DCIT, CHENNAI v. Ashok Leyland Ltd., CHENNAI

MA 160/CHNY/2014 | 2007-2008
Pronouncement Date: 14-11-2014 | Result: Allowed

Appeal Details

RSA Number 16021724 RSA 2014
Assessee PAN AAACA9362J
Bench Chennai
Appeal Number MA 160/CHNY/2014
Duration Of Justice 28 day(s)
Appellant DCIT, CHENNAI
Respondent Ashok Leyland Ltd., CHENNAI
Appeal Type Miscellaneous Application
Pronouncement Date 14-11-2014
Appeal Filed By Department
Order Result Allowed
Bench Allotted A
Tribunal Order Date 14-11-2014
Assessment Year 2007-2008
Appeal Filed On 17-10-2014
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH CHENNAI . . . !' # $! % BEFORE DR. O.K. NARAYANAN VICE PRESIDENT & SHRI VIKAS AWASTHY JUDICIAL MEMBER M.P.NO.160/MDS/2014 IN I.T.A. NO.432/MDS/2012 ( / ASSESSMENT YEAR : 2007-2008) THE DEPUTY COMMISSIONER OF INCOME TAX COMPANY CIRCLE I(1) CHENNAI 600 034. VS M/S. ASHOK LEYLAND LTD (FORMERLY KNOWN AS ASHLEY SERVICES LTD) 1 SARDAR PATEL ROAD GUNIDY CHENNAI 600 032. [PAN AAACA9362J ] ( PETITIONER ) (RESPONDENT) PETITIONER BY : SHRI. SAROJ KUMAR PARIDA ADVOCATE RESPONDENT BY : SHRI. S. DAS GUPTA IRS JCIT. / DATE OF HEARING : 14.11.2014 / DATE OF PRONOUNCEMENT : 14.11.2014 $- / O R D E R PER DR. O.K. NARAYANAN VICE PRESIDENT THIS RECTIFICATION PETITION IS FILED BY THE REVEN UE. THIS PETITION IS FILED IN THE LIGHT OF ORDER OF THE INCOME TAX APPEL LATE TRIBUNAL M.P.NO.160/MDS/2014 IN ITA NO.432/MDS/2012. :- 2 -: CHENNAI BENCH PASSED ON 22 ND MAY 2014 IN APPEAL NO. ITA 432/MDS/2012. THE SAID APPEAL WAS FILED BY THE ASSE SSEE FOR THE ASSESSMENT YEAR 2007-2008. 2. ONE OF THE ISSUES RAISED BY THE ASSESSEE IN THE AP PEAL WAS THAT THE COMMISSIONER OF INCOME TAX (APPEALS) HAS E RRED IN CONFIRMING THE LEVY OF INTEREST UNDER SECTIONS 234B AND 234C WHICH WERE WORKED OUT ON THE BASIS OF THE TAX DETERMINED IN THE INCOME ESCAPING ASSESSMENT. RELYING ON THE JUDGEMENT OF TH E HONBLE MADRAS HIGH COURT IN THE CASE OF CIT V. REVATHI EQUIPMENT LTD. (298 ITR 67) WE ACCEPTED THE CONTENTION OF THE ASSESSEE. IN FACT THE INTENTION OF THE TRIBUNAL WAS TO ALLOW THIS BENEFIT ONLY TO THE INTEREST LEVIED UNDER SECTION 234B. BUT IN PARA 14 OF ITS ORDER THE TR IBUNAL INADVERTENTLY HAS DELETED THE LIABILITY OF INTEREST ARISING OUT O F SECTION 234C AS WELL. 3. IT IS THIS APPARENT MISTAKE THAT THE REVENUE IS NO W PRAYING TO BE CORRECTED THROUGH THIS PETITION. THE SUBMISSI ON OF THE REVENUE IS STATED HEREUNDER:- THE HONBLE ITATS DECISION WITH REFERENCE TO INTE REST U/S. 234B IS ACCEPTED. HOWEVER WITH REGARD TO INTEREST U/S. 234C INTEREST U/S.234C IS CHARGED ON RETURNED INCOME ONLY. THERE FORE DELETION OF THE LIABILITY OF THE SAID INTEREST IN THE INSTAN T CASE WOULD NOT ARISE. HENCE IT IS REQUESTED THAT THE HONBLE ITA T PASS APPROPRIATE ORDER AS IT MAY DEEM FIT TO DO SO. M.P.NO.160/MDS/2014 IN ITA NO.432/MDS/2012. :- 3 -: 4. WE AGREE WITH THE REVENUE THAT INTEREST UNDER SECTI ON 234C IS CHARGED ON THE BASIS OF RETURNED INCOME. ACCORD INGLY WE MODIFY OUR ORDER DATED 22 ND MAY 2014 TO STATE THAT LIABILITY OF INTEREST ARIS ING UNDER SECTION 234B SHALL BE DELETED. IT IS ALSO CL ARIFIED THAT THE INTEREST UNDER SECTION 234C SHALL BE CHARGED WITH R EFERENCE TO RETURNED INCOME ALONE. 5. IN RESULT THIS MISCELLANEOUS PETITION FILED BY THE REVENUE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON FRIDAY THE 14 TH OF NOVEMBER 2014 AT CHENNAI. SD/- SD/- ( !' ) (VIKAS AWASTHY) # $! / JUDICIAL MEMBER ( . . . ) (DR. O.K. NARAYANAN) / VICE PRESIDENT /CHENNAI /DATED:14.11.2014. K.V ! '# /COPY TO: 1. PETITIONER 2. $%&' / RESPONDENT 3. % % ( ( '! )/CIT(A) 4. % % ( /CIT 5. *+% /DR 6. +- . /GF. M.P.NO.160/MDS/2014 IN ITA NO.432/MDS/2012. :- 4 -: