TMI Blog2016 (7) TMI 1402X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Indo American Jewellery Ltd. [2013 (1) TMI 804 - BOMBAY HIGH COURT] the appeal filed by the Revenue is dismissed. - I.T.A. No.802/Mum/2014 - - - Dated:- 29-7-2016 - SHRI SAKTIJIT DEY, JM AND SHRI N. K. PRADHAN, AM Assessee by: Smt. Arati Vissanji Department by: Shri N. K. Chand O R D E R PER N.K.PRADHAN, AM: The present appeal has been filed by the Revenue assailing the impugned final assessment order passed by the ITO-8(1)(3) Mumbai in pursuance of the direction given by the Dispute Resolution Panel(DRP)-1 Mumbai vide order dated 31st October 2013 u/s 144C(5) of the I.T. Act 1961(for short the Act ). The relevant assessment year is 2009-10. 2. The grounds raised by the Revenue read as under :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has received the sale proceeds of studded jewellery after considerable delay and did not charge any interest from the AE. Accordingly, the TPO computed the interest recoverable from the AE on such delayed recovery after allowing the credit period. The interest was charged @ 15.41% per annum. The sole objection of the assessee before the DRP was against addition of ₹ 33,90,931/- proposed by the Assessing Officer (AO) in the draft assessment order u/s 143(3) r.w.s. 144C(1) of the Act, dated 11th March 2013. The DRP having considered the draft assessment order passed by the AO and the submission filed by the assessee came to a finding which reads as under: 3.4 We have considered the facts material on record, discussions emerging ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im on the order of the ITAT in the case of Dania Oro Jewellery Pvt. Ltd. vs. ITO Ward-8 (1)(3) Mumbai for A.Y. 2008-09 (ITA(TP) No. 6827/Mum./2012); Ameriprise India Pvt. Ltd. vs. ACIT Circle 1(1) New Delhi for A.Y. 2009-10 (ITA No. 2010/Del/2014) ACIT Circle 1(1) New Delhi vs. Ameriprise India Pvt. Ltd. (ITA No.2575/Del/2014); Avenue Asia Advisors Pvt. vs. DCIT Circle 2(1) New Delhi for A.Y. 2009-10 (ITA No.6638/Del/2013) and iGATE Computer Systems Ltd. vs. Addl. CIT for A.Y 2005-06 (ITA No. 2504/PN/2012) the Addl. CIT vs. iGATE Computer Systems Ltd. (ITA No. 342/PN/2013) 5. Before us, the ld. Counsel for the assessee submitted that there were delays in realization of export proceeds from both AE and Non- AEs and the average delay i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Enterprises debtors for delay in realization of export proceeds Tribunal thus deleted addition of notional interest on outstanding amount of export proceeds realized belatedlywhether on facts, no substantial question of law arose from Tribunal s order Held, yes [Para5] [ In favour of assessee] 6.1 The above decision squarely applies to the present case. This is the only decision of a High Court applicable to the case at hand which has been cited before us. In the case of Dr. T.P. Kapadia vs. CIT [1973] 87 ITR 511 (Mys.) it has been held that a decision of a High Court would have binding force in the State in which it has jurisdiction. 6.2 Even in the case of the assessee for the assessment year 2008- 09 (Dania Oro Jewellery Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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