M/S HOBB INTERNATIONAL PVT. LTD.,KOLKATA vs. DCIT, CIR-12, KOLKATA, KOLKATA

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ITA 122/KOL/2016Status: DisposedITAT Kolkata05 January 2018AY 2003-043 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the order of the CIT(A) and dismissed the assessee's appeal. The issue concerned the computation of deduction under Section 80HHC, specifically whether foreign exchange fluctuations, miscellaneous receipts, and liabilities written back should be considered business income.

What were the facts?

The assessee's appeal was filed against the order of the CIT(A) for AY 2003-04. No one appeared for the assessee, so the case was decided ex-parte.

What were the issues?

Whether foreign exchange fluctuations, miscellaneous receipts, and liabilities written back are includible in business income for the purpose of Section 80HHC deduction.

Which sections of the Income-tax Act were involved?

Section 80HHC,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘D’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy & Sri S. S. Viswanethra Ravi]

Assessment Year: 2003-04 M/s. Hobb International (P) Ltd...…...………..……………………………………….…….……...Appellant 1, A.J.C. Bose Road Kolkata – 700 020 [PAN : AAACH 6347 Q] D.C.I.T., Circle-12, Kolkata………….....……………………………………..………………..…. Respondent Aayakar Bhawan P-7, Chowringhee Square 7th Floor Kolkata – 700 069 Appearances by: None, appeared on behalf of the assessee. Shri Arindam Bhattacharjee, Addl. CIT, DR appearing on behalf of the Revenue. Date of concluding the hearing : December 19th, 2017 Date of pronouncing the order : January 05th , 2018

O R D E R Per J. Sudhakar Reddy :-

This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-4, Kolkata, (hereinafter the ‘ld. CIT (A)’), passed u/s 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 13/11/2015, for the Assessment Year 2003-04.

2.

None appeared on behalf of the assessee despite issual of notice by RPAD. The earlier notices issued have returned unserved. Under these circumstances, we dispose off the case ex-parte, qua the assessee on merits, after hearing the ld. D/R.

3.

Heard the ld. D/R. The sole issue is the computation of deduction u/s 80HHC. The question is whether foreign exchange fluctuations, miscellaneous receipts and liabilities written back should be considered as income from business for the purpose of computing the relief u/s 80HHC. The ld. CIT(A) has relied on the judgement of the Hon’ble Supreme Court in the case of CIT vs. Shah Originals in ITA

Assessment Year: 2003-04 M/s. Hobb International (P) Ltd No. 431 of 2008, vide order dt. 22nd April, 2010, and adjudicated the issue against the assessee. We find no infirmity in the same. Hence, we uphold the order of the ld. First Appellate Authority and dismiss this appeal of the assessee.

4.

In the result, appeal of the assessee is dismissed.

Kolkata, the 5th day of January, 2018. Sd/- Sd/- [S.S. Viswanethra Ravi] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated :05.01.2018 {SC SPS} Copy of the order forwarded to: 1. M/s. Hobb International (P) Ltd 1, A.J.C. Bose Road Kolkata – 700 020 2. D.C.I.T., Circle-12, Kolkata Aayakar Bhawan P-7, Chowringhee Square 7th Floor Kolkata – 700 069 3. CIT(A)- 4. CIT- , 5. CIT(DR), Kolkata Benches, Kolkata.

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