TMI Blog2016 (2) TMI 1156X X X X Extracts X X X X X X X X Extracts X X X X ..... by HC [2009 (12) TMI 689 - BOMBAY HIGH COURT] - Decided in favour of assessee - ITA no.3743/Mum./2013 - - - Dated:- 29-2-2016 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER Assessee by : Shri Dinesh Vyas Revenue by : Shri Rakesh Kumar Agarwal O R D E R PER SAKTIJIT DEY, J.M. Aforesaid appeal of the assessee is directed against the order dated 20th March 2013, passed by the learned Commissioner (Appeals) 18, Mumbai, for the assessment year 2008 09. The effective ground raised by the assessee is as under: On the facts and in the circumstances of the case and in law, the learned Commissioner (Appeals) erred in upholding / confirming the order of the ACIT of not considering the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computation of income, assessee had explained the reason for doing so and had stated that as otherwise assessee is eligible for claiming exemption under section 10A, on the interest income. Further, it was submitted by the assessee that in its own case for assessment year 2007 08, learned Commissioner (Appeals) relying upon a decision of Hon'ble Jurisdictional High Court in case of assessee s sister concern viz. Syntel Ltd. had allowed exemption under section 10A on interest income. The learned Commissioner (Appeals) observed that in the decision of the Hon ble High Court referred to by the learned Commissioner (Appeals), the appeal preferred by the Department was dismissed on the ground of limitation, thus, the High Court did not lay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 008 09 in ITA no.3413/Mum./2007 and others dated 5th August 2015. Learned Sr. Counsel submitted in assessee s own case for the assessment year 2007 08, co ordinate bench following the decision of the Tribunal, Mumbai Bench, and Bombay High Court in the case of assessee s sister concern Syntel Ltd., has decided the issue in favour of the assessee by dismissing the appeal. Learned Sr. Counsel submitted, Hon ble High Court having decided the issue in assessee s sister concern s case on merit for assessment years 1997 98, 1998 99 and 2001 02, learned Commissioner (Appeals) was wrong in observing that the High Court has not decided the issue on merit. Learned Sr. Counsel submitted, in any case of the matter, learned Commissioner (Appeals) was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se in case of assessee s sister concern M/s. Syntel Ltd. for the assessment years 1997 98, 1998 99 and 2001 02. The Tribunal, while deciding the issue accepted assessee s claim by allowing deduction under section 10A, in respect of interest income as well as some other income such as exchange fluctuation gain and reversal of provisions. Against such order of the Tribunal, the department preferred appeal before the High Court vide Income Tax Appeals no.1974, 1976 and 1978 of 1009. The High Court in order dated 15th December 2009, dismissed the appeal of the Department rejecting the contention that the issue is covered by the decision of the Hon'ble Supreme Court in Liberty India Ltd. v/s CIT. While doing so, the Hon'ble High Court ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, the grounds of appeal raised by Revenue are dismissed. 7. No material difference in fact for the impugned assessment year has been brought to our notice by the Learned Departmental Representative. Therefore, respectfully following the decision of the co ordinate bench rendered in assessee s own case referred to above, we allow assessee s claim of deduction under section 10A. However, it is observed that the Assessing Officer had disallowed claim of deduction under section 10A for an amount of ₹ 1,17,23,282, being the interest income, whereas, as per the ground of appeal raised before us and the order of the learned Commissioner (Appeals), the interest income referred to therein is ₹ 1,70,23,282. The Assessing Officer is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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