DCIT, v. M/s Paramount Metal Factory, Moradabad

MA 382/DEL/2010 | 2005-2006
Pronouncement Date: 08-10-2010 | Result: Allowed

Appeal Details

RSA Number 38220124 RSA 2010
Assessee PAN AAEFP3056B
Bench Delhi
Appeal Number MA 382/DEL/2010
Duration Of Justice 3 month(s) 10 day(s)
Appellant DCIT,
Respondent M/s Paramount Metal Factory, Moradabad
Appeal Type Miscellaneous Application
Pronouncement Date 08-10-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted F
Tribunal Order Date 08-10-2010
Assessment Year 2005-2006
Appeal Filed On 28-06-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH E BEFORE HONBLE VICE PRESIDENT SHRI G.E.VEERABHADRAP PA AND SHRI R.P.TOLANI JUDICIALMEMBER M.A.NO.382/DEL/2010 (ITA NO.458/DEL/2009) ASSTT.YEAR: 2005-06 ASSTT. C.I.T-1 VS M/S PARAMOUNT METAL FACTORY MORADABAD. C/O KANSAL KAPOOR & CO. KOTHIWAL NAGAR STATION ROAD MORADABAD. PAN/GIR NO. AAEFP 3056B. (APPLICANT) (RESPONDENT) APPLICANT BY: SHRI MANISH GUPTA SR.D.R RESPONDENT BY: CA NEERAJ JAIN & P.K.MISRA. O R D E R PER G.E.VEERABHADRAPPA VP. THIS IS AN APPLICATION FILED BY THE REVENUE REQUEST ING THE TRIBUNAL TO RECTIFY CERTAIN MISTAKE THAT IS STATED TO HAVE CREP T IN OUR ORDER DATED 31.12.2009 IN ITA NO.458/DEL/09. 2. THE PRAYER OF THE REVENUE IS THAT THE DECISION O F THE TRIBUNAL IN ITA NO. 458/DEL/2009 REQUIRES TO BE ALLOWED IN FAVOUR O F THE REVENUE IN THE LIGHT OF THE DECISION OF THE SUPREME COURT IN THE C ASE OF LIBERTY INDIA LD (317 ITR 218(SC) WHEREIN IT HAD BEEN HELD THAT THE ASSESSEE IS NOT ENTITLED FOR ANY BENEFIT U/S 80IB ON THE AMOUNT OF EXPORT IN CENTIVE NAMELY DUTY DRAW BACK/DEPB. MA NO.382/DEL/2010 (ITA NO.458/D/2009) 2 3. WE HAVE HEARD THE DEPARTMENTAL REPRESENTATIVE WH O ARGUED THAT THE SUBSEQUENT DECISION OF THE APEX COURT CAN INVARIABL Y FORM THE BASIS FOR RECTIFICATION OF THE ORDER U/S 254(2) OF THE INCOME -TAX ACT. 4. WE HAVE HEARD THE ASSESSEE ALSO AND AGREE WITH T HE DEPARTMENTAL STAND. ACCORDINGLY PARA NO. 7 & 8 IN OUR ORDER DATE D 31.12.2009 SHOULD BE TAKEN TO HAVE BEEN DELETED AND IN ITS PLACE THE FOL LOWING PARAGRAPH IS INSERTED: 7. WE HAVE HEARD RIVAL SUBMISSIONS OF BOTH SIDES AND GONE THROUGH THE ENTIRE MATERIAL ON RECORD AND IN THE LI GHT OF THE DECISION OF THE APEX COURT IN THE CASE OF LIBERTY INDIA LTD.( 317 ITR 218 ) IT IS HELD THAT THE ASSESSEE IS NOT ENTITLED FOR THE BENEFIT U/S 80 IB ON THE AMOUNT OF EXPORT INCENTIVE NAMELY DUTY DRAWBACK AND DEPB. 8. ACCORDINGLY THE ORDER OF THE CIT (A) IS REVERSED AND THAT OF THE A.O. IS RESTORED. 5. IN THE RESULT THE MISC. APPLICATION IS ALLOWED. PRONOUNCED IN OPEN COURT ON 08.10.2010. SD/- SD/- (R.P.TOLANI) (G.E.VEERABHADRAPPA) JUDICIAL MEMBER VICE PRESIDENT DATE: OCTOBER 8 TH 2010. DRS MA NO.382/DEL/2010 (ITA NO.458/D/2009) 3 COPY OF THE ORDER FORWARDED TO: 1. ACIT-1 MORADABAD 2. M/S PARAMOUNT METAL FACTORY C/O KANSAL KAPOOR & CO. KOTHIWAL NAGAR STATION ROAD MORADABAD. 3. CIT 4. CIT(A) BAREILLY 5. DR DY.REGISTRAR ITAT