Income Tax Appellate Tribunal - Ahmedabad
Asian Tubes Ltd.,, Ahmedabad vs Assessee
ITA No.3236/Ahd/2010
Assessment Year 2006-07
IN THE INCOME TAX APPELLATE TRIBUNAL "B " BENCH,AHMEDABAD.
(BEFORE SHRI T.K. SHARMA & SHRI A. K. GARODIA)
I.T.A. No.3236/AHD/2010
(Assessment Year )
Asian Tubes Ltd.,
The Deputy Commissioner of
101,Sakar -III, Near I.T. Circle,
Income Tax, Ciorcle-1,
Ashram Road,
1st Floor, Jitendra Chambers,
Ahmedabad-14.
Nr. R.B.I., Ahmedabad.
(Appellant)
(Respondent)
PAN: AABCA 2797 E
Appellant by : Shri Gaurav Nahta
Respondent by : Shri Samir Tekriwal, Sr.D.R.
(??? ?)/ORDER
PER: SHRI A.K. GARODIA, A.M.
This is an assessee's appeal directed against the order of Ld. CIT (A)-
VI, Ahmedabad dated 21-9-2010 for assessment year 2006-07.
Ground No.1 of assessee's appeal is as under:-
"1. The Ld. CIT(A) -VI, Ahmedabad has erred in law and on facts
in passing appellate order dated 21-9-2010 for A.Y. 2006-07 in the
case of appellant by confirming the disallowance of Rs.1,30,500/- on
account of increase in Authorized Capital."
ITA No.3236/Ahd/2010
Assessment Year 2006-07
Brief facts of the case are that it is noted by the A.O. that the assessee
has paid Rs.1,30,500/- as ROC fees for increasing the authorized capital
from Rs. 3 crores to Rs.5 crores. The A.O. disallowed the same by following
various judgements i.e. Judgment of Hon'ble Apex Court in the case of
Punjab State Industrial Development Corporation Ltd., (PSIDC Ltd.) (1997)
225 ITR 792 and in the case of Brooke Bond India Ltd. vs. CIT (
ITR 798 and also of Hon'ble Gujarat High Court in the case of Vareli
Textile Industries vs. CIT ( ITR 238 (Guj.).Being aggrieved, the
assessee carried the matter in appeal before the Ld. CIT (A). Before the Ld.
CIT(A), reliance was placed by the assessee on the decision of Hon'ble
Apex Court rendered in the case of
( ITR 232 (SC). It is observed by the Ld. CIT (A) in paragraph 2.3
of his order that the issue involved before the Hon'ble Apex Court (supra)
was regarding other expenses in connection with the issue of bonus shares
and not expenses incurred towards payment of ROC fees for increasing
authorized capital. The Ld. CIT (A) decided this issue against the assessee
and now the assessee is in further appeal before us.
It is submitted by Ld. A.R. of the assessee before us that in the present
case, the issue is regarding ROC fees paid for increasing authorized share
capital for bonus shares and hence, as per the decision of Hon'ble Apex
Court rendered in the case of General Insurance Corporation (supra), the
disallowance made by the A.O. should be deleted.
As against this, it is submitted by the Ld. D.R. of the Revenue that in
the case of
(supra), the disallowance
ITA No.3236/Ahd/2010
Assessment Year 2006-07
made by the A.O. was regarding ROC fees paid by the assessee for
increasing authorized capital and other expenses in connection with the issue
of bonus shares. it is further submitted that the Ld. CIT (A) has bifurcated
these expenses into two categories. One category was relating to the increase
in the authorized share capital from Rs.75 crores to Rs.250 crores and the
second category was relating to other expenses for issue of bonus shares. It
is also pointed out that in respect of first category of expenditure i.e. relating
to expenses for increase in authorized share capital, it was held by the Ld.
CIT (A) in that case that the same was not allowable in terms of the decision
of Hon'ble Bombay High Court rendered in the case of Bombay Burmah
Trading Corporation Ltd. vs. CIT 145 ITR 793 and two other decisions of
the same High Court. However, for the expenditure falling in second
category, it was held by the Ld. CIT (A) that the same is allowable as
revenue expenditure. Being aggrieved, the Revenue carried the matter before
the Tribunal in that case and the Tribunal upheld the decision of Ld. CIT (A)
and it was approved by Hon'ble Bombay High Court and then before the
Hon'ble Apex Court, appeal was filed by the Revenue and hence, the issue
in dispute in that case before the Tribunal and High Court and before apex
court was regarding other expenditure incurred by the assessee for issuing
the bonus shares and not the ROC fees paid by the assessee for increasing
authorized capital and therefore, this judgment is of no help to the assessee
in the present case.
We have considered the rival submissions and perused the material on
record and have gone through the orders of the authorities below. We find
that the Ld. A.O. has made the disallowance by following two judgments of
Hon'ble apex court rendered in the case of CIT vs. PSIDC (supra) and in the
ITA No.3236/Ahd/2010
Assessment Year 2006-07
case of Brooke Bond India Ltd., (supra). As against this, the A.R. of the
assessee has placed reliance on another judgment of Hon'ble apex court
rendered in the case of General Insurance Corporation (supra). We have
gone through both these judgments which are followed by the A.O. and find
that the issue involved was regarding the expenses incurred by the assessee
towards fees paid to ROC for increase in authorized capital and the same
was decided against the assessee whereas in the second case on which
reliance has been placed by the Ld. A.R. i.e. Judgment rendered in the case
of CIT v/s General Insurance Corporation (supra), the issue involved was
regarding other expenses incurred by the assessee-company on issue of
bonus shares. In that case, the issue relating to payment of ROC fees for
increase in authorized capital was decided by Ld. CIT (A) against the
assessee and it appears that the assessee has not carried the matter in further
appeal. Be that as it may but the second judgment cited by the Ld. A.R. of
the assessee is of no help to the assessee in the present case, because this
issue was not before the Hon'ble apex court as to whether the payment of
ROC fees for increase in authorized capital is allowable or not. Hence, the
issue regarding payment of ROC fees for increase in authorized capital is
covered against the assessee by the judgment of Hon'ble apex court rendered
in the case of PSIDC (supra) and Brooke Bond India Ltd., (supra) and hence,
we do not find any reason to interfere in the order of the Ld. CIT (A) on this
issue. Therefore, this ground No.1 of the assessee is rejected.
Ground No.2 of the assessee is as under:-
"2. The Ld. CIT (A) also erred in law and on facts in confirming
the addition of Rs.1,74,625/- on account of late payment of PF and
ITA No.3236/Ahd/2010
Assessment Year 2006-07
The issue in dispute as per this ground is relating to disallowance
made by the A.O. in connection with late payment of employees'
contribution to Provident Fund and ESIC. It was submitted by the Ld. A.R.
of the assessee that the issue is now covered in favour of the assessee by the
judgment of Hon'ble apex court rendered in the case of CIT vs. Alom
Extrusions Ltd., 319 ITR 306 (SC). Respectfully following this judgment of
Hon'ble apex court, this issue is decided in favour of the assessee.
Accordingly, the ground No.2 of the assessee is allowed.
In the result, the appeal of the assessee is partly allowed.
Order pronounced in Open Court on 08 - 07 - 2011.
( T. K. SHARMA)
(A.K. GARODIA)
JUDICIAL MEMBER
ACCOUNTANT MEMBER
Ahmedabad.
Dated: 08- 07 - 2011.
S.A.Patki.
Copy of the Order forwarded to:-
The Appellant.
The Respondent.
The CIT (Appeals)-VI, Ahmedabad.
The CIT concerned.
The DR., ITAT, Ahmedabad.
Guard File.
Deputy/Asstt.Registrar
ITAT,Ahmedabad.
ITA No.3236/Ahd/2010
Assessment Year 2006-07
1.Date of dictation 1 - 07 -2011
2.Date on which the typed draft is placed before the Dictating 4 /07 / 2011
Member................Other Member................
3.Date on which the approved draft comes to the Sr.P.S./P.S - -2011.
4.Date on which the fair order is placed before the Dictating Member for
pronouncement
5.Date on which the fair order comes back to the Sr.P.S./P.S - -2011
6.Date on which the file goes to the Bench Clerk - -2011.
7.Date on which the file goes to the Head Clerk.............
8.The date on which the file goes to the Asstt. Registrar for signature on the
order........................
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