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Income Tax Appellate Tribunal, KOLKATA ‘C’ BENCH, KOLKATA
Before: Shri J. Sudhakar Reddy, Hon’ble & Sri S.S. Godara, Hon’ble]
order : October 23rd, 2019 O R D E R Per J. Sudhakar Reddy, AM :- This appeal filed by the revenue is directed against the order of the Learned Commissioner of Income Tax (Appeals) – 17, Kolkata, (hereinafter the “ld.CIT(A)”), passed u/s. 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 15/04/2016, for the Assessment Year 2009-10, on the following effective ground/s:- “1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition to addition of Rs.38,95,01,000/- with respect to interest income on Fixed Deposit not eligible for deduction u/s 10AA of the I.T. Act, 1961.”
None appeared on behalf of the assessee despite issual of notice of hearing on various dates. This case has come up for hearing for the first time on 05/03/2018 and thereafter on eight occasions. None appeared on behalf of the assessee on any of these dates. Notices were also served through RPAD, the acknowledgement was on record. The ld. D/R submits that the notice of hearing was served by way of affixture. Under these circumstances, we dispose off the case ex-parte on merits, qua the assessee, after hearing the ld. D/R.
We have heard the ld. D/R. On careful consideration of the facts and circumstances of the case, we find that the issue in question is covered by the decision of the Hon’ble Supreme Court in the case of Liberty India vs. CIT reported in [2009] 317 ITR 218 (SC), wherein it was held that the profits derived Assessment Year: 2009-10 M/s. Shree Ganesh Jewellery House Ltd. from exports are only eligible for deduction and any ancillary/others income from exports are only eligible for deduction and any ancillary/others income from exports are only eligible for deduction and any ancillary/others income shall be excluded from eligible business income for computing exemption. shall be excluded from eligible business income for computing exemption. shall be excluded from eligible business income for computing exemption. Applying the propositions of law laid down by the Hon’ble Supreme Court to the plying the propositions of law laid down by the Hon’ble Supreme Court to the plying the propositions of law laid down by the Hon’ble Supreme Court to the facts of the case on hand, we reverse the order of the ld. CIT(A) and restore the facts of the case on hand, we reverse the order of the ld. CIT(A) and restore the facts of the case on hand, we reverse the order of the ld. CIT(A) and restore the order of the Assessing Officer, on the issue of addition in respect of interest order of the Assessing Officer, on the issue of addition in respect of interest order of the Assessing Officer, on the issue of addition in respect of interest income from fixed deposits.
In the result, appeal of the revenue is In the result, appeal of the revenue is allowed.
Kolkata, the Kolkata, the 23rd day of October, 2019. Sd/- Sd/- [S.S. Godara] [J. Sudhakar Reddy J. Sudhakar Reddy] Judicial Member Judicial Member Accountant Member Accountant Member Dated : 23.10.2019 {SC SPS} Copy of the order forwarded to: opy of the order forwarded to:
1. 1. M/s. Shree Ganesh Jewellery House Ltd M/s. Shree Ganesh Jewellery House Ltd 25A, Camac Street Kolkata – 700 016 2. Asstt. Commissioner of Income Tax, Circle Commissioner of Income Tax, Circle-8(2)1, Kolkata 3. CIT(A)- 4. CIT- , 5. CIT(DR), Kolkata Benches, Kolkata.
5. CIT(DR), Kolkata Benches, Kolkata.