ORION TRAVELS P. LTD,MUMBAI vs. DCIT CEN CIR 31, MUMBAI

However, the assessee has raised number of issues but the assessee has took only two grounds in the said appeals by alleging that the CIT(A) has wrongly denied the relief of the liability amounting to Rs.15,78,212/- & Rs.26,77,555/- on account of interest expenses in the above mentioned appeals respectively and also raised other grounds with regard to the confirming the calculation of book profit u/s. 115JB of the Income Tax Act, 1961( in short “the Act”) amounting to Rs.7,74,534/- & Rs.10,28,561/- respectively. At the very outset, the learned counsel for the assessee has argued the present case is squarely covered by the order dated 10.06.2014 in for A.Y.2001-02 & 2003-04 titled as Orion Travels Pvt. Ltd. in assessee’s own case and also covered by M/s. Fortune Holdings Pvt. Ltd. Vs. DCIT CC 31, Mumbai in ITA No.1459/M/11, ITA No. 1460/M/11 & ITA No.1462/M/11 and others. On the other & 1723/M/13 A.Y. 2007-08 & 2008-09 hand the learned Departmental Representative did not deny the factual position on record. On appraisal of the said orders it came into notice that in the assessee’s own case for the A.Y.2001-02 & 2003-04 the co- ordinate bench of Mumbai in has restored the above said the issues to the file of CIT(A) for fresh adjudication in the light of order passed by ITAT, Mumbai in the case of Hitesh S. Mehta Vs. DCIT in ITA No.7726&7727/M/2010 dated 26.04.2013 to readjudicate the matter in view of the observations made therein.

Therefore in the said circumstance wedirect the CIT(A) to decide the matter of controversy in the light of the order passed by the ITAT, Mumbai in the case of Hitesh S. Mehta Vs. DCIT vide dated 26.04.2013. Accordingly the appeals of the assessee is herby allowed.

In the result both the appeals filed by the assessee are hereby allowed.