TaxTMI 
TaxTMI 
TaxTMI 
2019 (11) TMI 584
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....No.56/11-12/A-III dated 21.08.2012 for assessment year 2008-09 against the confirmation of penalty levied u/s.271(1)(c) of the Act. I.T.A.No.2003/Chny/2014 is an appeal filed by the assessee against the order of the Commissioner of Income-tax(Appeals) (A/C )-II, Chennai in ITA No.341/13-14 dated 28.03.2014 for assessment year 2009-10 against the confirmation of action of the Assessing Officer in denying the exemption claimed by the assessee u/s.10B of the Act and in respect of disallowance u/s.14A of the Act. I.T.A.No.2002 /Chny/2012 is an appeal filed by the assessee against the order of the Commissioner of Income-tax(Appeals)( A/C)-II, Chennai in ITA No.342/13-14 dated 28.03.2014 for assessment year 2009-10 against the confirmation of penalty levied u/s.271(1)(c) of the Act. 2. Mr.S.Sridhar represented on behalf of the Assessee and Mr.AR.V.Sreenivasan represented on behalf of the Revenue. 3. Since the issues raised in all these appeals of assessee as well as Revenue are interconnected, these appeals are heard together and dispose of by this common order. 4. At the time of hearing, it was submitted by ld.AR that for the assessment years 2008-09 & 2009-10, the main issue is rel....
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.... against the action of the ld.CIT(A) in directing the Assessing Officer to alter the nomenclature of the addition from suppression in export turnover to increase in value of Closing Stock. In regard to Grounds Nos.4.1 to 4.2 of Revenue's appeal for assessment year 2008- 09, it was submitted that the issue was against the action of the ld.CIT(A) in directing the Assessing Officer to exclude freight, insurance etc. from Export Turnover as well as Total Turnover while computing deduction u/s.10B of the Act. The ld.DR vehemently supported the order of the Assessing Officer. It was submitted that the order of ld.CIT(A) was liable to be reversed. 7. In reply, ld.AR submitted that the issue of deduction u/s.10B of the Act being pending before the Hon'ble Jurisdictional High Court, the issue may be restored to the file of Assessing Officer for re-adjudication after the receipt of the order of Hon'ble Jurisdictional High Court in respect to W.Ps filed by the assessee. 7.1 In respect of suppression of turnover, it was submitted by ld.AR that he had no objection, if the issue may be restored to the file of Assessing Officer for verification as to whether the said alleged turnover had been d....
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....nt Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any taxable income. 9. In reply, the ld.DR submitted that he had no objections, if the issues are restored to the file of Assessing Officer to await the decision of the Hon'ble Jurisdictional High Court regarding allowability of assessee's claim u/s.10B of the Act. It was a submission that in respect of disallowance u/s.14A of the Act, the issue may be restored to the file of Assessing Officer for verification as to whether the assessee has earned any exempt income. It was submitted that it is recorded by ld.CIT(A) at para 10.1 of his order that the assessee has not earned any dividend income. 10. In respect of Revenue's Appeal in ITA No.2114/Chny/2012, the issue was against the action of ld.CIT(A) in deleting the levy of penalty u/s.271(1)(c) of the Act. It was submitted by ld.DR that ld.CIT(A) had....
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.... the Development commissioner, MEPZ,Chennai-45. It had been granted deduction u/s.10B of the Act on the profits from the export of business and the same was granted to the assessee till the assessment year 2007-08. The facts remain that there was a survey on the premises of the assessee on 23.03.2010. For the assessment years 2008-09 and 2009-10, there was a delay in filing of the return on account of the Accountant of the company turning against the company and thereby causing loss of data, which had to be sorted out by sending the main server of the assessee to software engineers for retrieval of the original data. Though the reasons had been mentioned for the delay, and though such reasons do at the outset, seem to be reasonable, no evidence with supporting evidence has been placed before the Tribunal. In any case, the matter of the reasonable cause in respect of the delay in filing of the returns is before the Hon'ble Jurisdictional High Court in the appropriate W.P Nos.39208 & 39209/2015 for assessment years 2008-09 & 2009-10 respectively. The issue is sub judice before the Hon'ble Jurisdictional High Court and it is not appropriate for this Tribunal to decide on the said iss....