ITO (International Taxation) v. Prasad Production Ltd.

ITO 3(3)2, Mumbai vs. Shamrock Pharmachemi P.Ltd, Mumbai

In the result appeal of the Revenue in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1774/Mum/2013 (नििाारण वर्ा / Assessment Year: 2009-10) बिाम/ Ito 3(3)2, M/S. Shamrock R.No. 602, Pharmachemi Pvt. Ltd., Aayakar Bhavan, 83E,Hansraj Pragi Bldg., V. M.K Road, Opp. Dr. E Moses Road, Mumbai 400020 Worli, Mumbai-400018 स्थायी ऱेखा सं./ Pan: Aaacs6290H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Ashim Kumar Modi (Cit- Dr), Shri V. Justin & Ms. Chaitna Ajaria Shri. Bharat L. Gandhi Assessee By: सुनवाई की तारीख /Date Of Hearing : 01.03.2019 घोषणा की तारीख /Date Of Pronouncement : 30.05.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 1774/Mum/2013, Is Directed Against Appellate Order Dated 29.10.2012, Passed By Learned Commissioner Of Income Tax (Appeals)-7, Mumbai (Hereinafter Called ―The Cit(A)‖) In Appeal Number Cit(A)-7/Ito-3(3)(2)/It-166/11-12, For Assessment Year 2009-10, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 29.12.2011 Passed By Learned Assessing Officer (Hereinafter Called ―The Ao‖) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called ―The Act‖) For Ay 2009-10. I.T.A. No.1774/Mum/2013

….A. No.1774/Mum/2013 case of CIT v. Farida Leather Company in Tax Case Appeal No. 484 of 2015, order dated 20.01.2016. The assessee also relied on the Special Bench decision of Chennai Tribunal in the case of ITO v. Prasad Production Ltd., reported in (2010) 129 TTJ 641(SB)(Chennai-trib.) and Hon‘ble Gujarat High Court decision in the case of PCIT v. Nova Technocast in R/Tax Appeal no. 290 of 2018 , dated 09.04.2018. 6. We have considered rival contentions and perused the material on record including cited case laws. We have observed that the assessee is engaged in the business of dealing in Drugs & Pharmaceutic…