M/S VISHAL PAPER INDUSTRIES vs. COMMISSIONER OF IT AAYAKAR BHAWAN PATIALA

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ITA/394/2014HC Punjab & HaryanaPHHC01109545201417 September 2024Bench: MR. JUSTICE SANJEEV PRAKASH SHARMA,MR. JUSTICE SANJAY VASHISTH2 pages
AI SummaryAllowed

What did the High Court hold?

The High Court found a similar calculation mistake in the present appeals for AY 2008-09 and 2009-10. The court decided to apply the order passed in the earlier related appeal mutatis mutandis.

What were the facts?

The assessee appealed against the Commissioner's order. The High Court noted a calculation mistake by the Assessing Officer (AO) in a previous related appeal concerning interest on borrowed capital for assets not put to use.

What were the issues?

Whether there was a mistake in the calculation of interest on borrowed capital attributable to assets not put to use. Whether the order passed in a previous related appeal should apply to the current appeals.

Which sections of the Income-tax Act were involved?

Section 154

AI-generated summary — verify with the full judgment below

210

M/s Vishal Pa

Commissione

M/s Vishal Pa

Assistant Com CORAM: H

Present: M

M f

SANJEEV P 1.

B present appea decided on 02 2.

T interest part a “ d d m r a IN THE HIGH COURT OF PUN AT CHANDIGA I D aper Industries

Vs. er of Income Tax, Patiala I D aper Industries

Vs. mmissioner of Income Tax, Patia

HON’BLE MR. JUSTICE SAN HON’BLE MR. JUSTICE SAN Ms. Radhika Suri, Sr. Advocate w Mr. Abhinav Narang, Advocate f Mr. Amanpreet (A.P.), Singh, Sr for the respondent.

*** RAKASH SHARMA, J.(Oral) Both the counsel are ad-idem als stands finally adjudicated b 2.04.2024. This Court in ITA-194-2012, ex and passed the following order:- “Thus, it was pointed out that the done by the AO. The AO in his de dated 31.03.2010 of rectification modified the figure to Rs.15,61,828/ relief of Rs.7,88,734/- on account attributable to assets not put in use. NJAB AND HARYANA ARH ITA-394-2014 (O&M) Date of Decision: 17.09.2024

…Appellant

…Respondent ITA-484-2017 (O&M) Date of Decision: 17.09.2024

…Appellant ala

…Respondent NJEEV PRAKASH SHARMA NJAY VASHISTH with for the appellant(s). . Standing Counsel ) that the issue involved in the by this Court in ITA-194-2012, xamined the issue relating to the ere is a mistake in the calculation emand report states that the order n under Section 154 of the Act 8/- and the appellant was allowed a t of interest on borrowed capital .” e , e n r t a l RAJESH KUMAR 2024.09.18 14:52 I attest to the accuracy and authenticity of this order/judgment. Punjab & Haryana High Court, Chandigarh.

ITA-394-2014 (O&M) and connected case.

[2]

Similar mistake is found to have been committed in the present appeals for the AY: 2008-09 and 2009-10. 4.

Keeping in view that we have passed the aforesaid order in relation to AY: 2007-08, the order passed on 02.04.2024, in ITA-194-2012, shall apply mutatis mutandis for the AY: 2008-09 and 2009-10. 5.

The appeals are accordingly disposed of. 6.

All pending applications also stand disposed of accordingly.

(SANJEEV PRAKASH SHARMA) JUDGE

(SANJAY VASHISTH)

JUDGE 17.09.2024 rajesh 1. Whether speaking/reasoned? : Yes/No 2. Whether reportable?

: Yes/No RAJESH KUMAR 2024.09.18 14:52 I attest to the accuracy and authenticity of this order/judgment. Punjab & Haryana High Court, Chandigarh.

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