CASCADE HOLDINGS P. LTD, MUMBAI v. DCIT CEN CIR 31, MUMBAI

ITA 1456/MUM/2011 | 2005-2006
Pronouncement Date: 15-11-2017 | Result: Allowed

Appeal Details

RSA Number 145619914 RSA 2011
Assessee PAN AAACC5768N
Bench Mumbai
Appeal Number ITA 1456/MUM/2011
Duration Of Justice 6 year(s) 8 month(s) 27 day(s)
Appellant CASCADE HOLDINGS P. LTD, MUMBAI
Respondent DCIT CEN CIR 31, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 15-11-2017
Appeal Filed By Assessee
Tags No record found
Order Result Allowed
Bench Allotted C
Tribunal Order Date 15-11-2017
Date Of Final Hearing 06-09-2017
Next Hearing Date 06-09-2017
First Hearing Date 06-09-2017
Assessment Year 2005-2006
Appeal Filed On 18-02-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL BENCH C MUMBAI BEFORE SHRI D.T.GARASIA JM AND SHRI RAJESH KUMAR AM I.T.A. NO. 1455 TO 1457 /MUM/20 1 1 ( / ASSESSMENT YEAR S : 20 04 - 05 TO 2006 - 07 ) M/S CAS CADE HOLDINGS PVT LTD. 32 MADHULI 3 RD FLOOR DR. ANNIE BESENT ROAD NEHRU CENTRE WORLI MUMBAI - 400018 / VS. DY.COMMISSIONER OF INCOME TAX - CC - 31 MUMBAI - 400020 ./ PAN : AAACC5768N ( / APPELLANT) : ( / RESPONDE NT ) / ASSESSEE BY : SHRI ASHWIN KASH INATH / REVENUE BY : DR.P DANIEL (STANDING COUNSEL) / DATE OF HEARING : 6.9 .2017 / DATE OF PRONOUNCEMENT : 15. 1 1 . 201 7 / O R D E R PER R AJESH KUMAR A. M: THESE THREE APPEALS BY THE ASSESSEE ARE DIRECTED AGAINST THE ORDER DATED 29.12.2010 PASSED BY THE LD.CIT(A) FOR THE RESPECTIVE ASSESSMENT YEARS. GROUNDS OF APPEAL TAKEN BY THE ASSESSEE IN ALL THE APPEALS ARE IDENTICAL AND HENCE THE SE APPEALS WERE CLUBBED TOGETHER AND ARE BEING DISPOSED OFF BY THIS CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. 2 I.T.A. NO. 1455 - 1456 - 1457 MUM/201 1 2. THE ISSUE RAISED IN GROUNDS NO.1 TO 3 IN ALL THE APPEALS ARE NOT PRESSED BY THE LD.AR AND HENCE DISMISSED AS NOT PRESSED. 3. THE ISSU E RAISED IN GROUND NO.4 IN ALL THE APPEALS IS AGAINST THE NON - GRANTING OF RELIEF AMOUNTING TO RS.86 14 970/ - BY CIT(A) AS DISALLOWED BY THE AO TOWARDS THE INTEREST EXPENDITURE AS CLAIMED BY THE APPELLANT . 4. AT THE OUTSET THE LD.AR SUBMITTED THAT THE I SSUE RAISED IN GROUND NO.4 IN ALL THE APPEALS STANDS COVERED IN FAVOUR OF THE ASSESSEE IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2008 - 09 IN ITA NO.191/MUM/2013 VIDE ORDER DATED 16.7.2014. SINCE THE FACTS ARE IDENTICAL IN ALL THE YEARS THE PRECEDENT L AID DOWN BY THE TRI BUNAL BE FOLLOWED IN THESE YEARS AND APPEAL S OF THE ASSESSEE BE ALLOWED ACCORDINGLY. 5. THE LD. DR FAIRLY AGREED WITH THE SUBMISSIONS OF THE LD.AR. 6. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL PLACE D BEFORE US. WE FIND THAT THE IDENTICAL ISSUE HAS BEEN DECIDED BY THE CO - ORDINATE BENCH OF THE TRIBUNAL IN ASSESSMENT YEARS 2007 - 08 2008 - 09 AND 2010 - 11 IN FAVOUR OF THE ASSESSEE. HOWEVER FOR READY REFERENCE WE REPRODUCE BELOW THE OPERATIVE PART OF THE DECISION RENDERED IN ITA NO.191/MUM/2013 (PARA 5): 5. HAVING CONSIDERED THE RIVAL SUBMISSIONS AS WELL AS MATERIAL AVAILABLE ON RECORD WE NOTE THAT IDENTICAL ISSUE HAS BEEN CONSIDERED AND DECIDED BY THE CO - ORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2007 - 08 AS UNDER : - 3 I.T.A. NO. 1455 - 1456 - 1457 MUM/201 1 6. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE ORDERS OF THE REVENUE AUTHORITIES AS WELL AS THE ORDER OF THE TRIBUNAL IN THE CASE OF HITESH S. MEHTA (SUPRA). WHETHER THE INTEREST LIABILITIES OF RS.86 15 97 0/ - CONSTITUTES ASCERTAINED ONE OR NOT IS ALSO LINKED TO THE ISSUE OF REJECTION OF BOOKS OF ACCOUNTS AS THE BOOKS OF ACCOUNT IS THE BASIS FOR COMPUTATION OF BOOK PROFITS U/S 115JA OF THE ACT. THIS IS COMMON ISSUE QUA THE ISSUE ADJUDICATED IN THE CASE OF THE HITESH S. MEHTA (SUPRA) AND MATTER WAS SET ASIDE. RESPECTFULLY FOLLOWING THE SAID ORDER OF THE TRIBUNAL WE ARE OF THE CONSIDERED OPINION THAT THE ISSUE RAISED IN GROUND NO.3 SHOULD BE SET ASIDE TO THE FILES OF THE CIT(A) FOR FRESH ADJUDICATION OF THE ISS UE AFTER GRANTING A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. THE DECISION IF ANY SHOULD BE TAKEN ONLY AFTER CONSIDERING THE DECISION IN THE CASE OF HITESH. S MEHTA (SUPRA). ACCORDINGLY GROUND NOS.4 & 6 ARE SET ASIDE. 5.1 FOLLOWING THE EA RLIER DECISION OF THIS TRIBUNAL IN ASSESSEES OWN CASE WE SET ASIDE THIS ISSUE TO THE RECORD OF CIT(A) WITH THE SAME DIRECTION AS GIVEN IN THE ASSESSMENT YEAR 2007 - 08. 7 . RESPECTFULLY FOLLOWING THE DECISION OF THE TRIBUNAL WE SET ASIDE THE ORDER OF TH E LD.CIT(A) AND DIRECT HIM TO PASS FRESH ORDER ACCORDING TO JUDICIAL PRONOUNCEMENT AS RENDERED BY THE TRIBUNAL FOR ASSESSMENT YEAR 2008 - 09. 8 . IN THE RESULT THE APPEAL S OF THE ASSESSEE STAND ALLOWED FOR STATISTICAL . ORDER IS PRONOUNCED ON 15TH NOV.2017 SD SD ( D.T.GARASIA ) ( RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : . 15TH 1 1 .2017 SR.PS:SRL: 4 I.T.A. NO. 1455 - 1456 - 1457 MUM/201 1 / COPY OF THE ORDER FO RWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. / DR ITAT MUMBAI 6. / GUARD F ILE / BY ORDER TRUE COPY / (DY./ASSTT. REGISTRAR) / ITAT MUMBAI