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आयकर अपीऱीय अधिकरण, मुंबई न्यायपीठ 'जे', मुंबई ।

IN THE INCOME TAX APPELLATE TRIBUNAL "J", BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAM LAL NEGI, JM आमकय अऩीर सं./ITA No.4922/Mum/2013 ( नििाारण वषा / Assessment Year :2001-02) DCIT-CC-44, Mumbai-20 Vs.JIK Industries Limited (Formerly Known as M/s Krishna Finstock Limited), 16, Gundecha Chembers, N.M.Road, Fort, Mumbai स्थामी रेखा सं ./ जीआइआय सं ./ PAN/GIR No. : AABCJ 2982 J (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) याजस्व की ओर से /Revenue by : Ms. Rajeshwari Motwani ननधाारयती की ओर से /Assessee by : Shri Neelkanth Khandelwal सुनवाई की तायीख / Date of Hearing : 25/04/2016 घोषणा की तायीख/Date of Pronouncement 25/05/2016 आदे श / O R D E R PER R.C.SHARMA (A.M):

(v) JIK Industries letter dated 29.07.1999 addressed to Windia Power Ltd after negotiations agreed to the fresh purchase order I amendment subject to completion of the project by 30.04.2000.

(vi) Letter dated 10.04.2000 from JIK Industries Ltd. addressed to M/s Windia Power Ltd pointing out that there was inordinate delay in completion of the project. M/s JIK Industries Ltd raised a debit note for liquidity damages of Rs. 450 crs.

(vii) Confirmation letter dated 20/0312004 from Windia Power Ltd. addressed to JIK Industries Ltd., sub.: information to I T Department confirming payment of Liquidated charge as under:

(a) "We have paid liquidated damages of Rs. 4.50 crs to JIK Industries for not fulfilling the commitment of supply, erection and commissioning of windmills .

We are submitting the copy of accounts which was given to JIK Industries Ltd., vide our letter dated 20.03.2004.

(b) As per commitment we had to supply and erect 9.S megawatts Wind Farm and later on the same was changed to 9 megawatts. We were totally dependent for the supply of Wind Farm from Nedwind. Since the said party had closed down its business, ultimately we had to pay liquidated damages of Rs. 4.50 crs to JIK Industries Ltd.