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04-06-2019, Deepak Cables India, Section 36[1 ][iii], 37, Tribunal Bangalore

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1 week 4 days ago #9672 by amit
Section - 36[1 ][iii], 37, 41(1), 234B, 14A, 8D
Order Date - 04-06-2019
Favouring - Partly
Court - Tribunal Bangalore
Appellant - Deepak Cables India Ltd.
Respondent - ACIT
Justice - N. V. VASUDEVAN VP & JASON P BOAZ AM
Citation - 619Taxpundit88
Appeal No. - ITA Nos. 1285 /Bang/2016
Asstt. Year - 2011-12

Order

PER : Jason P. Boaz A.M

These two appeals by the assessee are directed against the common order of CIT(A)-2, Bangalore, dated 28/11/2016 for Assessment Years 2011-12 and 2012-13. Since the issues involved in both these appeals are identical and the background facts common, these appeals were heard together and we deem it appropriate to dispose of these appeals by way of this common order for the sake of convenience.

2. Briefly stated, the facts relevant for disposal of these appeals are as under:-

2.1 The assessee company is engaged in the business of manufacturing and supplying of ACSR conductors for transmission lines and turnkey erection of power transmission power lines. For Assessment Year 2011-12, the assessee filed its original return of income on 30.09.2011 declaring income of Rs.57,07,59,831/-, which was later revised to Rs.77,70,52,980/- vide return filed on 23.02.2012. Similarly, for Assessment Year 2012-13, the assessee had filed its original return of income on 28.09.2012 declaring income of Rs.28,92,22,000/- which was later revised to Rs.66 29 86,760/- vide return filed on 30.03.2013. The assessee’s case for both these Assessment Years was selected for scrutiny. The assessments were concluded under section 143(3) of the Income Tax Act, 1962 (in short ‘the Act’) vide order dated 30.01.2014 for Assessment Year 2011-12, wher in the assessee’s income was determined at Rs.81,58,61,394/- and for Assessment Year 2012-13 under section 143(3) of the Act vide order dated 13.02.2015 wherein the assessee’s income was determined at Rs 71 31,44,382/-; consequent to certain additions / disallowances made by the Assessing Officer (AO).

2.2 Aggrieved by the orders of assessment dated 30.01.2014 for Assessment Year 2011-12 and dated 13.02.2015 for Assessment Year 2012-13, the assessee preferred appeals before the CIT(A)-2, Bangalore, who vide a common order dated 28.01.2016 disposed off the appeals allowing the assessee partial relief.

3. The assessee, being aggrieved by the common order of CIT(A)-2, Bangalore, dated 28.01.2016 for Assessment Years 2011-12 and 2012-13, has preferred these appeals before the Tribunal; wherein it has raised the following grounds:

Assessment Year 2011-12

1. The orders of the authorities below in so far as they are against the appellant, are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case.

2. The learned CIT[A] is not justified in upholding the disallowance of Rs. 76,13,553/- made u/s. 14A rws Rule 8D of the Act without appreciating that the provisions of sec. 14A of the Act were inapplicable to the facts of the appellant's case and therefore, the impugned disallowance made deserves to be deleted.

3. The learned CIT[A] is not justified in upholding a part of the disallowance made to the extent of the fresh advances made during the year to certain parties in terms of section 36[1 ][iii] rws 37 of the Act under the facts and in the circumstances of the appellant's case.

4. The learned CIT[A] is not justified in upholding the addition of Rs.14,18,157/- u/s 41[1] of the Act under the facts and in the circumstances of the appellant's case.

5. Without prejudice to the right to seek waiver with the Hon'ble CCI the appellant denies itself liable to be charged to interest u/s 234- of the Act, which under the facts and in the circumstances of the appella t's case and the levy deserves to be cancelled.

6. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs.

Assessment Year 2012-13

1. The orders of the authorities below in so far as they are against the appellant, are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case.

2. The learned CIT[A] is not justified in upholding the disallowance of Rs. 93,06,690/- made u/s. 14A rws Rule 8D of the Act without appreciating that the provisions of sec. 14A of the Act

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