BENNETT, COLEMAN & CO. LYF, MUMBAI v. ADDL CIT RG 1(1), MUMBAI

ITA 569/MUM/2009 | 2005-2006
Pronouncement Date: 25-01-2010 | Result: Partly Allowed

Appeal Details

RSA Number 56919914 RSA 2009
Bench Mumbai
Appeal Number ITA 569/MUM/2009
Duration Of Justice 11 month(s) 27 day(s)
Appellant BENNETT, COLEMAN & CO. LYF, MUMBAI
Respondent ADDL CIT RG 1(1), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 25-01-2010
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted B
Tribunal Order Date 25-01-2010
Assessment Year 2005-2006
Appeal Filed On 28-01-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B : MUMBAI BEFORE SHRI D. MANMOHAN HONBLE VICE PRESIDENT AND SHRI T.R. SOOD ACCOUNTANT MEMBER ITA. NO. 569/MUM/2009 ASSESSMENT YEAR 2005-2006 M/S. BENNETT COLEMAN & CO. LTD. MUMBAI 400 001 PAN AAACB-4373-Q VS. ADDL. CIT RANGE 1 (1) MUMBAI 400 020 (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI V. MOHAN FOR RESPONDENT : S/SHRI S.S. RANA/LALCHAND AND MS . VANDANA SAGAR (DR) ORDER PER D. MANMOHAN V.P. 1. THIS IS AN APPEAL FILED AT THE INSTANCE OF THE ASSESSEE- COMPANY. FOLLOWING GROUNDS WERE URGED BY THE ASSESS EE-COMPANY. 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LEARNED CIT(A) HAS ERRED IN CONFIRMING THE DISALLOWANCE OF RS.1 66 74 500/- TOWARDS OBSOLETE/NON-MOVING MATERIAL WRITTEN OFF. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LEARNED CIT(A) HAS ERRED IN CONFIRMING THA T THE PREMIUM ON REDEMPTION OF DEBENTURES AMOUNTING TO RS.6 44 42 000/- IS REVENUE RECEIPT AND TAXABLE UNDER THE HEAD INCOME FROM OTHER SOURCES. THE ASSESSEE SUBMITS THAT THE PREMIUM ON REDEMPTION OF DEBENTURES IS LIABLE FOR TAX UNDER CAPITAL GAINS. 3. WITHOUT PREJUDICE TO THE ABOVE THE ASSESSEE SUBMITS THAT THE PREMIUM OF RS.6 44 42 000/- ON REDEMPTION 2 OF DEBENTURES IS TAXABLE UNDER THE HEAD CAPITAL GAIN AND NOT UNDER THE HEAD INCOME FROM OTHER SOURCES . 2. AT THE TIME OF HEARING LEARNED COUNSEL SUBMITT ED THAT GROUND NO.1 IS COVERED IN FAVOUR OF THE ASSESSEE AN D AGAINST THE REVENUE BY THE ORDERS OF THE ITAT IN ASSESSEES OWN CASE FO R THE EARLIER YEARS AND GROUND NOS. 2 AND 3 ARE COVERED AGAINST THE ASSESSE E BY THE SAME ORDERS (REFERRED TO BELOW) : 1. ITA. NO. 6454/M/04 DATED 08-01-2008 2. ITA. NOS. 8570 & 9663/M/04 DATED 14-10-2008 3. WE HAVE HEARD THE LEARNED D.R. ALSO IN THIS REG ARD AND CAREFULLY PERUSED THE RECORD. AS COULD BE NOTICED F ROM THE ORDER OF THE LEARNED CIT(A) THE ISSUES WERE DECIDED AGAINST THE ASSESSEE BY FOLLOWING THE ORDER PASSED BY HIM IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2004-2005. SINCE THE APPELLATE TRIBUNAL DECIDED THE FIRST ISSUE IN FAVOUR OF THE ASSESSEE AND SET ASIDE THE SECOND ISSUE TO T HE FILE OF THE ASSESSING OFFICER TO DISPOSE OF THE APPEAL IN CONFIRMITY WITH THE VIEW TO BE TAKEN BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESS MENT YEAR 2003-2004 AND ASSESSEES COUNSEL HAVING FAIRLY STATED THAT TH E SECOND ISSUE IS COVERED AGAINST THE ASSESSEE WE UPHOLD THE ORDER O F THE LEARNED CIT(A) IN SO FAR AS GROUND NOS. 2 AND 3 ARE CONCERNED AND SET ASIDE THE DISALLOWANCE OF RS.1 66 74 500/- REFERABLE TO GROUN D NO.1. 4. IN THE RESULT APPEAL FILED BY THE ASSESSEE-COM PANY IS PARTLY ALLOWED. ORDER PRONOUNCED ON 25-01-2010 SD/- SD/- (T.R.SOOD) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI DATE JANUARY 2010. VBP/- 3 COPY TO 1. M/S. BENNETT COLEMAN & CO. LTD. THE TIMES OF IN DIA BLDG. DR. D.N.ROAD FORT MUMBAI 400 001 PAN AAACB-4373-Q 2. ADDL. CIT RANGE 1 (1) ROOM NO. 579 AAYAKAR BH AVAN M.K. MARG MUMBAI 400 020 4. CIT(A)-I MUMBAI. 5 CIT-1 MUMBAI 6. D.R. B BENCH MUMBAI. 7. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR ITAT MUMBAI BENCHES MUMBAI. SNO DATE INITIALS 1 DRAFT DICTATED ON 25-01-2010 SR.P.S 2. DRAFT PLACED BEFORE AUTHOR 25-01-2010 SR.P.S 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER V.P. 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER A.M 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.P.S 6. KEPT FOR PRONOUNCEMENT ON SR.P.S 7. FILE SENT TO THE BENCH CLERK SR.P.S 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER