Shri Rohit C.Parikh, Baroda v. The Income tax Officer,Ward-1(3),, Baroda

MA 171/AHD/2011 | 2004-2005
Pronouncement Date: 07-02-2012 | Result: Allowed

Appeal Details

RSA Number 17120524 RSA 2011
Assessee PAN ACEPP9335E
Bench Ahmedabad
Appeal Number MA 171/AHD/2011
Duration Of Justice 3 month(s) 5 day(s)
Appellant Shri Rohit C.Parikh, Baroda
Respondent The Income tax Officer,Ward-1(3),, Baroda
Appeal Type Miscellaneous Application
Pronouncement Date 07-02-2012
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted D
Tribunal Order Date 07-02-2012
Assessment Year 2004-2005
Appeal Filed On 01-11-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH AHMEDABAD .'# '# $% $ & BEFORE SHRI MUKUL KR.SHRAWAT JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY ACCOUNTANT MEMBER MA NO.171/AHD/2011 ./ I.T.A. NO.1151/AHD/2008 ( # ( # ( # ( # ( / / / / ASSESSMENT YEAR : 2004-05) SHRI ROHIT C.PARIKH 1/B ASHOK SOCIETY BEHIND UTKARSH PETROL PUMP KARELIBAUG BARODA (ORIGINAL APPELLANT) # # # # / VS. THE INCOME TAX OFFICER WARD-1(3) BARODA (ORIGINAL RESPONDENT) ) $% ./*+ ./ PAN/GIR NO. : ACEPP 9335 E ( APPLICANT ) .. ( RESPONDENT ) APPLICANT BY : SHRI M.J.SHAH A.R. REVENUE BY : SHRI R.K. VOHRA D.R. # - %/ // / DATE OF HEARING : 09/12/2011 .'( - % / DATE OF PRONOUNCEMENT : 07/02/2012 $// O R D E R PER SHRI MUKUL KR. SHRAWAT JUDICIAL MEMBER : THIS PETITION HAS BEEN FILED ON 1ST NOVEMBER 2011 BY THE PETITIONER ARISING FROM THE ORDER OF TRIBUNAL DATE D 21ST NOVEMBER 2011. THROUGH THIS PETITION IT IS CONTENDED AS UNDER : 2. AT THE TIME OF HEARING AFTER ARGUING THE ISS UE ABOUT THE DISALLOWANCE OF INTEREST EXPENDITURE OF RS.5 41 838 /- PAID BY THE ASSESSEE TO THE DEPOSITORS FOR EARNING INCOME FROM M/S.KRISHNA MA NO. 171/AHD/2011 (OUT OF ITA NO.1151/AHD/2008) SHRI ROHIT C.PARIKH VS. ITO ASST.YEAR - 2004-05 - 2 - BARRELS PVT.LTD. OUR COUNSEL SHRI MANISH J.SHAH HA D SPECIFICALLY TAKEN UP THE ALTERNATIVE PLEA OF GRANTING NETTING O F INTEREST INCOME EARNED BY US FROM M/S.KRISHNA BARRELS PVT.LTD. IT WAS ARGUED BY HIM BEFORE YOUR GOODSELF THAT THE TOTAL INCOME FROM INTEREST WAS RS.68 554/- OUT OF WHICH INTEREST INCOME FROM LOANS AND ADVANCES GIVEN TO M/S.KRISHNA BARRELS PVT.LTD. WAS RS.35 203 /- AND TO CLARIFY THIS HE HAD GIVEN A COPY OF THE COMPUTATIO N OF TOTAL INCOME BEFORE YOUR GOODSELF. HE HAD HUMBLY SUBMITTED REQU ESTING THE HON'BLE BENCH TO GRANT NETTING TO THE EXTENT OF RS. 35 203/- FROM THE DISALLOWED AMOUNT OF RS.5 41 838/- BECAUSE THER E WAS NO FACTUAL DISPUTE THAT THE INTEREST OF RS.35 203/- HA D BEEN EARNED BY US FROM M/S.KRISHNA BARRELS PVT.LTD. AGAINST THE LO ANS AND ADVANCES GIVEN BY US FOR WHICH THE INTEREST EXPEND ITURE WAS INCURRED. 2. ON HEARING THE SUBMISSIONS OF BOTH THE SID ES A SHORT MISTAKE POINTED OUT IS THAT WHILE DISALLOWING THE AMOUNT OF INTEREST PAID OF RS.5 41 838/- THE TRIBUNAL HAS NOT GRANTED THE NET TING OF INTEREST EARNED OF RS.35 203/- WHICH WAS AN ALTERNATE PLEA OF THE COUNSEL OF THE ASSESSEE. IN SUPPORT DURING THE HEARING AN ASSES SMENT ORDER FOR A.Y. 2009-10 IS PLACED FOR DUE CONSIDERATION. 3. ADMITTEDLY THIS FACTUAL ASPECT REMAINED FOR ADJ UDICATION WHILE DECIDING GROUND NO.1 OF THE ABOVE REFERRED APPEAL HENCE FOR THIS MA NO. 171/AHD/2011 (OUT OF ITA NO.1151/AHD/2008) SHRI ROHIT C.PARIKH VS. ITO ASST.YEAR - 2004-05 - 3 - LIMITED PURPOSE WE HEREBY RECALL THAT GROUND AND DI RECT THE REGISTRY TO FIX THE APPEAL AS PER LAW. 4. MISC. PETITION IS HEREBY ALLOWED FOR STATIST ICAL PURPOSE ONLY. SD/- SD/- ( .'# '# ) ( ) $% ( A. MOHAN ALANKAMONY ) ( MUKUL KR. SHRAWAT ) ACCOUNTANT MEMBER JUDICIA L MEMBER AHMEDABAD; DATED 7 / 02 /2012 0..# .#../ T.C. NAIR SR. PS $/ - 12 3$2( $/ - 12 3$2( $/ - 12 3$2( $/ - 12 3$2(/ COPY OF THE ORDER FORWARDED TO : 1. )4 / THE APPLICANT 2. 15)4 / THE RESPONDENT 3. 6 / CONCERNED CIT 4. 6() / THE CIT(A)-I BARODA 5. 29: 1# / DR ITAT AHMEDABAD 6. : ; / GUARD FILE. $/# $/# $/# $/# / BY ORDER 52 1 //TRUE COPY// < <<