M/s Kamakhya Oil Co., New Delhi v. ITO, New Delhi

ITA 2226/DEL/2016 | 2011-2012
Pronouncement Date: 28-09-2016 | Result: Allowed

Appeal Details

RSA Number 222620114 RSA 2016
Assessee PAN AAHFK3040R
Bench Delhi
Appeal Number ITA 2226/DEL/2016
Duration Of Justice 5 month(s) 1 day(s)
Appellant M/s Kamakhya Oil Co., New Delhi
Respondent ITO, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 28-09-2016
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC 1
Tribunal Order Date 28-09-2016
Date Of Final Hearing 27-09-2016
Next Hearing Date 27-09-2016
Assessment Year 2011-2012
Appeal Filed On 26-04-2016
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : SMC-I : NEW DELHI BEFORE SHRI R.S. SYAL ACCOUNTANT MEMBER ITA NO.2226/DEL/2016 ASSESSMENT YEAR : 2011-12 KAMAKHYA OIL CO. 4828/24 PRALAD LANE ANSARI ROAD DARYA GANJ NEW DELHI. PAN: AAHFK3040R VS. ITO WARD 52(3) NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI R.S. SINGHVI & SHRI S. GOEL CAS DEPARTMENT BY : SHRI RAJESH KUMAR SR. DR DATE OF HEARING : 27.09.2016 DATE OF PRONOUNCEMENT : 28.09.2016 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGA INST THE ORDER PASSED BY THE CIT(A) ON 21.3.2016 IN RELATION TO THE ASSES SMENT YEAR 2011-12. 2. NO OTHER ISSUE EXCEPT THE DENIAL OF DEDUCTION U/S 80IB IN RESPECT OF INTEREST EARNED AMOUNTING TO RS.22 38 562/- WAS PRE SSED BY THE LD. AR. ACCORDINGLY THE OTHER GROUNDS INCLUDING CHALLENGE TO THE INITIATION OF RE- ASSESSMENT ARE HEREBY DISMISSED. ITA NO.2226/DEL/2016 2 3. THE FACTS REGARDING THE DENIAL OF DEDUCTION U/S 80IB ARE THAT THE ASSESSEE EARNED INTEREST ON FDR UNDER LIEN WITH PUN JAB NATIONAL BANK AMOUNTING TO RS.6 15 334/-; INTEREST ON LOAN FROM M /S SHREE OIL COMPANY AMOUNTING TO RS.16 16 233/-; AND INTEREST ON LOANS TO EMPLOYEES AT RS.6 995/- TOTALING TO RS.22 38 562/-. THE ASSESS EE CLAIMED DEDUCTION U/S 80IB INTER ALIA IN RESPECT OF SUCH TOTAL INTEREST WHICH WAS DENIED BY THE AO. THE LD.CIT(A) UPHELD THE ACTION OF THE AO. 4. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD IT IS OBSERVED THAT SIMILAR ISS UE WAS INVOLVED IN THE APPEAL OF THE REVENUE FOR THE IMMEDIATELY PRECEDING ASSESSMENT YEAR AND THE TRIBUNAL VIDE ITS ORDER DATED 13.6.2014 IN ITA NO.4428/DEL/2013 HAS FINALLY RESTORED THE MATTER TO THE AO BY GIVING DIR ECTIONS CONTAINED IN PARA 6 OF ITS ORDER. SINCE THE FACTS AND CIRCUMSTA NCES OF THE INSTANT YEAR ARE ADMITTEDLY MUTATIS MUTANDIS SIMILAR TO THE PRECEDING YEAR RESPECTFULLY FOLLOWING THE VIEW TAKEN BY THE TRIBUN AL IN THE IMMEDIATELY PRECEDING YEAR I SET ASIDE THE IMPUGNED ORDER AND RESTORE THE MATTER TO THE FILE OF THE AO FOR DECIDING THIS ISSUE IN CONFO RMITY WITH THE VIEW TAKEN BY THE TRIBUNAL IN ITS ORDER FOR THE PRECEDIN G YEAR. ITA NO.2226/DEL/2016 3 5. IN THE RESULT THE APPEAL IS ALLOWED FOR S TATISTICAL PURPOSES. THE ORDER PRONOUNCED IN THE OPEN COURT ON 28.09.20 16. SD/- [R.S. SYAL] ACCOUNTANT MEMBER DATED 28 TH SEPTEMBER 2016. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR ITAT AR ITAT NEW DELHI.