M/s. Amsteel Castings Pvt Ltd., CHENNAI v. DCIT, CHENNAI

CO 23/CHNY/2010 | 2002-2003
Pronouncement Date: 09-09-2010 | Result: Dismissed

Appeal Details

RSA Number 2321723 RSA 2010
Assessee PAN AAACA5352Q
Bench Chennai
Appeal Number CO 23/CHNY/2010
Duration Of Justice 3 month(s) 28 day(s)
Appellant M/s. Amsteel Castings Pvt Ltd., CHENNAI
Respondent DCIT, CHENNAI
Appeal Type Cross Objection
Pronouncement Date 09-09-2010
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted B
Tribunal Order Date 09-09-2010
Date Of Final Hearing 02-09-2010
Next Hearing Date 02-09-2010
Assessment Year 2002-2003
Appeal Filed On 12-05-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL CHENNAI BENCH B : CHENNAI [BEFORE SHRI HARI OM MARATHA JUDICIAL MEMBER AND SHRI ABRAHAM P GEORGE ACCOUNTANT MEMBER] I.T.A.NOS.532 TO 534/MDS/10 ASSESSMENT YEARS : 2002-03 TO 2004-05 THE DY. CIT COMPANY CIRCLE I(1) CHENNAI VS M/S AMSTEEL CASTINGS PVT. LTD 1C PRINCE APARTMENTS 59 ORMES ROAD KILPAUK CHENNAI 600010 [PAN - AAACA5352Q] (APPELLANT) (RESPONDENT) C.O.NOS.23 TO 25/MDS/10 ASSESSMENT YEARS : 2002-03 TO 2004-05 M/S AMSTEEL CASTINGS PVT. LTD 1C PRINCE APARTMENTS 59 ORMES ROAD KILPAUK CHENNAI 600010 VS THE DY. CIT COMPANY CIRCLE I(1) CHENNAI (CROSS OBJECTOR) (RESPONDENT) DEPARTMENT BY : SHRI P.B SEKARAN ASSESSEE BY : SHRI R.M. NARAYANAN O R D E R PER BENCH: THE APPEALS BY THE REVENUE AND THE CRO SS OBJECTIONS BY THE ASSESSEE FOR ASSESSMENT YEARS 2002-03 TO 2004-05 ARE DIRECTED AGAINST SEPARATE ORDERS OF THE LD. CIT(A) BUT DA TED 19.1.2010. ITA 532 TO 534/10 CO 23 TO 25/10 :- 2 -: 2. THE ONLY ISSUE INVOLVED IN THESE APPEALS IS WITH REGARD TO THE INCLUSION OF THE ENTIRE SALE PROCEEDS OF DEPB BY TH E ASSESSING OFFICER AS AGAINST THE PROFIT ON SALE OF DEPB LICENSE TO BE EXCLUDED IN THE COMPUTATION. AS THE FACTS IN ALL THE ASSESSMENT YEARS ARE IDENTICAL WE NARRATE THE FACTS AS OBTAINING IN ASSESSMENT YEA R 2002-03. THE ASSESSEE FILED ITS RETURN OF INCOME FOR ASSESSMENT YEAR 2002-03 DECLARING A TOTAL INCOME OF ` 1 92 54 106/- ON 22.10.2002. LIMITED SCRUTINY ASSESSMENT U/S 143(2)(I) WAS COMPLETED BY THE ASSESSING OFFICER ON 27.12.2004 AT AN INCOME OR ` 2 01 80 050/-. THE ASSESSEE HAD CLAIMED DEDUCTION U/S 80HHC ON ITS DEPB RECEIPT S. THE ASSESSING OFFICER OBSERVED THAT THE ASSESSEE HAS NOT SHOWN TH AT IT HAS FULFILLED THE CONDITIONS LAID DOWN FOR CLAIMING DEDUCTION ON DEPB. HENCE THE ASSESSMENT WAS REOPENED BY ISSUING NOTICE U/S 148 DATED 8.3.2007. THE ASSESSMENT WAS FINALLY COMPLETED ON A TOTAL INC OME OF ` 3 47 17 417/-. AGGRIEVED THE ASSESSEE FILED APP EAL BEFORE THE LD. CIT(A). RELYING ON THE DECISION OF THE SPECIAL BENCH IN THE CASE OF M/S TOPMAN EXPORTS 318 ITR (AT) 87(MUM) THE LD. CI T(A) HAS DIRECTED THE ASSESSING OFFICER TO INCLUDE THE PROFI T ON SALE OF DEPB WHILE COMPUTING DEDUCTION U/S 80HHC AND NOT THE ENT IRE SALE PROCEEDS AND ALLOW APPROPRIATE RELIEF AFTER DUE VERIFICATION . FOR ASSESSMENT YEARS 2003-04 AND 2004-05 ALSO THE LD. CIT(A) HAS I SSUED SIMILAR DIRECTION BASED ON HIS ORDER FOR ASSESSMENT YEAR 2 002-03. AGAINST ITA 532 TO 534/10 CO 23 TO 25/10 :- 3 -: THIS DIRECTION THE REVENUE IS IN APPEAL BEFORE US ON THE GROUND THAT APPEAL HAS BEEN PREFERRED BY THE DEPARTMENT AGAINS T THE SPECIAL BENCH DECISION BEFORE THE HIGH COURT AND THE HON' BLE HIGH COURT HAS PASSED A JUDGMENT BY REVERSING THE ABOVE SPECIAL BE NCH DECISION BY MAKING CERTAIN OBSERVATIONS. BUT A COPY OF THE SAM E COULD NOT BE FILED NOR CITATION COULD BE GIVEN. THEREFORE IN THE GIV EN CIRCUMSTANCES WE ARE RESTORING THIS ISSUE TO THE FILE OF THE ASSESSI NG OFFICER TO DECIDE THE SAME IN THE LIGHT OF THE LATEST DECISION AVAILABLE ON THIS ISSUE. THE ASSESSING OFFICER SHALL GIVE OPPORTUNITY OF HEARING TO THE ASSESSEE. ACCORDINGLY ALL THE APPEALS OF THE REVENUE ARE ALL OWED FOR STATISTICAL PURPOSES. 3. IN THE CROSS OBJECTIONS FILED BY THE ASSESSEE N O MATERIAL GROUNDS HAVE BEEN RAISED SO THESE ARE BEING DISMI SSED. 4. IN THE RESULT THE APPEALS BY THE REVENUE ARE ALLO WED FOR STATISTICAL PURPOSES WHEREAS THE CROSS OBJECTIONS B Y THE ASSESSEE ARE DISMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT O N 9.9.2010. SD/- SD/- ( ABRAHAM P GEORGE ) ACCOUNTANT MEMBER ( HARI OM MARATHA ) JUDICIAL MEMBER DATED: 9 TH SEPTEMBER 10 RD COPY TO: APPELLANT /RESPONDENT/CIT(A)/CIT/DR