Dadra Nagar Haveli Sahakari Khand Udyog Mandli Ltd.,, SILVASSA v. The Income tax Officer,Ward-1,, Vapi

ITA 2499/AHD/2011 | 2008-2009
Pronouncement Date: 18-10-2013 | Result: Allowed

Appeal Details

RSA Number 249920514 RSA 2011
Assessee PAN AAAAK0901F
Bench Ahmedabad
Appeal Number ITA 2499/AHD/2011
Duration Of Justice 2 year(s) 13 day(s)
Appellant Dadra Nagar Haveli Sahakari Khand Udyog Mandli Ltd.,, SILVASSA
Respondent The Income tax Officer,Ward-1,, Vapi
Appeal Type Income Tax Appeal
Pronouncement Date 18-10-2013
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted B
Tribunal Order Date 18-10-2013
Date Of Final Hearing 10-09-2013
Next Hearing Date 10-09-2013
Assessment Year 2008-2009
Appeal Filed On 05-10-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH AHMADABAD BEFORE SHRI G.C.GUPTA VICE PRESIDENT AND SHRI T.R. MEENA ACCOUNTANT MEMBER ITA NO. 2499/AHD/2011 ASSESSMENT YEAR :2008-09 DADRANAGAR HAVELI SAHAKARI KHAND UDHYOG MANDALI LTD. NEW MARKETING CENTRE ROOM NO. 16 & 17 DADRA NAGAR HAVELI SILVASA-396230 V/S . THE INCOME-TAX OFFICER WARD-1 VAPI PAN NO. AAAAK0901F (APPELLANT) .. (RESPONDENT) BY APPELLANT SHRI A. J. SHAH A.R. /BY RESPONDENT SHRI P. L. KUREEL SR. D.R. /DATE OF HEARING 10.09.2013 /DATE OF PRONOUNCEMENT 18.10.2013 O R D E R PER : SHRI T.R.MEENA ACCOUNTANT MEMBER THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF THE CIT(A) VALSAD ORDER DATED 30.06.2011 FOR A.Y. 2008-09. THE EFFEC TIVE GROUNDS OF APPEAL ARE AS UNDER: (I) ADDITION OF INTEREST FROM BANK:- (1) ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND AS PER LAW THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS ) ERRED IN TREATING A SUM OF RS.1 23 22 484/- AS INCO ME OF THE APPELLANT WHEN INTEREST BELONGED TO THE CENTRAL GOVERNMENT WHICH WAS TAKEN BY IT SUBSEQUENTLY AS PA RT OF ITS SHARE CAPITAL. (2) THE APPELLANT SUBMITS THAT THE LEARNED COMMISSI ONER OF INCOME-TAX (APPEALS) FAILED TO PROPERLY APPRECIATE THE LEGAL ASPECTS IN CONFIRMING THE ABOVE ADDITION. ITA NO. 2499/AHD/2011 A.Y. 08-09 PAGE 2 (III) MISCELLANEOUS:- (1) THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS ) ERRED IN NO DEALING WITH GROUNDS FOR CHARGE OF INTE REST U/S. 234A 234B 234C & 234D OF THE ACT. 2. THE A.O. OBSERVED THAT THE ASSESSEE HAD EARNED I NTEREST AMOUNT OF RS.1 23 22 484/- AS INTEREST ON GOVERNMENT SHARE CA PITAL. THE SAID INTEREST HAD BEEN CREDITED TO THE INTEREST ON GOVERNMENT SHARE C APITAL UNDER THE HEAD OF RESERVES AND SURPLUS IN BALANCE SHEET. THE ASSESSE E HAD INVESTMENTS WITH VARIOUS BANKS IN THE FORM OF DEPOSITS. THE A.O. GAVE REASO NABLE OPPORTUNITY OF BEING HEARD WHICH WAS REPLIED BY THE ASSESSEE. AFTER FOLLOWING THE CIT(A) ORDER IN A.Y. 02-03 03-04 04-05 AND 07-08 AND EVEN IN THE PAST IN THE CASE OF THE ASSESSEE WHEREIN THE CIT(A) HAD DISMISSED THE APPEAL AND UPHELD THE ORDER OF THE THEN ASSESSING OFFICER UPHOLDING THE ADDITION OF INTEREST INCOME T O THE TOTAL INCOME OF THE ASSESSEE THE A.O. HAD MADE ADDITION OF RS.1 23 22 484/-. 3. THE ASSESSEE CARRIED THE MATTER BEFORE THE CIT(A ) WHO HAS DISMISSED THE APPEAL BY OBSERVING AS UNDER: 4.1 I HAVE CAREFULLY PERUSED THE FACTS OF THE CASE AS WELL AS THE OBSERVATION MADE BY THE AO IN THE ASSESSMENT ORDER. I HAVE ALSO PERUSED THE SUBMISSION MADE BY THE AR OF THE APPELL ANT. THE APPEALS FOR THE ASSTT. YEARS 02-03 03-04 04-05 AND 07-08 WERE DECIDED BY ME AGAINST THE APPELLANT VIDE APPELLATE ORDER IN APPEAL NO.CIT(A)/VLS/463 462 461 & 460 DATED 24.08.2010. SINCE THE MATTER IS IDENTICAL FOLLOWING THE EARLIER YEAR ORDER THIS A PPEAL IS DECIDED AGAINST THE APPELLANT BY CONFIRMING THE ACTION OF THE A.O. THUS THIS GROUND OF APPEAL IS DISMISSED. 4. NOW THE ASSESSEE IS BEFORE US. LD. COUNSEL FOR THE APPELLANT SUBMITTED WRITTEN REPLY WHICH IS REPRODUCED AS UNDER: ITA NO. 2499/AHD/2011 A.Y. 08-09 PAGE 3 (2) IDENTICAL ISSUE IN THE CASE OF THE ASSESSEE WA S BEFORE THE HON TRIBUNAL BENCH B AHMADABAD IN ITA NOS. 3238 TO 3 241/AHD/2010 FOR 2002-03 2003-04 2004-05 AND 2007-08 ASSESSMENT YE ARS. GROUNDS FOR THESE YEARS HAVE BEEN REPRODUCED BY THE HON TRIBUN AL DISPOSING OFF THE APPEALS FO THE ASSESSEE BY ITS CONSOLIDATED ORDER D ATED 31-07-2013 IN ITA 3238 TO 3241/AHD/2010. THE FINDING OF THE HON. TRI BUNAL IS IN PARA 6 WHICH HAS BEEN HIGHLIGHTED. THE ASSESSEES APPEAL HAS BEEN ALLOWED. COPY OF ORDER OF TRIBUNAL IS ENCLOSED. AT THE OUTSET LD. SR. D.R. VEHEMENTLY RELIED UPON THE ORDER OF CIT(A). 5. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD. AFTER FOLLOWING THE CO-ORDINATE B BENCH AHMADABA D IN ITA NOS. 3238 TO 3241/AHD/2010 FOR 2002-03 2003-04 2004-05 AND 200 7-08 ASSESSMENT YEARS WE ALLOW THE APPEAL OF THE ASSESSEE. 6. IN THE RESULT THE ASSESSEES APPEAL IS ALLOWED. THIS ORDER PRONOUNCED IN OPEN COURT ON 18.10.2013 SD/- SD/- (G.C.GUPTA) (T.R. MEENA) VICE PRESIDENT ACCOUNTANT MEMBER TRUE COPY S.K.SINHA ! ! ! ! '! '! '! '! / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. '(' ) * / CONCERNED CIT 4. *- / CIT (A) 5. !./ ) ) 12( / DR ITAT AHMEDABAD 6. /45 67 / GUARD FILE. BY ORDER/ 8/ 1 ': )