ITO, CORPORATE WARD - 1 (1), CHENNAI vs. SHRI RAKESH SARIN, CHENNAI

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ITA 730/CHNY/2020Status: DisposedITAT Chennai24 April 2023AY 2016-173 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the impugned issues were covered in the assessee's favor by previous decisions of the Tribunal and the CIT(A) had correctly followed them. Therefore, no interference was called for.

What were the facts?

The revenue appealed against the CIT(A)'s order which granted relief to the assessee on estimated interest income and accrued interest. The CIT(A) followed previous decisions in the assessee's own case and his wife's case.

What were the issues?

Whether the CIT(A) was justified in deleting the additions of estimated interest income and accrued interest by relying on previous year's orders.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: HON’BLE SHRI MAHAVIR SINGH & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by revenue for Assessment Year (AY) 2016- 17 arises out of the order of learned Commissioner of Income Tax (Appeals)-1, Chennai [CIT(A)] dated 20-01-2020 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 19-07-2018. The registry has noted a delay of 134 days in the appeal which stand condoned in the light of lockdown situation arising 2 - out of Covid-19 Pandemic. Having hearD rival submissions and after perusal of case records, our adjudication would be as under.

2.

The assessee was assessed u/s 143(3) wherein various additions were made in the hands of the assessee. The same include estimated interest income of Rs.95.44 Lacs on loans and advances advanced by the assessee; estimated accrued interest of Rs.400.34 Lacs on pro- notes and various advance as enumerated in the assessment order.

3.

During appellate proceedings, the assessee submitted that the issue of estimated interest on loans and advances was decided in assessee’s favor by the first appellate authority for AYs 2011-12 to 2015-16 which has followed the decision of Tribunal in the case of assessee’s wife Mrs. Renu Sarin. Considering the same, Ld. CIT(A) granted relief to the assessee.

4.

The estimated accrued interest on pro-notes and various other advances was deleted by Ld. CIT(A) by relying upon first appellate order in assessee’s own case for AYs 2011-12 to 2015-16 which, in turn, relied on the decision of Tribunal for block assessment in dated 11.03.2019.

5.

Aggrieved as aforesaid, the revenue is in further appeal before us.

6.

The undisputed fact is that impugned issues stood covered in assessee’s favor by the decision of this Tribunal in assessee’s own case as well as in the case of assessee’s wife Smt. Renu Sarin and Ld. CIT(A) has merely followed the same. The revenue is unable to controvert this position. This being so, no interference is called for in the impugned order.

7.

In the result, the appeal stands dismissed.

Order pronounced in the open Court on 24th April, 2023.

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