Income Tax Appellate Tribunal - Chandigarh
Acit, Ludhiana vs M/S Vardhman Yarns & Threads Limited, ... on 11 March, 2019
आयकर अपील य अ धकरण,च डीगढ़ यायपीठ "बी ", च डीगढ़
IN THE INCOME TAX APPELLATE TRIBUNAL,
CHANDIGARH BENCH 'B' , CHANDIGARH
ी संजय गग , याय क सद य एवं ीमती अ नपण
ू ा ग&ु ता, लेखा सद य
BEFORE: SHRI SANJAY GARG, JUDICIAL MEMBER
AND SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER
आयकर अपील सं./ 530/Chd/2012
नधा रण वष / Assessment Year : 2008-09
M/s Vardhman Yarns & बनाम The A.C.I.T., Circle-1,
Threads Ltd., Ludhiana Ludhiana.
थायी लेखा सं./PAN NO: AABCM4692E
आयकर अपील सं./ ITA No.569/Chd/2012
नधा रण वष / Assessment Year : 2008-09
The A.C.I.T., Circle-1, बनाम M/s Vardhman Yarns &
Ludhiana. Threads Ltd., Ludhiana
थायी लेखा सं./PAN NO: AABCM4692E
आयकर अपील सं./ 1159/Chd/2013
नधा रण वष / Assessment Year : 2009-10
M/s Vardhman Yarns & बनाम The D.C.I.T., Circle-1,
Threads Ltd., Ludhiana Ludhiana.
थायी लेखा सं./PAN NO: AABCM4692E
आयकर अपील सं./ ITA No.2/Chd/2014
नधा रण वष / Assessment Year : 2009-10
The A.C.I.T., Circle-1, बनाम M/s Vardhman Yarns &
Ludhiana. Threads Ltd., Ludhiana
थायी लेखा सं./PAN NO: AABCM4692E
नधा रती क ओर से/Assessee by : Shri Subhash Aggarwal, Adv.
राज व क ओर से/ Revenue by : Shri Manjit Singh, Sr.DR
सन
ु वाई क तार"ख/Date of Hearing : 13.12.2018
उदघोषणा क तार"ख/Date of Pronouncement: 11.03.2019
2
आदे श/ORDER
PER BENCH:
These cross app eal s by the assessee as wel l as by the Revenue have been preferred agai nst the separate orders of the Commi ssi oner of I ncome Ta x ( Appeal s) -1, Ludhi ana [ herei nafter referred to as CI T( A) ] rel ati ng to respecti ve assessment years.
2. Al l the above appeal s were earl i er deci ded vi de common order of the Tri bunal dated 13. 7.2017. Ho wever, thereafter the assessee moved Mi scel l aneous Appl i cati ons bearing numbers MA No.98/Chd/2017 i n I TA No.530/Chd/2012, MA No.99/Chd/2017 in I TA No.569/Chd/2012, MA No.100/Chd/2017 in I TA No .1159/Chd/2013 & MA No.101/Chd/2017 in I TA No.2/Chd/2014 respecti vel y pl eadi ng therei n that whi l e adjudi cati ng the aforesai d appeal s vi de common order dated 13.7.2017, the fol lo wi ng addi ti onal ground of appeal ta ken by the ass essee has remai ned unadjudi cated:
"That the Ld. AO has erred in not treating the i n t e r e s t r e i m b u r s e me n t u n d e r T U F S c h e me a s capital receipt"
3. After heari ng the Ld. Representati ves of the parti es the aforesai d Mi scel l aneous Appl i cati ons were deci ded vi de common order dated 18.6.2018, whereby the pl ea of the assessee that th e aforesai d addi t i onal ground tak en by the assessee remai ned unadjudi cated, was found correct. Therefore, conso l i dated order dated 13.7.2017 was recal l ed on the l i mi ted poi nt of adjudi cati on of the above addi ti onal 3 ground as to wh ether the i nteres t rei mbursement under TUF Scheme i s capi tal recei pt or not.
4. I n vi e w of the aforesai d, common order dated 18.6. 2018 passed i n the aforesai d MA N os.98/Chd/2017 & Others, these appeal s were heard on l i mi ted i ssue as to whether the rei mbursement of i nterest under TUF Scheme is capi tal recei pt or not. At the outset, both the Ld. Representati ves of the parti es have submi tted that i n the case of si st er concern of the assessee, namel y Vardhman Te xti l e Li mi ted, Ludhi ana Vs. Addl . CI T i n I TA Nos.1429/C hd/2010 & Othe rs deci ded vi de common order dated 18.12.2018, wherei n whi l e adjudi cati ng the i denti cal addi tional ground, taken by the assessee, the i ssue has been restored to the fi l e of the CI T( A) , observi ng as under:
"22. Apart f rom the above, the assessee has raised an additional ground of appeal which reads as under:-
"That the authorities belo w have erred in treating the interest reimbursement of Rs. 24,64,44,644/- under Technology Upgradation Fund Scheme (TUFS) as Revenue receipt instead of capital receipt."
23. The assessee has claimed that interest reimbursement of Rs. 24,64,44,644/-received under 'Technology Upgradation Fund Scheme' (TUFS) should be treated as capital receipt instead of Revenue receipt as treated by the lo wer authorities.
Admittedly, this ground has been taken as addition ground which has not been examined by the lo wer authorities. The Ld. Counsel f or the assessee submitted that in the earl ier years also this issue has been restored to the f ile of the CIT(A) f or decision af resh.
24. Considering the above submissions of the Ld. Counsel f or the assessee, this additional ground is restored to the file of the CIT(A) f or adjudication af resh in accordance with law taking into 4 consideration the relevant case laws as maybe avail able or cited bef ore him."
4. Si nce the aforesai d addi ti onal ground taken by the assessee i n thes e appeal s al so h as been taken fo r the fi rst ti me and the sa me has not bee n l ooked i nto by the lo wer authori ti es, hence, fol l o wi ng the order passed i n the case of si ster concern of the assessee, thi s l i mi ted i ssue i s restored back to the fi l e of the CI T( A) for deci si on afresh i n si mi l ar terms and i n accordance wi th l a w. Ho wever, our fi ndi ngs gi ven vi de order dated 13.7.2017 on other i ssues wil l remai n unchanged and the adjudi cati on on the aforesai d i ssue by the CI T( A) wi l l n ot have any beari ng on our fi ndi ng s gi ven on other i ssues vi de order dated 13.7.2017.
5. I n the resul t, al l the cross appeal s are di sposed off i n the above terms.
O r d e r p r on o u n c ed i n t h e O p e n Cou r t .
Sd/- Sd/-
अ नपण
ू ा ग&ु ता संजय गग
(ANNAPURNA GUPTA) (SANJAY GARG)
लेखा सद य/Accountant Member याय क सद य/Judicial Member
*दनांक /Dated: 11th March, 2019
*रती*
आदे श क ( त)ल*प अ+े*षत/ Copy of the order forwarded to :
1. अपीलाथ,/ The Appellant
2. (-यथ,/ The Respondent
3. आयकर आयु.त/ CIT
4. आयकर आय.
ु त (अपील)/ The CIT(A)
5. *वभागीय ( त न1ध, आयकर अपील"य आ1धकरण, च3डीगढ़/ DR, ITAT, CHANDIGARH
6. गाड फाईल/ Guard File आदे शानस ु ार/ By order, सहायक पंजीकार/ Assistant Registrar