LAHOTI OVERSEAS LTD, MUMBAI v. DCIT 5(2), MUMBAI

ITA 2180/MUM/2010 | 2001-2002
Pronouncement Date: 31-01-2011 | Result: Dismissed

Appeal Details

RSA Number 218019914 RSA 2010
Bench Mumbai
Appeal Number ITA 2180/MUM/2010
Duration Of Justice 10 month(s) 13 day(s)
Appellant LAHOTI OVERSEAS LTD, MUMBAI
Respondent DCIT 5(2), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 31-01-2011
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted A
Tribunal Order Date 31-01-2011
Assessment Year 2001-2002
Appeal Filed On 18-03-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A MUMBAI BEFORE SHRI R.S. SYAL (AM) AND SMT ASHA VIJAYARAGHA VAN (JM) ITA NO. 2180/MUM/2010 (ASSESSMENT YEAR-2001-02) M/S. LAHOTI OVERSEAS LTD. 307 ARUN CHAMBERS TARDEO MUMBAI-400 034 PAN-AAACL 2578H VS. THE DCIT 5(2) AAYAKAR BHAVAN MUMBAI-400 020 (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI AJIT SHETTY RESPONDENT BY: SHRI S.K. PAHWA O R D E R PER ASHA VIJAYARAGHAVAN (JM) THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER OF THE LD. CIT(A)-9 MUMBAI DATED 12.2.2010 FOR THE A.Y. 2 001-02. 2. THE ASSESSEE IS A PUBLIC LIMITED COMPANY AND IS A 100% EXPORTER OF WIDE RANGE OF COTTON YARN. THE ASSESSEE FILED T HE RETURN OF INCOME FOR A.Y. 2001-02 ON 25.10.2001 AND RETURNED A TOTAL INCOME OF RS. 1 24 09 770/-. THE CASE WAS SELECTED FOR SCRUTINY BY ISSUING NOTICE U/S. 143(2) ON 4.10.2002. THE INCOME WAS ASSESSED U/S. 143(3) OF THE ACT IN WHICH PROFIT ON SALE OF DEPB BENEFITS WAS DE NIED WHILE WORKING OUT DEDUCTION U/S. 80HHC FOR THE YEAR UNDER CONSIDE RATION. 3. DURING THE YEAR UNDER CONSIDERATION THE ASSESSE E EARNED INCOME FROM SALE OF DEPB AMOUNTING TO RS. 1 51 36 8 44/- OUT OF WHICH THE ASSESSEE HAD CLAIMED 90% OF DEPB AMOUNT I .E. RS. 1 36 23 160/- IN WORKING OF DEDUCTION U/S. 80HHC. THE ASSESSING ITA NO. 2180/M/2010 2 OFFICER FOUND THAT THE PROFIT OF RS. 1 51 36 844/- ON SALE OF DEPB LICENSES AND THIS PROFIT IS NOT ELIGIBLE FOR DEDUCT ION U/S. 80HHC OF THE I.T. ACT AND EXCLUDED THIS AMOUNT WHILE COMPUTING T HE CLAIM OF THE ASSESSEE FOR DEDUCTION U/S. 80HHC. 4. AGGRIEVED BY THE ORDER OF THE AO ASSESSEE PREFE RRED AN APPEAL BEFORE THE LD. CIT(A). THE LD. CIT(A) ERRED IN CONFIRMING THE ACTION OF THE AO NOT ALLOWING DEDUCTION U/S. 80HHC ON THE PROFIT ON SALE OF DEPB AND NOT CONSIDERING THE DECISION OF THE SPECIA L BENCH OF MUMBAI ITAT IN THE CASE IF TOPMAN EXPORTS VS ITO -14(2) MUMBAI WHICH IS IDENTICAL WITH THE FACTS OF THE CAS E OF YOUR APPEALLANT. 233 CTR 313 ORDER PRONOUNCED ON THIS 31 ST DAY OF JANUARY 2011 SD/- SD/- (R.S. SYAL) ( ASHA VIJAYARAGHAVAN) ACCOUNTANT MEMBER JUDICIAL M EMBER MUMBAI DATED 31 ST JANUARY 2011. RJ ITA NO. 2180/M/2010 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CENTRAL - I CONCERNED 5. THE DR A BENCH TRUE COPY BY ORDER ASST. REGISTRAR I.T.A.T MUMBAI ITA NO. 2180/M/2010 4 DATE INITIALS 1 DRAFT DICTATED ON: 2 7. 01. 201 1 SR. PS/PS 2. DRAFT PLACED BEFORE AUTHOR: 2 7. 01 .201 1 ______ SR. PS/PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER: ______ JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER: ______ JM/AM 5. APPROVED DRAFT COMES TO THE SR. PS/PS: SR. PS/ PS 6. KEPT FOR PRONOUNCEMENT ON: ______ SR. PS/PS 7. FILE SENT TO THE BENCH CLERK: ______ SR. PS/PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK: ______ 9 DATE ON WHICH FILE GOES TO THE AR 10 . DATE OF DISPATCH OF ORDER: ______