RSA Number | 3024524 RSA 2014 |
---|---|
Assessee PAN | AAACO5960E |
Bench | Pune |
Appeal Number | MA 30/PUN/2014 |
Duration Of Justice | 2 month(s) 26 day(s) |
Appellant | Deputy Commissioner of Income-tax,, |
Respondent | Om Narayan Industries & Developers Pvt. Ltd.,, Jalgaon |
Appeal Type | Miscellaneous Application |
Pronouncement Date | 30-04-2014 |
Appeal Filed By | Department |
Order Result | Dismissed |
Bench Allotted | B |
Tribunal Order Date | 30-04-2014 |
Assessment Year | misc |
Appeal Filed On | 03-02-2014 |
Judgment Text |
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV JUDICIAL MEMBER AND SHRI R.K. PANDA ACCOUNTANT MEMBER M.A. NO.30/PN/2014 ARISING OUT OF ITA NO.1680/PN/2011 (ASST. YEAR: 2007-08) DCIT CIRCLE-2 JALGAON APPLICANT VS. OM NARAYAN INDUSTRIES AND DEVELOPER PVT. LTD. PRATAP MILL COMPOUND AMALNER 425401 PAN: AAACO5960E RESPONDENT APPLICANT BY : SHRI S.P. WALIMBE RESPONDENT BY : SHRI SUNIL GANOO DATE OF HEARING : 25-04-2014 DATE OF PRONOUNCEMENT : 30-04-2014 ORDER PER SHAILENDRA KUMAR YADAV J.M: THIS MISCELLANEOUS APPLICATION HAS BEEN MOVED BY T HE REVENUE ARISING OUT OF ORDER OF THE TRIBUNAL IN ITA NO. 1680/PN/2011 DATED 29-04-2013. THE RELEVANT PORTIO N OF THE ORDER CLAIMED AS SUBJECT MATTER IS AS UNDER: THE ASSESSEE HAS CAPITALIZED THE EXPENDITURE INCLU DING INTEREST PAID ON BORROWED FUNDS TILL A.Y. 2006-07 A ND THEN CLAIMED IT AS REVENUE EXPENDITURE WHEN PLOTS W ERE AVAILABLE FOR SALE AFTER OBTAINING NECESSARY APPROV AL FROM STATE AUTHORITIES. DURING THE PREVIOUS YEAR RELEVANT TO THE A.Y. 2007-08 PLOTS WERE READY FOR S ALE AND SOME PLOTS WERE IN FACT SOLD OUT AND ASSESSEE H AS SHOWN SALE PROCEEDS OF SAID PLOTS IN ITS RETURN OF INCOME. IN THIS BACKGROUND ASSESSEE HAS CLAIMED INTEREST AND OTHER EXPENDITURE AS REVENUE EXPENDITU RE UNDER THE PROVISIONS OF SECTION 36(1)(III). 2. IN THIS BACKGROUND THE STAND OF REVENUE IS THAT THE ITAT HAS CONCLUDED THAT THE ASSESSEE HAS BEEN TREAT ED THE INTEREST AS CAPITAL EXPENDITURE INITIALLY BUT THEN TREATED THE SAME AS REVENUE EXPENDITURE. THE STAND OF REVENUE HAS BEEN THAT THE TRIBUNAL HAS NOT APPRECIATED THE FACTS PRO PERLY WHILE REACHING THE CONCLUSION. IN SUM AND SUBSTANC E THE REVENUE WANTS THE ORDER OF TRIBUNAL TO BE REVIEWED IN THE GARB OF THIS MISCELLANEOUS APPLICATION WHICH IS NO T PERMITTED FOR US. SO IN THE INTEREST OF JUSTICE WE REJECT THIS MISCELLANEOUS APPLICATION FILED ON BEHALF OF REVENU E. THE SAME IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS THE DAY 30 TH OF APRIL 2014. SD/- SD/- (R.K. PANDA) (SHAILENDRA KUMAR YA DAV) ACCOUNTANT MEMBER JUDICIAL MEMBER PUNE DATED 30 TH APRIL 2014 GCVSR COPY TO:- 1) DEPARTMENT 2) ASSESSEE 3) THE CIT(A)-II NASHIK 4) THE CIT-II NASHIK 5) THE DR B BENCH I.T.A.T. PUNE. 6) GUARD FILE BY ORDER //TRUE COPY// SENIOR PRIVATE SECRETARY ITAT PUNE.
|