2017 (9) TMI 1947

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....venue : Sh. Shravan Gotru, Sr. DR. ORDER The Assessee has filed the Appeal against the Order dated 21.8.2015 of the Ld. CIT(A)-29, New Delhi pertaining to assessment year 2012-13 on the following grounds:- 1. That the Ld. CIT(A) has erred both on facts and law by confirming an addition of Rs. 4,26,000/- out of Interest payable in EDC charges terming the same as penal in nature. 2. That....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....10.2014 and served through speed post. In response to statutory notices, the A.R. of the assessee company attended the proceedings on behalf of the assessee company, filed the details. On perusal of the profit and loss account of the assessee company, AO noticed that during the financial year 2011-12, the assessee company debited interest expenses amounting to Rs. 1,74,48,000/- towards delayed pa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....esaid impugned order of the Ld. CIT(A), Assessee is in Appeal before the Tribunal against not allowing Rs. 4,26,000/- being penalty in nature and confirmed. 5. At the time of hearing, Ld. Counsel of the assessee has stated that issue in dispute is squarely covered by the Order dated 20.11.2012 of the Hon'ble Delhi High Court in the case of CIT vs. Enchante Jewellery Ltd. passed in IT Appeal No.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wellery - Assessee claimed that it used to import jetwellery manufacturing machinery under Export Promotion Council Goods Scheme (EPCG Scheme) at a concessional rate with an export obligation which it could not fulfill and, thus, was required to pay interest to DGFT - Assessee's claim for deduction of interest was rejected on ground that said payment was penal in nature - Commissioner (Appeals) as....