SANCHITA MARINE PRODUCTS P.LTD, NAVI MUMBAI v. A.C.I.T. 10(3), MUMBAI

ITA 1124/MUM/2009 | 2004-2005
Pronouncement Date: 21-05-2010 | Result: Dismissed

Appeal Details

RSA Number 112419914 RSA 2009
Assessee PAN AABCS6531N
Bench Mumbai
Appeal Number ITA 1124/MUM/2009
Duration Of Justice 1 year(s) 3 month(s) 3 day(s)
Appellant SANCHITA MARINE PRODUCTS P.LTD, NAVI MUMBAI
Respondent A.C.I.T. 10(3), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 21-05-2010
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted E
Tribunal Order Date 21-05-2010
Date Of Final Hearing 18-05-2010
Next Hearing Date 18-05-2010
Assessment Year 2004-2005
Appeal Filed On 18-02-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E MUMBAI BEFORE SHRI. R.S. SYAL (A.M.) AND SHRI. VIJAY PAL R AO (J.M) ITA NO.1124/MUM/2009 ASSESSMENT YEAR: 2004-2005 ITA NO.1125/MUM/2009 ASSESSMENT YEAR: 2005-2006 SANCHITA MARINE PRODUCTS LTD. GALA NO.29 GR. FLR. CENTRAL FACILITY BLDG. APMC FRUIT MARKET SECTOR-19 VASHI NAVI MUMBAI -400 703. PAN : AABCS6531N VS. A.C.I.T. - 10(3) 473 AAYAKAR BHAVAN MUMBAI 400 020. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI C.N. VAZE RESPONDENT BY : SHRI SHRAVAN KUMAR O R D E R PER VIJAY PAL RAO J.M. THESE APPEALS BY THE ASSESSEE ARE DIRECTED AGAINST THE TWO DIFFERENT ORDERS DATED 22.01.2009 AND 21.01.2009 OF LEARNED C IT(A)-X MUMBAI FOR THE ASSESSMENT YEAR 2004-05 AND ASSESSMENT YEAR 200 5-06 RESPECTIVELY. 2. THE SOLITARY COMMON ISSUE ARISES IN THESE APPEAL S OF THE ASSESSEE IS WHETHER THE LEARNED CIT(A) JUSTIFIED IN CONFIRMING THE DISALLOWANCE OF DEDUCTION U/S.80IB IN RESPECT OF DEPB RECEIPT. 3. WE HAVE HEARD THE LEARNED AR AS WELL AS DR AND C ONSIDERED THE RELEVANT RECORD. AT THE OUTSET WE NOTE THAT THE ISSUE IS COVERED AGAINST THE ASSESSEE BY THE DECISION OF HONBLE SUPREME COURT I N THE CASE OF LIBERTY INDIA VS. CIT (317 ITR 218)(SC) WHEREIN THE HONBL E APEX COURT HAS HELD THAT DUTY DRAWBACK RECEIPT/DEPB DO NOT FORM PART OF NET PROFIT OF ELIGIBLE INDUSTRIAL UNDERTAKING FOR THE PURPOSE OF SECTION 8 0I/80IA/80IB OF THE I.T. ACT. ITA NO.1124/MUM/2009 ITA NO.1125/MUM/2009 2 4. ACCORDINGLY RESPECTFULLY FOLLOWING THE DECISION OF HONBLE SUPREME COURT (SUPRA) WE DECIDE THIS ISSUE AGAINST THE ASS ESSEE AND IN FAVOUR OF THE REVENUE. THE ORDER OF LEARNED CIT(A) QUA THIS ISS UE IS UPHELD. 5. IN THE RESULT APPEALS FILED BY THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED ON THIS 21 ST DAY OF MAY 2010. SD/- (R.S. SYAL) (ACCOUNTANT MEMBER) SD/- (VIJAY PAL RAO) (JUDICIAL MEMBER) MUMBAI DATED 21 ST MAY 2010. JANHAVI COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS)- MUM BAI 4. COMMISSIONER OF INCOME TAX CITY- MUMBAI 5. DEPARTMENTAL REPRESENTATIVE BENCH E MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR ITAT MUMBAI