAK0901F
               (Appellant)               ..          (Respondent)

                                                  Shri A. J. Shah, A.R.
     By Appellant
     ×   /By Respondent                           Shri P. L. Kureel, Sr. D.R.
       /Date of Hearing
                                                    10.09.2013
       /Date of Pronouncement                       18.10.2013

                                        ORDER

PER : Shri T.R.Meena, Accountant Member

         This appeal is filed by the assessee against the order of the CIT(A), Valsad,

order dated 30.06.2011 for A.Y. 2008-09. The effective grounds of appeal are as

under:

         (I)   Addition of Interest from Bank:-

               (1)    On the facts and circumstances of the case and as per
                      law the learned Commissioner of Income-tax (Appeals)
                      erred in treating a sum of Rs.1,23,22,484/- as income of
                      the appellant when interest belonged to the Central
                      Government which was taken by it subsequently as part
                      of its share capital.
               (2)    The appellant submits that the learned Commissioner of
                      Income-tax (Appeals) failed to properly appreciate the
                      legal aspects in confirming the above addition.
I T A No . 2 49 9 /A h d/ 2 01 1 A . Y. 0 8- 09                                       Page 2





         (III)    Miscellaneous:-
                  (1)      The learned Commissioner of Income-tax (Appeals)
                           erred in no dealing with grounds for charge of interest
                           u/s. 234A, 234B, 234C & 234D of the Act.
2.       The A.O. observed that the assessee had earned interest amount of

Rs.1,23,22,484/- as interest on Government share capital. The said interest had

been credited to the interest on Government share capital under the head of

reserves and surplus in balance sheet. The assessee had investments with various

banks in the form of deposits. The A.O. gave reasonable opportunity of being heard

which was replied by the assessee. After following the CIT(A) order in A.Y. 02-03,

03-04, 04-05 and 07-08 and even in the past, in the case of the assessee, wherein

the CIT(A) had dismissed the appeal and upheld the order of the then Assessing

Officer upholding the addition of interest income to the total income of the assessee,

the A.O. had made addition of Rs.1,23,22,484/-.

3.       The assessee carried the matter before the CIT(A) who has dismissed the

appeal by observing as under:

         "4.1     I have carefully perused the facts of the case as well as the
         observation made by the AO in the assessment order.                     I have also
         perused the submission made by the AR of the appellant. The appeals for
         the Asstt. Years 02-03, 03-04, 04-05 and 07-08 were decided by me
         against        the      appellant        vide     Appellate   Order    in   Appeal
         No.CIT(A)/VLS/463,462,461 & 460 dated 24.08.2010. Since the matter is
         identical, following the earlier year order, this appeal is decided against
         the appellant by confirming the action of the A.O. Thus, this ground of
         appeal is dismissed."
4.       Now the assessee is before us.                  Ld. Counsel for the appellant submitted

written reply which is reproduced as under:
I T A No . 2 49 9 /A h d/ 2 01 1 A . Y. 0 8- 09                            Page 3


         "(2)     Identical issue in the case of the assessee was before the Hon'
         Tribunal Bench `B', Ahmadabad in ITA Nos. 3238 to 3241/Ahd/2010 for
         2002-03, 2003-04, 2004-05 and 2007-08 assessment years. Grounds for
         these years have been reproduced by the Hon' Tribunal disposing off the
         appeals fo the assessee by its consolidated order dated 31-07-2013 in ITA
         3238 to 3241/Ahd/2010. The finding of the Hon. Tribunal is in para 6
         which has been highlighted. The assessee's appeal has been allowed.
         Copy of order of Tribunal is enclosed."
At the outset, ld. Sr. D.R. vehemently relied upon the order of CIT(A).

5.       We have heard the rival contentions and perused the material on record.

After following the Co-ordinate `B' Bench, Ahmadabad in ITA Nos. 3238 to

3241/Ahd/2010 for 2002-03, 2003-04, 2004-05 and 2007-08 assessment years, we

allow the appeal of the assessee.




6.       In the result, the assessee's appeal is allowed.

 This Order pronounced in open Court on 18.10.2013



           Sd/-                                                      Sd/-
      (G.C.Gupta)                                              (T.R. Meena)
     Vice President                                         Accountant Member
                                             True Copy
S.K.Sinha
     / Copy of Order Forwarded to:-
1.  / Appellant
2. × / Respondent
3.    / Concerned CIT
4.  -  / CIT (A)
5.  ,   ,  / DR, ITAT, Ahmedabad
6. [  / Guard file.
                                                                      By order/  ,




                                                                     / 
                                                                 ,

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions