Income Tax Appellate Tribunal - Mumbai
Godrej Agrovet Ltd, Mumbai vs Dcit 10(2), Mumbai on 19 January, 2018
ु ई यायपीठ, जी,मंब आयकर अपील य अ धकरण, मंब ु ई ।
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES "G", MUMBAI ी जो ग दर संह, या यक सद य एवं ी राजे , लेखा सद य, के सम Before Shri Joginder Singh, Judicial Member, and Shri Rajendra, Accountant Member MA. No.14/Mum/2017 (Arising out of ITA NO.8489/Mum/2011) Assessment Years:2008-09 M/s Godrej Agrovet Ltd., vs DCIT-10(2), C/o- Kalyaniwalla & Mistry Aayakar Bhavan Army & Navy Building, M.K.Road, 3rd Floor, 148. M.G. Road, Mumbai-400020 Mumbai-400001 ( नधा रती /Assessee) (राज व /Revenue) PAN. No.AAACG0617Q नधा रती क ओर से / Assessee by Shri Jitendra Jain राज व क ओर से / Revenue by Shri Rajat Mittal-DR ु वाई क% तार&ख / Date of Hearing :
सन 19/01/2018
आदे श क% तार&ख /Date of Order: 19/01/2018
2 MA. No.14/Mum/2017
(Arising out of ITA No.8489/Mum/2011) M/s Godrej Agrovet Ltd.
आदे श / O R D E R Per Joginder Singh (Judicial Member) This miscellaneous application arose out of ITA No. 8489/Mum/2011 for the Assessment Year 2008-09 which was disposed by the Tribunal, vide order dated 05/07/2016. As per the Ld. counsel for the assessee, Shri Jitendra Jain, some mistake has crept into the order as paragraph no.8 to 12 of the order of the Tribunal for Assessment Year 2006-07 were reproduced, which pertains to disallowance of interest u/s 36(1)(iii) of the Act, whereas, issue of disallowance u/s 14A of the Act has been dealt with at paragraph 3 to 7 of the order of the Tribunal. The crux of the argument is that own funds of the assessee were sufficient to cover its investment, therefore, interest disallowance u/s 14A of the Act is not warranted. On the other hand, the Ld. DR, Shri Rajat Mittal, contended that there is no mistake in the order and the Tribunal has directed the Assessing Officer to examine the claim of the assessee and decide afresh, therefore, there is no grievance is caused to the assessee. The assessee is at liberty to 3 MA. No.14/Mum/2017 (Arising out of ITA No.8489/Mum/2011) M/s Godrej Agrovet Ltd.
substantiate its claim explaining that own funds are more than the investment made by the assessee.
2. We have considered the rival submissions and perused the material available on record. Considering the totality of facts, we find that the Tribunal has cited various decisions including the case of Colgate Palmolive India Ltd. and Kaveri Oil Plantation (page-31 of the order of the Tribunal) and it has been observed that there is a merit in the contention/explanation of the assessee, therefore, the Ld. Assessing Officer was directed to examine the factual matrix with respect to availability of own funds vis-à-vis investment made by the assessee. The assessee was directed to produce the evidence before the Ld. Assessing Officer to substantiate its claim. In principle, we find no infirmity in the order of the Tribunal. However, for the sake further clarity in the order, as desired by the assessee, the Ld. Assessing Officer is directed to examine the claim of the assessee, and after due opportunity of being heard, decide in accordance with law, considering the observation made in para 3 to 7 of the order of the Tribunal for Assessment 4 MA. No.14/Mum/2017 (Arising out of ITA No.8489/Mum/2011) M/s Godrej Agrovet Ltd.
Year 2006-07. The miscellaneous application of the assessee is disposed of in terms indicated hereinabove.
Finally, the miscellaneous application of the assessee is disposed of in terms indicated hereinabove.
This order was pronounced in the open court in the present of ld. representative from both sides at the conclusion of the hearing on 19/01/2018.
Sd/- Sd/-
(Rajendra) (Joginder Singh)
लेखा सद"य / ACCOUNTANT MEMBER या#यक सद"य /JUDICIAL MEMBER
मब
ंु ई Mumbai; (दनांक Dated : 19/01/2018 f{x~{tÜ? P.S/. न.स.
आदे श क $#त&ल'प अ(े'षत/Copy of the Order forwarded to :
1. अपीलाथ- / The Appellant
2. ./यथ- / The Respondent.
3. आयकर आय1 ु त(अपील) / The CIT, Mumbai.
4. आयकर आय1 ु त / CIT(A)- , Mumbai
5. 3वभागीय . त न ध, आयकर अपील&य अ धकरण, मब ुं ई / DR, ITAT, Mumbai
6. गाड फाईल / Guard file.
आदे शानस ु ार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील य अ धकरण, मब ुं ई / ITAT, Mumbai