INDIAN ALUMINIUM CO. LTD ( MERGED HINDALCO IND.LTD), v. JT CIT (OSD) CIR 8,

MA 690/MUM/2012 | 2000-2001
Pronouncement Date: 05-07-2013 | Result: Allowed

Appeal Details

RSA Number 69019924 RSA 2012
Bench Mumbai
Appeal Number MA 690/MUM/2012
Duration Of Justice 7 month(s) 16 day(s)
Appellant INDIAN ALUMINIUM CO. LTD ( MERGED HINDALCO IND.LTD),
Respondent JT CIT (OSD) CIR 8,
Appeal Type Miscellaneous Application
Pronouncement Date 05-07-2013
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted I
Tribunal Order Date 05-07-2013
Assessment Year 2000-2001
Appeal Filed On 19-11-2012
Judgment Text
MA NO. 690/MUM/2012 INDIAN ALUMINIUM COMPANY LTD. PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL 'I' BENCH MUMBAI BEFORE SHRI I.P. BANSAL JUDICIAL MEMBER AND SHRI RAJENDRA SINGH ACCOUNTANT MEMBER MA NO. 690/MUM/2012 ARISING OUT OF ITA 459/KOL/2009 ASSESSMENT YEAR 2000-01 DATE OF HEARING: 5/7/2013 DATE OF PRONOUNCEMENT: 5/7/2013 O R D E R PER RAJENDRA SINGH AM THIS MISCELLANEOUS APPLICATION HAS BEEN FILED BY TH E ASSESSEE REQUESTING FOR AMENDMENT OF THE ORDER DATED 9.2.201 1 OF THE TRIBUNAL IN ITA NO. 459/KOL/2009 ON THE GROUND OF SOME APPARENT MISTAKE. 2. WE HAVE HEARD BOTH THE PARTIES PERUSED THE RECOR DS AND CONSIDERED MATTER CAREFULLY. THE ONLY MISTAKE POINTED OUT IN T HE APPLICATION RELATES TO ALLOWABILITY OF DEDUCTION U/S 80HHC IN RESPECT OF I NTEREST INCOME. THE TRIBUNAL FOLLOWING THE JUDGMENT OF HONBLE HIGH COU RT OF BOMBAY IN CASE OF CIT VS. ASIAN STAR COMPANY LTD. (326 ITR 56) HEL D THAT 90% OF THE GROSS INTEREST WOULD REQUIRED TO BE REDUCED FROM TH E PROFIT OF BUSINESS INDIAN ALUMINIUM COMPANY LTD. SINCE MERGED WITH HINDALCO INDUSTRIES LTD. CENTURY BHAVAN DR. A.B. ROAD WORLI MUMBAI 400 030 JOINT COMMISSIONER OF INCOME TAX (OSD) CIRCLE -8 KOLKATA. APPELLANT RESPONDENT DEPARTMENT BY. SHRI T ROUMUON PAITE ASSESSEE BY: SHRI NARESH JAIN MA NO. 690/MUM/2012 INDIAN ALUMINIUM COMPANY LTD. PAGE 2 OF 2 WHILE COMPUTING DEDUCTION U/S 80HHC. SUSEQUENTLY HO NBLE SUPREME COURT IN CASE OF ACG ASSOCIATED CAPSULES VS. CIT (3 43 ITR 89) HAVE HELD THAT 90 % ONLY THE NET RECEIPTS ARE REQUIRED TO BE REDUCED FROM PROFIT OF BUSINESS AS PER EXPLANATION (BAA). THEREFORE IN VI EW OF THE JUDGMENT OF HONBLE SUPREME COURT (SUPRA) 90% OF ONLY THE NET INTEREST IS REQUIRED TO BE REDUCED FROM THE PROFIT OF BUSINESS. WE THEREFO RE AMEND THE ORDER OF TRIBUNAL ON THIS POINT AND DIRECT THE AO TO REDUCE 90% OF NET INTEREST AFTER NECESSARY VERIFICATION AND AFTER ALLOWING OPP ORTUNITY OF HEARING TO THE ASSESSEE. 3. IN THE RESULT THE MISCELLANEOUS APPLICATION OF T HE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT TODAY I.E 5 - 7-2013 SD/- SD/- (I.P. BANSAL ) (RAJENDRA SINGH) JUDICIAL MEMBER ACCOUNTANT MEMBER SK SR. P.S MUMBAI DATED 5.7.2013 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR I BENCH ITAT MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES MUMBAI