M/S. AKAR TOOLS LTD, MUMBAI v. THE CIT(A)XI, MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH MUMBAI BEFORE SHRI PRAMOD KUMAR (ACCOUNTANT MEMBER) AND SMT. ASHA VIJAYARAGHAVAN (JUDICIAL MEMBER) ITA NO.487/MUM./2008 ASSESSMENT YEAR : 2004-05 DATE OF HEARING 22.3.2010 AKAR TOOLS LIMITED 304 ABHAY STEEL HOUSE CARNAC BUNDER BARODA STREET MUMBAI 400 002 PAN AAACA4261G .. APPELLANT VS INCOME TAX OFFICER WARD 6(1)(2) R.NO.563 AAYAKAR BHAWAN M.K. ROAD MUMBAI 20 RESPONDENT APPELLANT BY : SHRI A.K. BAGADIA RESPONDENT BY : SHRI KESHAV SAXENA O R D E R PER PRAMOD KUMAR A.M. BY WAY OF THESE APPEALS THE ASSESSEE HAS CALLED IN TO QUESTION CORRECTNESS OF LD. COMMISSIONER (APPEALS)S ORDER DATED 21 ST NOVEMBER 2007 FOR ASSESSMENT YEAR 2004-05 ON THE FOLLOWING GROUNDS:- THE LEARNED CIT(A) ERRED IN CONFIRMING THE ORDER O F THE LD. ASSESSING OFFICER FOR CHARGING OF INTEREST U/S 324B 324C AND 234D OF THE INCOME TAX ACT 1961. ITA NO.487/MUM./2008 AKAR TOOLS LIMITED [2] THE LEARNED CIT(A) ERRED IN CONFIRMING DISALLOWANCE OF BENEFIT U/S 80HHC AS PER THE ORDER OF THE LD. ASSESSING OFFICER PASSED U/S 143(3 ) OF THE INCOME TAX ACT 1961. THE LEARNED CIT(A) ERRED IN NOT CONSIDERING THE COR RECT MEANING AND APPLICATION OF PROVISIONS OF SECTION 28(IIIA) (IIIB) AND (IIIC) R .W. SECTION 28(4) OF THE INCOME TAX ACT 1961 IN RELATION TO EXPORT INCENTIVES (DEBTBENEFIT S) WHILE CONSIDERING THE PROVISIONS OF SECTION 80HHC. 2. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED BEFORE U S THAT HE DO NOT WISH TO PRESS THIS APPEAL. LEARNED DEPARTMENTAL REPRESENTATIVE O N THE OTHER HAND DID NOT EXPRESS ANY OBJECTION IN ASSESSEES WITHDRAWING THE APPEAL. CON SEQUENTLY WE DISMISS THIS APPEAL AS WITHDRAWN. 3. IN THE RESULT ASSESSEES APPEAL IS DISMISSED. PRON OUNCED IN THE OPEN COURT TODAY ON 30 TH DAY OF APRIL 2010. SD/- (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/- (PRAMOD KUMAR) ACCOUNTANT MEMBER MUMBAI; 30 TH DAY OF APRIL 2010 COPIES OF THE ORDER FORWARDED TO : (1) THE APPELLANT (2) THE RESPONDENT (3) CIT MUMBAI (4) CIT(A) MUMBAI (5) DR H BENCH (6) GUARD FILE TRUE COPY BY ORDER ETC. ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PRADEEP J. CHOWDHURY MUMBAI BENCHES SR. PRIVATE SECRETARY ITA NO.487/MUM./2008 AKAR TOOLS LIMITED [3] DATE INITIAL 1. DRAFT DICTATED ON 22.4.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 23.4.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 23.4.2010 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 23.4.2010 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 23.4.010 SR.PS/PS 6. DATE OF PRONOUNCEMENT 24.42.10 SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER