ACIT, Circle 1(3), Hyderabad v. Balaji Electro Smeltes Pvt. Ltd., Hyderabad

MA 239/HYD/2010 | misc
Pronouncement Date: 31-03-2011 | Result: Allowed

Appeal Details

RSA Number 23922524 RSA 2010
Assessee PAN AAACB7881P
Bench Hyderabad
Appeal Number MA 239/HYD/2010
Duration Of Justice 4 month(s) 1 day(s)
Appellant ACIT, Circle 1(3), Hyderabad
Respondent Balaji Electro Smeltes Pvt. Ltd., Hyderabad
Appeal Type Miscellaneous Application
Pronouncement Date 31-03-2011
Appeal Filed By Department
Order Result Allowed
Bench Allotted DB-B
Tribunal Order Date 31-03-2011
Date Of Final Hearing 25-03-2011
Next Hearing Date 25-03-2011
Assessment Year misc
Appeal Filed On 29-11-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B' HYDERABAD BEFORE SHRI G.C. GUPTA VICE PRESIDENT AND SHRI CHANDRA POOJARI ACCOUNTANT MEMBER M.A. NO. 239/HYD/2010 ARISING FROM I.T.A. NO. 578/HYD/2009 (ASSESSMENT YEAR : 2001-02) M.A. NO. 247/HYD/2010 ARISING FROM I.T.A. NO. 577/HYD/2009 (ASSESSMENT YEAR : 2000-01) THE ASST. CIT CIRCLE 1(3) HYDERABAD VS. M/S. BALAJI ELECTRO SMELTERS LTD. HYDERABAD PAN: AAACB7881P APPELLANT RESPONDENT APPELLANT BY: SHRI K.E. SUNIL BABU RESPONDENT BY: SHRI S. RAMA RAO O R D E R PER CHANDRA POOJARI AM: THE ABOVE MISCELLANEOUS APPLICATIONS ARE FILED BY THE ASSESSEE SEEKING RECALLING OF THE ORDER TRIBUNA L DATED 26.3.2010. 2. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE RAISED THE GROUND THAT THE CIT(A) ERRE D IN DIRECTING THE ASSESSING OFFICER TO ALLOW THE DEDUCT ION U/S. 80HHC ON BOOK PROFIT U/S. 115JA/115JB OF THE ACT AS AGAINST THE NORMALLY ALLOWABLE DEDUCTION U/S. 80HHC AND 80IA OF THE INCOME-TAX ACT 1961. HE SUBMITTED THAT THE CIT(A) OUGHT TO HAVE APPRECIATED THE FACT THAT THE M.A. NOS. 239 & 247/HYD/2010 M/S. BALAJI ELECTRO SMELTERS LTD. ========================= 2 ADJUSTMENT U/S. 115JA/115JB OR U/S. 80HHC AND 80IA AS CLEARLY ENVISAGED THE COMPUTATION AS SPECIFIED I N PROVISIONS U/S. 80HHC AND 80IA OF THE ACT. HE SUBMITTED THAT WHILE DECIDING THE ABOVE ISSUE THE TRIBUNAL HAS PLACED RELIANCE ON THE JUDGEMENT OF BO MBAY HIGH COURT IN THE CASE OF CIT VS. AJANTA PHARMA 22 3 CTR 441 (MUM) AND THAT JUDGEMENT WAS REVERSED BY THE SUPREME COURT IN THE CASE OF AJANTA PHARMA LTD. IN CIVIL APPEAL NO. 7518 OF 2010 DATED 9 TH SEPTEMBER 2010. H E SUBMITTED THAT THIS SUBSEQUENT JUDGEMENT OF THE APE X COURT WARRANTS RECALL OF THE ORDER OF THE TRIBUNAL CITED SUPRA. 3. WE HAVE HEARD BOTH THE PARTIES. WE FIND FORCE IN THE ARGUMENT OF THE LEARNED COUNSEL FOR THE ASSESSE E. ADMITTEDLY THE IMPUGNED ;ISSUE WAS DECIDED IN FAVOU R OF THE ASSESSEE BY THE JUDGEMENT OF THE APEX COURT IN THE CASE OF AJANTA PHARMA LTD. VS. CIT IN CIVIL NO. 751 8 OF 2010 DATED 9 TH SEPTEMBER 2010. ACCORDINGLY WE RECTIFY THE ORDER OF THE TRIBUNAL DATED 26 TH MARCH 2010 IN I.T.A. NOS. 577 & 578/HYD/2009 FOR A.YS. 2001-02 AND 2000- 01 AND 2001-02 RESPECTIVELY AND THE ISSUE RAISED B Y THE ASSESSEE IS DECIDED IN FAVOUR OF THE ASSESSEE BY PL ACING RELIANCE ON THE ABOVE JUDGEMENT OF THE SUPREME COUR T. M.A. NOS. 239 & 247/HYD/2010 M/S. BALAJI ELECTRO SMELTERS LTD. ========================= 3 4. IN THE RESULT BOTH THE MAS FILED BY THE ASSESSEE A RE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MARCH 2011. SD/- (G.C. GUPTA) VICE PRESIDENT SD/- (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD DATED 31 ST MARCH 2011 TPRAO COPY FORWARDED TO: 1. THE ACIT CIRCLE 1(3) ROOM NO. 413 4 TH FLOOR AAYAKAR BHAVAN HYDERABAD. 2. M/S. BALAJI ELECTRO SMELTERS LTD. 202 PLOT NO. 9 RAGHAVA CO-OPERATIVE HOUSING SOCIETY SIKH VILLAGE SECUNDERABAD. 3. THE CIT(A) - OO HYDERABAD. 4 THE CIT - I HYDERABAD 5. THE DR B BENCH ITAT HYDERABAD