DCIT, BANGALORE vs. M/S JAIPURIA SILK MILLS PVT. LTD., BANGALORE

PDF · subscribers
ITA 1036/BANG/2015Status: DisposedITAT Bangalore19 February 2016AY 2009-102 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) correctly followed the jurisdictional High Court's decision in excluding freight and insurance from both export and total turnover. The mere filing of an SLP before the Supreme Court does not warrant deviating from this established precedent.

What were the facts?

The assessee company claimed deduction under Section 10B of the Income-tax Act. The CIT(A) directed a reduction of freight and insurance charges from both export and total turnover for calculating this deduction.

What were the issues?

Whether freight and insurance charges should be excluded from both export turnover and total turnover when computing deduction under Section 10B, following the jurisdictional High Court's precedent.

Which sections of the Income-tax Act were involved?

Section 10B

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, BANGALORE BENCH A, BANGALORE

Before: SHRI. ABRAHAM P. GEORGE & SHRI. VIJAY PAL RAO

For Appellant: Shri. Ganeriwala, CA

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'A', BANGALORE BEFORE SHRI. ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI. VIJAY PAL RAO, JUDICIAL MEMBER (Assessment Year : 2009-10) Deputy Commissioner of Income tax, Circle -4(1)(1), Bangalore .. Appellant v. M/s. Jaipuria Silk Mills P. Ltd, No.43, Gudahatti Main Road, Nerlur Post, Anekal Taluk, Bangalore 562107 .. Respondent PAN : AAACJ9390D Assessee by : Shri. Ganeriwala, CA Revenue by : Dr. P. K. Srihari, Addl. CIT Heard on : 10.02.2016 Pronounced on : 19.02.2016 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER :

In this appeal filed by assessee, it is aggrieved that CIT (A) directed a reduction of the freight and insurance charges from the export turnover as ITA.1036/Bang/2015 Page - 2 well as the total turnover while computing the deduction allowable to the assessee u/s.10B of the Income-tax Act, 1961 (‘ the Act’ in short).

2.

It is clear from ground 3 of the Revenue that it is aggrieved on the CIT (A) following the judgment of Hon’ble jurisdictional High Court in the case of CIT v. Tata Elxsi Ltd [349 ITR 98], wherein it was held unequivocally by their Lordships that items excluded from export turnover had to be excluded from the total turnover also while working out the eligible deduction. Since the CIT (A) had followed the judgment of jurisdictional High Court, just for a reason that an SLP has been filed before the Supreme Court, we cannot deviate from the view taken by the CIT (A). Accordingly we dismiss appeal of the Revenue.

3.

In the result, appeal of the Revenue stands dismissed.

Order pronounced in the open court on 19th day of February, 2016.

More judgments on Section 10B

All 1,217 judgments and leading authorities on Section 10B →

Recent GST High Court judgments

Search GST case law →