INSTANT HOLDINGS LIMITED (FORMERLY KNOWN AS M/S. KEC HOLDINGS LTD), MUMBAI v. DCIT 6(2), MUMBAI

ITA 1998/MUM/2011 | 2006-2007
Pronouncement Date: 03-04-2014 | Result: Dismissed

Appeal Details

RSA Number 199819914 RSA 2011
Assessee PAN AACCK5600M
Bench Mumbai
Appeal Number ITA 1998/MUM/2011
Duration Of Justice 3 year(s) 23 day(s)
Appellant INSTANT HOLDINGS LIMITED (FORMERLY KNOWN AS M/S. KEC HOLDINGS LTD), MUMBAI
Respondent DCIT 6(2), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 03-04-2014
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted J
Tribunal Order Date 03-04-2014
Assessment Year 2006-2007
Appeal Filed On 10-03-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J MUMBAI BEFORE SHRI D. KARUNAKARA RAO ACCOUNTANT MEMBER AND SHRI SANJAY GARG JUDICIAL MEMBER ITA NO .1998/M/2011 ASSESSMENT YEAR: 2006 - 07 M/S. INSTANT HOLDINGS LIMITED (FORMERLY KNOWN AS M/S. KEC HOLDINGS LTD.) 1 ST FLOOR CEAT MAHAL 463 ANNIE BESANT ROAD MUMBAI 400 030 PAN: AACCK5600M VS. DY. CIT 6(2) MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI SANJAY VASANT DESAI A.R. REV ENUE BY : SHRI MAURYA PRATAP D.R. DATE OF HEARING : 03.04 .201 4 DATE OF PRONOUNCEMENT : 03.04.2014 O R D E R PER SANJAY GARG JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) [(HEREINAFTER REFERRED TO AS CIT(A)] DATED 08.12.10. 2. THE ASSESSEE HAS AGITATED THE ADDITION OF INCORPORATE DEPOSITS WHICH WERE WRITTEN OFF BY THE ASSESSEE IN EARLIER YEARS AND WRITTEN BACK DURING THE CURRENT ASSESSMENT YEAR. 3. AT THE OU TSET THE LD. A.R. OF THE ASSESSEE HAS SUBMITTED THAT THE INCORPORATE DEPOSITS WRITTEN OFF BY THE ASSESSEES PREDECESSORS COMPANY M/S. BESPOKE FINVEST LIMITED WERE NOT ALLOWED AS DEDUCTION IN EARLIER YEARS AND HENCE THE ASSESSEE HAD WRITTEN BACK THE SA ID INCORPORATE DEPOSITS DURING THE CURRENT ASSESSMENT YEAR WHICH HAS BEEN DISALLOWED BY THE LOWER AUTHORITIES AND AS SUCH THE ASSESSEE HAS BEEN DOUBLY TAXED ON THE SAID AMOUNT. THE LD. ITA NO. 1998/M/2011 M/S. INSTANT HOLDINGS LIMITED (FORMERLY KNOWN AS M/S. KEC HOLDINGS LTD.) 2 A.R. OF THE ASSESSEE HAS BEEN FAIR ENOUGH TO STATE THAT THE ASSESSEES CLAIM FOR EARLIER YEAR HAS BEEN ALLOWED BY THE TRIBUNAL. HE HAS ALSO PRODUCED A COPY OF THE ORDER OF THE TRIBUNAL PASSED IN ITA NO.3736/M/09 RELATING TO ASSESSMENT YEAR 2005 - 06 IN THIS RESPECT. 4. LD. A.R. HAS FAIRLY ADMITTED THAT SINCE THE CLAIM OF T HE ASSESSEE FOR EARLIER YEARS HAS BEEN ALLOWED BY THE TRIBUNAL HENCE THE SAME DESERVES TO BE DISALLOWED FOR THE CURRENT YEAR. HIS ONLY CONCERN HAS BEEN THAT THE LD. ASSESSING OFFICER HAS NOT YET GIVEN EFFECT TO THE ORDERS OF THE TRIBUNAL AND FURTHER THAT THE REVENUE MAY PREFER THE APPEALS AGAINST THE ORDERS OF THE TRIBUNAL FOR THE EARLIER ASSESSMENT YEARS VIDE WHICH THE CLAIM OF THE ASSESSEE ON THIS ACCOUNT HAS BEEN ALLOWED. 5. WE HAVE CONSIDERED THE SUBMISSIONS OF THE LD. A.R. ADMITTEDLY THE CLAI M OF WRITING OFF OF INCORPORATE DEPOSITS HAS BEEN ALLOWED BY THE TRIBUNAL FOR EARLIER YEARS HENCE THE SAID CLAIM CANNOT BE ALLOWED TO THE ASSESSEE FOR THIS YEAR. THE APPEAL OF THE ASSESSEE AS SUCH HAS BECOME INFRUCTUOUS. SO FAR THE CONTENTION OF THE LD. A.R. THAT THE REVENUE MAY PREFER AN APPEAL BEFORE THE HONBLE HIGH COURT RELATING TO EARLIER YEARS IS CONCERNED THE ASSESSEE WILL BE AT LIBERTY TO PLEAD BEFORE THE HONBLE HIGH COURT OR HIGHER APPELLATE AUTHORITY IN THIS RESPECT AND MAY RAISE THE CROSS O BJECTION/ARGUMENTS IN THIS RESPECT ACCORDINGLY. 6. IN THE RESULT THE APPEAL OF THE ASSESSEE IS THUS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 03.04. 201 4 . SD/ - SD/ - ( D. KARUNAKARA RAO ) (SANJAY GARG) ACCOUNTAN T MEMBER JUDICIAL MEMBER MUMBAI DATED: 03.04. 201 4 . * KISHORE ITA NO. 1998/M/2011 M/S. INSTANT HOLDINGS LIMITED (FORMERLY KNOWN AS M/S. KEC HOLDINGS LTD.) 3 COPY TO: THE APPELLANT THE RESPONDENT THE CIT CONCERNED MUMBAI THE CIT ( A) CONCERNED MUMBAI THE DR C BENCH //TRUE COPY// [ BY ORDER DY/ASSTT. REGISTRAR ITAT MUMBAI.