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

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ITA 8479/MUM/2010Status: DisposedITAT Mumbai15 January 2016AY 2007-084 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal directed the CIT(A) to re-adjudicate the matter in light of a specific ITAT order. The appeals were allowed based on this direction.

What were the facts?

The assessee filed appeals against the denial of relief for interest expenses and the confirmation of book profit calculation. The assessee argued that the case was covered by previous orders in their own case and other similar cases.

What were the issues?

Whether the CIT(A) wrongly denied relief for interest expenses and confirmed the calculation of book profit. The core issue was the re-adjudication of these matters based on precedent.

Which sections of the Income-tax Act were involved?

Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: S/SHRI B.R.BASKARAN & AMARJIT SINGH

For Appellant: Shri Dhaval Shah
Hearing: 29.12.2015Pronounced: 15.01.2016

Heard together (2 matters)

I.T.A. No.8479/Mum/2010
I.T.A. NO. 1723/Mum/2013

Read from the judgment's own cause title. This page is filed under one of them.

This order shall disposed off two appeals filed by the assessee against the order dated 10.09.2010 & 24.12.2012 passed by Commissioner of Income Tax (Appeals)-40 & 36, Mumbai [hereinafter referred to as the “CIT(A)”] relevant to the assessment year 2007-08 & 2008-09. Since the parties are the same and the matter of controversy is also of the similar in nature therefore, these appeals are being taken up together for adjudication for the sake of convenience.

2.

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.

3.

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.

4.

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

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