M/s. Apollo Tyres Ltd, Cochin v. DCIT, Ernakulam

ITA 315/COCH/2010 | 1993-1994
Pronouncement Date: 17-02-2012 | Result: Dismissed

Appeal Details

RSA Number 31521914 RSA 2010
Assessee PAN AAACA6990Q
Bench Cochin
Appeal Number ITA 315/COCH/2010
Duration Of Justice 1 year(s) 9 month(s) 7 day(s)
Appellant M/s. Apollo Tyres Ltd, Cochin
Respondent DCIT, Ernakulam
Appeal Type Income Tax Appeal
Pronouncement Date 17-02-2012
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted DB
Tribunal Order Date 17-02-2012
Date Of Final Hearing 13-02-2012
Next Hearing Date 13-02-2012
Assessment Year 1993-1994
Appeal Filed On 10-05-2010
Judgment Text
1 ITA NO.315/COCH/2010 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH COCHIN BEFORE SHRI N.R.S. GANESAN (JM) AND SHRI B.R. BASKARA N(AM) I.T.A NO. 315/COCH/2010 (ASSESSMENT YEAR 1993-94) APOLLO TYRES LTD VS DY.CIT6 CIR.1(1) 6 TH FLOOR CHERUPUSHPAM BLDG KOCHI SHANMUGHAM ROAD ERNAKULAM KOCHI-682 031 PAN : AAACA6990Q (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI RADHESH BHATT RESPONDENT BY : SMT. VIJAYAPRABHA DATE OF HEARING : 13-02-2012 DATE OF PRONOUNCEMENT : 17-02-2012 O R D E R PER N.R.S. GANESAN (JM) THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF THE ADMINISTRATIVE COMMISSIONER UNDER SECTION 263 OF TH E INCOME-TAX ACT FOR THE ASSESSMENT YEAR 1993-04. 2. SHRI RADHESH BHATT THE LD.REPRESENTATIVE FOR TH E ASSESSEE SUBMITTED THAT THE ADMINISTRATIVE COMMISSIONER CAN INVOKE HIS REVIS IONAL JURISDICTION U/S 263 OF THE INCOME-TAX ACT PROVIDED THE ORDER OF THE ASSESSI NG OFFICER IS ERRONEOUS AND PREJUDICIAL TO THE INTEREST OF THE REVENUE. IN THI S CASE ACCORDING TO THE 2 ITA NO.315/COCH/2010 LD.REPRESENTATIVE THE ORDER OF THE ASSESSING OFFIC ER IS NEITHER ERRONEOUS NOR PREJUDICIAL TO THE INTEREST OF THE REVENUE. THEREF ORE THE COMMISSIONER OF INCOME-TAX IS NOT JUSTIFIED IN INVOKING HIS REVISIONA L JURISDICTION U/S 263 OF THE I.T. ACT. 3. REFERRING TO GROUND NO.4 OF GROUNDS OF APPEAL T HE LD.REPRESENTATIVE SUBMITTED THAT THE ISSUE RAISED IS WITH REGARD TO G AIN ON FOREIGN EXCHANGE FORWARD CONTRACT WHICH WAS DECIDED BY THE ASSESSING OFFICER IN FAVOUR OF THE ASSESSEE THEREFORE HE IS NOT PRESSING THIS GROUND OF APPEAL. WITH REGARD TO COMPUTATION OF INTEREST U/S 234B AND GRANT OF INTER EST U/S 244A THE LD.REPRESENTATIVE SUBMITTED THAT THE ASSESSING OFFI CER HAS RIGHTLY COMPUTED THE INTEREST U/S 234B AND 244A OF THE ACT. THEREFORE THE ORDER OF THE ADMINISTRATIVE COMMISSIONER IS NOT JUSTIFIED ALL. WE HEARD SMT. V IJAYAPRABHA THE LD.DR ALSO. 5. THE ISSUE ARISES FOR CONSIDERATION IS ONLY CHARG ING OF INTEREST U/S 234B AND GRANT OF INTEREST U/S 244A OF THE ACT. THE ADMINIS TRATIVE COMMISSIONER FOUND THAT WHILE GIVING EFFECT TO THE ORDER OF THE TRIBUN AL WHICH HAS ATTAINED FINALITY INTEREST HAS TO BE LEVIED U/S 234B(3) OF THE ACT. THE ADMINISTRATIVE COMMISSIONER FOUND THAT NO AMOUNT WAS CHARGED AS IN TEREST U/S 234B(3) OF THE ACT AS PER THE ORDER DATED 09-04-2007. THE ONLY CONT ENTION OF THE ASSESSEE APPEARS TO BE THAT BY THE ORDER OF THIS TRIBUNAL T HE INCOME OF THE ASSESSEE IS REDUCED AND THE ASSESSEE IS REQUIRED TO PAY A MINIM UM INTEREST U/S 234B. CHARGING OF INTEREST IS OF FACTUAL MATTER WHICH NEE DS TO BE COMPUTED ON THE BASIS OF THE DATE OF FILING OF THE RETURN OF INCOME AND D ATE OF PAYMENT OF THE TAXES ETC. THESE FACTS CAN VERY WELL BE EXAMINED BY THE ASSESS ING OFFICER AFTER VERIFYING THE DATE OF FILING OF THE RETURN AND DATE OF PAYMENT OF THE TAXES ETC. WHEN THE ADMINISTRATIVE COMMISSIONER FOUND THAT THE ASSESSIN G OFFICER HAS NOT CHARGED 3 ITA NO.315/COCH/2010 ANY INTEREST U/S 234B(3) WE FIND THAT THE ORDER OF THE ASSESSING OFFICER IS ERRONEOUS TO THAT EXTENT AND PREJUDICIAL TO THE INT EREST OF THE REVENUE. THEREFORE THERE IS NOTHING WRONG IN THE ORDER OF T HE ADMINISTRATIVE COMMISSIONER IN ASKING THE ASSESSING OFFICER TO EXAM INE THE RECORDS AND REDO THE EXERCISE OF LEVY OF INTEREST. 6. IN VIEW OF THE ABOVE WE DO NOT FIND ANY INFIRMI TY IN THE ORDER OF THE LOWER AUTHORITY. ACCORDINGLY THE SAME IS CONFIRMED. 7. IN THE RESULT THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 17 TH DAY OF FEBRUARY 2012. SD/- SD/- (B.R. BASKARAN) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN DT : 17 TH FEBRUARY 2012 PK/- COPY TO: 1. APPOLLO TYRES LTD 6 TH FLOOR CHERUPUSHPAM BLDG SHANMUGHAM ROAD ERNAKULAM KOCHI-682 031 2. DY.CIT CIR.1(1) RANGE-1 ERNAKULAM KOCHI 3. THE C.I.T. KOCHI 4. THE DR (TRUE COPY) BY ORDER ASSTT. REGISTRAR INCOME-TAX APPELLATE TRIBUNAL COCHIN BENCH