9911796707
TMI Blog2018 (6) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(3)/147 of the Income Tax Act, 1961 (Act) for A.Y.2010-11. Another appeal being ITA No.1448/Kol/2016 filed by the Revenue is directed against the order dated 11.05.2016 passed by the ld. Commissioner of Income Tax (Appeals) Durgapur u/s 250 of the Act arising out of order dated 28.12.2015 passed by the same authority. 2. An application for condonation of delay has also been filed for condoning the delay of 109 days in respect of the appeal being ITA No.1447/Kol/2016 filed by the Revenue. 3. According to the revenue such delay occurred due to the pendency of the application for rectification filed on 05.02.2016 by the AO against the order dated 28.12.2015 passed by the ld. CIT(A)-Durgapur. The Revenue was under the firm belief that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,282/- on outstanding loans comes under the purview of section 43B of the Act, has not been accepted by the ld. AO and thus disallowed the debit of interest due to Government. Against the said order appeal was preferred before the First Appellate Authority by the assessee which was ultimately allowed on 28.12.2015 with the following observations : "Assessing Officer has disallowed interest paid by assessee to the tune of Rs. 4,42,23,282/- to Govt. of West Bengal. Assessing officer applied the provision of section 43B of the Act by stating that interest was not paid in time. Assessee in appeal proceeding argued that neither clause (d) nor clause (e) of section 43B are applicable on the case of the assessee. For the sake of convenience rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the said observation the AO did not allow the debit of interest. 7. The miscellaneous application was dismissed by the ld. CIT(A), Durgapur with following observation :- "Considering the provision of section 43B it is seen that there is no such clause where liberty has been given to the department to disallowing interest on the ground that the same was never paid. The exclusion of such debit of interest from income is made by section 43B, where it allows debit of interest from income to certain entities, even on non-payment and only on the basis of accrual. Keeping in view of the aforesaid provision the miscellaneous petition of the A.O is disposed off and appeal is allowed in favour of the appellant as per earlier order." 8. The Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee by the Coordinate Bench of this ld. Tribunal as cited by the ld. AR. A copy of the said order is also annexed to the paper book being a part of the records. The relevant portion of the said order is narrated herein below : "3. The issue raised by the assessee in this appeal is that the Id. CIT(A) erred in confirming the order of AO by holding that the income of the assessee is taxable under the Income Tax Act . 4. The facts in brief are that the assessee in the present case is constituted u/s 11 of the West Bengal Town and Country (Planning and Development) Act, 1979 under the Govt. of West Bengal and engaged in the development activities. The Id. AR at the outset, before us submitted that the income of the assessee is not taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2006-TIOL-43-SC-IT observing that the circumstances were similar as in the present cases, but he has not considered the above noted relevant statutory requirements applicable in the case of assessee. We, therefore, set aside the order of Id. CIT(Appeals) for all the three years and restore the matter back to the file of Assessing Officer for de novo consideration of the entire issues in the light of statutory 'requirements as filed by the assessee in the paper book. Respectfully folIowing the same we are inclined. to restore this ground to the file of AO for fresh adjudication as per law. Hence, this ground of appeal of the assessee is allowed for statistical purposes. 6. The Additional ground raised by the assessee is that the Id ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t this claim made by the assessee for the first time before the Tribunal requires verification by the AO. We also note that even the claim of the assessee for exemption u/s 11 has been set aside by the Tribunal to the AO for deciding the same in the light of registration granted to the assessee u/s 12A with retrospective effect. We therefore restore the issue relating to disallowance u/s 43B to the file of the AO for deciding the same afresh after verifying the new claim made by the assessee that the provision of section 43B cannot be invoked in its case in the light of registration granted u/s 12A with retrospective effect. 11.1. As a result of our decision rendered above restoring the issue of disallowance u/s 43B to the file of the AO, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
