Income Tax Appellate Tribunal - Chennai
M/S. Coromandel Cables Pvt. Ltd.,, ... vs Acit, Chennai on 20 January, 2017
आयकर अपीलीय अिधकरण, 'सी' यायपीठ, चे ई
IN THE INCOME TAX APPELLATE TRIBUNAL
'C' BENCH, CHENNAI
ी चं पूजारी, लेखा सद य एवं
ी जी. पवन कु मार, याियक सद य के सम
BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND
SHRI G. PAVAN KUMAR, JUDICIAL MEMBER
M.A. No. 264 to 268/Mds/2016
[in I.T.A. No. 1780 to 1784/Mds/2013 ]
िनधा रण वष / Assessment Years : 2007-08 to 2011-12
M/s. Coromandel Cables P Ltd. The Assistant Commissioner
A7, 6th Cross Street, v. of Income Tax,
India Nagar, Adyar, Company Circle - I(3),
Chennai - 600 020. Chennai.
PAN : AAACC7190E
(Applicant) ( यथ /Respondent)
Applicant by : Shri S. Sridhar &
Shri Mayaram Gopinath, Advocates
Respondent by : Shri Supriya Pal, JCIT
सुनवाई क तारीख/Date of Hearing : 06.01.2017
घोषणा क तारीख/Date of Pronouncement : 20.01.2017
आदे श /O R D E R
PER CHANDRA POOJARI, ACCOUNTANT MEMBER:
By these five miscellaneous petitions, the assessee seeks rectification of the order of this Tribunal in ITA Nos. 1779 to 1784/Mds/2013 dated 20.05.2016.
2 M.A. No. 264 to 268/Mds/2016
2. The Ld. AR submitted that the Tribunal in para 23 of page No.75 of its order held as under:
"Since, we have vacated the finding of the CIT (Appeals) for the asst. year 2006-07 by observing that there is no transfer u/s.2(47(v) of the Act, the assessment for the asst. year 2008-09 is to be treated as substantive as discussed in earlier paragraph for the asst. year 2007-08 and the income has to be computed on long term capital gains and short term capital gains after giving an opportunity of hearing to the assessee and the AO shall work out the capital gains afresh. Accordingly, the levy of interest u/s.234A for the asst. year 2008-09 is to be computed, which is mandatory in nature."
According to the Ld. AR, the Tribunal after observing that there was no transfer, in the assessment year 2006-07 and thereby vacated the order of the lower authorities in bringing the capital gain into tax on substantive basis for the assessment year 2006-07, thereafter made the protective assessment orders for the assessment years 2007-08 to 2010-11 as a substantive assessment. As such the assessment order for these assessment years came in to existence as substantive assessment. Once it was considered as substantive assessment all the findings of the Assessing Officer in these earlier protective assessment orders holds good and assessee to be taxed accordingly. In respect of this, the Tribunal gave a finding that 3 M.A. No. 264 to 268/Mds/2016 income has to be determined on long term capital gain and short term capital gains which is unwarranted findings by the Tribunal.
3. On the other hand, the Ld. DR submitted that there is no infirmity in the order of the Tribunal which does not want any interference.
4. We heard both the parties and perused the material on record. We find force in the argument of the Ld. AR. Admittedly, this Tribunal vacated the assessment order for the assessment year 2006-07 holding that there are no transfer so as to attract tax on capital gains, thereafter observed that assessment orders from the assessment years 2007-08 to 2011-12 to be considered as substantive assessments. Being so, there is no necessity of giving further finding by the Tribunal with regard to computation of long term capital gain and short term capital gain in these assessment years.
4.1 Accordingly, para 23 of thisTribunal order cited supra reads as follows:
4 M.A. No. 264 to 268/Mds/2016
23. "Since, we have vacated the finding of the CIT (Appeals) for the asst. year 2006-07 by observing that there is no transfer u/s.2(47)(v) of the Act, the assessment for the asst. year 2008-09 is to be treated as substantive as discussed in earlier paragraph for the asst. year 2007-08 and the income has to be computed after giving an opportunity of hearing to the assessee and the AO shall work out the capital gains afresh. Accordingly, the levy of interest u/s.234A for the asst. year 2008-09 is to be computed, which is mandatory in nature.
4.2 In other words, the assessment orders which were already passed for the assessment years 2007-08 to 2011-12 to be considered as substantive assessments and it is to be enforced subject to our findings with reference to other grounds raised by the assessee in its appeals for these assessment years. There are no other changes in the order of the Tribunal cited supra, other than findings in our order in M.A. No.41&42/Mds/2016 dated 20.05.2016. 5 M.A. No. 264 to 268/Mds/2016
5. With these observations, we allow the miscellaneous applications filed by the assessee.
Order pronounced on 20th January, 2017 at Chennai.
Sd/- Sd/-
(जी. पवन कु मार) (चं पूजारी)
(G. Pavan Kumar) (Chandra Poojari)
याियक सद य/Judicial Member लेखा सद य/Accountant Member
चे ई/Chennai,
दनांक/Dated, the 20 January, 2017.
th
JR.
आदेश क ितिलिप अ$ेिषत/Copy to:
1. Applicant
2. यथ /Respondent
3. आयकर आयु' (अपील)/CIT(A)
4. आयकर आयु' /CIT
5. िवभागीय ितिनिध/DR
6. गाड फाईल/GF.