ASST CIAT 12(2), v. S.K. EXPORTS,

MA 608/MUM/2010 | 2002-2003
Pronouncement Date: 03-12-2010 | Result: Allowed

Appeal Details

RSA Number 60819924 RSA 2010
Assessee PAN AAAFS3572B
Bench Mumbai
Appeal Number MA 608/MUM/2010
Duration Of Justice 1 month(s) 21 day(s)
Appellant ASST CIAT 12(2),
Respondent S.K. EXPORTS,
Appeal Type Miscellaneous Application
Pronouncement Date 03-12-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted E
Tribunal Order Date 03-12-2010
Assessment Year 2002-2003
Appeal Filed On 13-10-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E MUMBAI BEFORE SHRI R.S.SYAL AM AND SHRI V.DURGA RAO JM M.A.NO.608/MUM/2010 (ARISING OUT OF ITA NO.5131/MUM/2008 : ASST.YEAR 20 02-2003) THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 12(2) MUMBAI. VS. M/S.S.K.EXPORTS 11 CHURCHGATE CHAMBERS 5 NEW MARINE LINES CHURCHGATE MUMBAI 400 049. PA NO.AAAFS3572B. (APPLICANT) (RESPONDENT) APPLICANT BY : SHRI ABANI KANTA NAYAK RESPONDENT BY : SHRI ANIL SATHE O R D E R PER R.S.SYAL AM : THIS MISCELLANEOUS APPLICATION U/S.254(2) OF THE IN COME-TAX ACT 1961 HAS BEEN MOVED BY THE REVENUE PRAYING FOR THE RECTIFICA TION OF THE ORDER OF THE TRIBUNAL DATED 25.06.2010 IN ITA NO.5131/MUM/2008. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. IT IS NOTED THAT THE TRIBUNAL RELIED ON THE ORDER PASSED BY THE SPECIAL BENCH IN THE CASE OF TOPMAN EXPORT VS. ITO [(2009) 318 ITR 87 (MUM.) (SB )] AND REMITTED THE MATTER TO THE FILE OF A.O. FOR COMPUTI NG DEDUCTION U/S.80HHC ACCORDINGLY. IT IS SEEN THAT THE HONBLE JURISDICTI ONAL HIGH COURT IN THE CASE OF CIT VS. KALPATARU COLOURS AND CHEMICALS [(2010) 328 ITR 415 (BOM.)] HAS REVERSED THE SPECIAL BENCH ORDER BY HOLDING THAT THE ENTIRE AMOUNT FROM THE SALE PROCEEDS OF DEPB IS INCOME U/S.28(IIID). IN VIEW OF THE JUDG EMENT OF THE HONBLE JURISDICTIONAL HIGH COURT DIRECTLY ON THE POINT C ONTRARY TO WHAT HAS BEEN LAID DOWN IN THE IMPUGNED ORDER IT IS AXIOMATIC THAT T HE MISTAKE HAS CREPT IN THE IMPUGNED ORDER REQUIRING RECTIFICATION. WE THEREFO RE MODIFY THE IMPUGNED ORDER AND DIRECT THE ASSESSING OFFICER TO DECIDE THE ISSU E IN ACCORDANCE WITH THE LAW LAID MA NO.608/MUM/2010 M/S.S.K.EXPORTS. 2 DOWN BY THE HONBLE JURISDICTIONAL HIGH COURT IN TH E CASE OF KALPATARU COLOURS AND CHEMICALS (SUPRA) . 3. IN THE RESULT THE MISCELLANEOUS APPLICATION IS ALLOWED. ORDER PRONOUNCED ON THIS 03 RD DAY OF DECEMBER 2010. SD/- SD/- (V.DURGA RAO) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 03 RD DECEMBER 2010. DEVDAS* COPY TO : 1. THE APPLICANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) XII MUMBAI. 5. THE DR/ITAT MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR ITAT MUMBAI.