TORRENT CABLES LTD.,AHMEDABAD vs. THE ACIT.,CIRCLE-8, AHMEDABAD

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ITA 2383/AHD/2011Status: DisposedITAT Ahmedabad18 December 2017AY 2007-082 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 dismissed the appeal as not pressed, subject to the condition that the addition made for AY 2007-08 would be excluded from the income of AY 2009-10 to avoid double taxation.

What were the facts?

The assessee challenged an addition of Rs. 8,02,00,273/- made under section 41(1) for AY 2007-08. The assessee had offered this amount to tax in AY 2009-10.

What were the issues?

The primary issue was the assessment year in which a specific income should be taxed, and the potential for double taxation.

Which sections of the Income-tax Act were involved?

Section 41(1),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD “D” BENCH, AHMEDABAD

ITA No. 2383/Ahd/2011 Torrent Cables Ltd Vs. ACIT Assessment Year : 2007-08 Page 1 of 2

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH, AHMEDABAD [Coram: Pramod Kumar AM and S S Godara JM] ITA No. 2383/Ahd/2011 Assessment Year: 2007-08

Torrent Cables Ltd .......…………......Appellant (Formerly known as Torrent Gujarat Biotech Ltd) ‘Samanvay’, 600 Tapovan Ambawadi, Ahmedabad - 380015 [PAN : AAACT 5457 B]

Vs. .......................Respondent The Asstt. Commissioner of Income-tax Circle-8, Ahmedabad

Appearances by: SN Soparkar & PM Mehta for the appellant VK Singh for the respondent

Date of concluding the hearing : 13.12.2017 Date of pronouncing the order : 18.12.2017

O R D E R Per Pramod Kumar AM:

1.

By way of this appeal, the assessee appellant has challenged correctness of the order dated 22nd July 2011, passed by the CIT(A)-XIV, Ahmedabad in the matter of assessment under section 143(3) of the Income-tax Act, 1961, for the assessment year 2007-08. 2. The short grievance of the assessee is that, on the facts and in the circumstances of the case, the learned CIT(A) has erred in upholding the addition of Rs.8,02,00,273/- made by the Assessing Officer under section 41(1) of the Act. 3. When this appeal was called out for hearing, the learned senior counsel for the assessee points out that the said amount of Rs.8,02,00,273/- has been offered to tax by the assessee on its own in assessment year 2009-10 and the Department has duly accepted the same. Learned senior counsel invited our attention to the copy of the income-tax return and the statement of computation of income filed by the assessee which supports the submissions so made by the assessee. It was in this backdrop he points out that the only dispute before us is with respect to the assessment year in which the amount of Rs.8,02,00,273/- is to be taxed. According to the assessee, this amount is taxable in the assessment year 2009-10, wherein it

ITA No. 2383/Ahd/2011 Torrent Cables Ltd Vs. ACIT Assessment Year : 2007-08 Page 2 of 2

has offered the same its own, whereas, the view of the Assessing Officer is that the said amount is taxable in the assessment year 2007-08, i.e. the year in appeal before us. Learned senior counsel further submits that, as on now, his instruction to accept this stand of Revenue with respect to taxability of assessment year 2007-08 as long as this amount offered by the assessee on its own in the assessment year 2009-10 is excluded and thus the assessee does not offer double taxation on the same income. 4. Learned Departmental Representative fairly accepts this suggestion of the learned senior counsel for the assessee. He agrees that in the event of this amount being taxed in assessment year 2007-08, the Assessing Officer is indeed duty bound to exclude the same amount from the income of the assessee for the assessment year 2009-10. He submits that he has no objection to the suggestion of the learned senior counsel, and that the Assessing Officer will, upon being directed to do so, duly exclude Rs.8,02,00,273/- in respect of addition impugned before us which has been offered to tax by the assessee in the assessment year 2009-10 from taxable income of the assessee. 5. In view of the above discussions, and bearing in mind entirety of the case, we deem it fit and proper to dismiss this appeal as not pressed subject to the observations that, as fairly accepted by the learned Departmental Representative, the Assessing Officer shall exclude the amount in question, i.e. Rs.8,02,00,273/- from the income of the assessee for the assessment year 2009-10. With these observations, the appeal of the assessee is dismissed.

6.

In the result, the appeal is dismissed. Pronounced in the open court today on the 18th day of December, 2017.

Sd/- Sd/-

S S Godara Pramod Kumar (Judicial Member) (Accountant Member) *bt Ahmedabad, the 18th day of December, 2017 Copies to: (1) The appellant (2) The respondent (3) Commissioner (4) CIT(A) (5) Departmental Representative (6) Guard File By order TRUE COPY Assistant Registrar Income Tax Appellate Tribunal Ahmedabad benches, Ahmedabad

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