M/s. ULTRAMARINE & PIGMENTS LTD., MUMBAI v. THE CIT(A)XXIII, MUMBAI

ITA 6540/MUM/2007 | 2003-2004
Pronouncement Date: 02-07-2010 | Result: Partly Allowed

Appeal Details

RSA Number 654019914 RSA 2007
Bench Mumbai
Appeal Number ITA 6540/MUM/2007
Duration Of Justice 2 year(s) 8 month(s) 4 day(s)
Appellant M/s. ULTRAMARINE & PIGMENTS LTD., MUMBAI
Respondent THE CIT(A)XXIII, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 02-07-2010
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted F
Date Of Final Hearing 26-02-2010
Next Hearing Date 26-02-2010
Assessment Year 2003-2004
Appeal Filed On 29-10-2007
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F : MUMBAI BEFORE SHRI D. MANMOHAN HONBLE VICE PRESIDENT AND SHRI ANANDI LAL GEHLOT ACCOUNTANT MEMBER ITA. NO. 6540/MUM/2007 - ASSESSMENT YEAR 2003-2004 ITA. NO. 6541/MUM/2007 - ASSESSMENT YEAR 2004-2005 ULTRAMARINE & PIGMENTS LTD. MUMBAI 400 022. PAN AAACU-0718-Q VS. ITO WARD 7 (3) (3) MUMBAI 400 020 (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI HIRO RAI FOR RESPONDENT : SHRI R.M. TIWARI ORDER PER D. MANMOHAN V.P. 1. THESE TWO APPEALS FILED AT THE INSTANCE OF THE ASSESSEE- COMPANY ARE DIRECTED AGAINST THE COMMON ORDER DATE D 24 TH SEPTEMBER 2007 PASSED BY THE CIT(A)-XXIII MUMBAI AND THEY PE RTAINS TO THE ASSESSMENT YEARS 2003-2004 AND 2004-2005. 2. AT THE TIME OF HEARING LEARNED COUNSEL APPEAR ING ON BEHALF OF THE ASSESSEE SUBMITTED THAT ALL THE ISSUES ARE C OVERED BY THE EARLIER ORDERS OF THE ITAT IN ASSESSEES OWN CASE AND REQUE STED FOR DISPOSAL OF THESE APPEALS ACCORDINGLY. 3. LEARNED DR HAS NOT RAISED ANY OBJECTION IN THIS REGARD. 4. LEARNED COUNSEL REFERRED TO THE FOLLOWING ORDE RS OF THE ITAT MUMBAI BENCHES. SL.NO. ITA. NO. A.Y. ORDER DATE 1. 2775 & 7617/M/2005 2001-02 & 2002-03 16-04-2009 2. 7276/M/1998 1995-1996 23-02-2005 3. 1422/MUM/2002 1998-1999 24-01-2006 2 5. SUBMISSIONS OF THE LEARNED COUNSEL ARE SUMMARIS ED AS UNDER : ASSESSMENT YEAR GROUND ISSUE REMARKS 2003-2004 1 INTEREST DISALLOWANCE COVERED AGAINST THE ASSESSEE IN ITA.2775/M/05 AND 7617/MUM/2005 (PARAS 2.7 AND 2.8) 2004-2005 2 -DO- -DO- 2003-2004 2004-2005 2 3 DISALLOWANCE OF MOTORCAR AND CONVEYANCE EXPENSES COVERED IN FAVOUR OF THE ASSESSEE (SEE PAGS 23 AND 29 OF THE PAPER BOOK (ITA. NOS. 7276/M/98 AND 1422/M/02) 2003-2004 3 4 COMPUTATION OF DEDUCTION UNDER SECTION 80HHC COMPUTATION OF DEDUCTION UNDER SECTION 80HHE COVERED AGAINST THE ASSESSEE SEE 323 ITR 429 (BOM.) 231 CTR 1 2004-2005 4 5 COMPUTATION OF DEDUCTION UNDER SECTION 80HHC COMPUTATION OF DEDUCTION UNDER SECTION 80HHE -DO- 2004-2005 1 VALUATION OF CLOSING STOCK/OPENING STOCK IN VIEW OF THE RELIEF GRANTED TO THE ASSESSEE IN THE EARLIER YEAR THIS GROUND DOES NOT SURVIVE AND HENCE BECOMES INFRUCTUOUS. 3 6. IN THE LIGHT OF DECISIONS CITED BY THE LEARNED COUNSEL AND ADMITTED POSITION GROUND NOS. 1 3 AND 4 FOR THE A SSESSMENT YEAR 2003- 2004 AND GROUND NOS. 2 4 5 IN THE ASSESSMENT YEAR 2004-2005 ARE REJECTED AND WE HEREBY UPHOLD THE ORDER OF THE LEAR NED CIT(A) ON THOSE ISSUES. DISALLOWANCE MADE BY THE ASSESSING OFFICER OUT OF MOTOR CAR AND CONVEYANCE EXPENSES (GROUND NO. 2 FOR THE ASSESSMEN T YEAR 2003-2004 AND GROUND NO.3 FOR THE ASSESSMENT YEAR 2004-2005) IS HEREBY SET ASIDE IN THE LIGHT OF ORDERS OF THE ITAT CITED (SUPRA) IN ASSESSEES OWN CASE FOR THE EARLIER YEARS. 7. GROUND NO.1 IN THE APPEAL FOR THE ASSESSMENT YE AR 2004- 2005 IS DISMISSED AS INFRUCTUOUS IN THE LIGHT OF SU BMISSIONS MADE BY THE LEARNED COUNSEL. 8. IN THE RESULT APPEALS FILED BY THE ASSESSEE FO R BOTH THE YEARS ARE TREATED AS PARTLY ALLOWED AS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (ANANDI LAL GEHLOT) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI DATE 02 ND JULY 2010. VBP/- COPY TO 1. ULTRAMARINE & PIGMENTS LTD. THIRUMALAI HOUSE PLOT NO. 101/102 SCHEME NO.6 SION MATUNGA ESTATE SION (E) MUM BAI 400 022. PAN AAACU-0718-Q 2. ITO WARD 7 (3) (3) AAYAKAR BHAVAN R.NO. 654 6 TH FLOOR MUMBAI 400 020. 3. CIT (A)-23 MUMBAI. 4. CIT-VII MUMBAI. 5. D.R. F BENCH 6. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR ITAT MUMBAI BENCHES MUMBAI.