DEPUTY COMMISSIONER OF INCOME TAX Vs. PRESTIGE GARDEN CONSTRUCTIONS (P.) LTD.
LAWS(IT)-2014-11-10
INCOME TAX APPELLATE TRIBUNAL
Decided on November 14,2014

DEPUTY COMMISSIONER OF INCOME TAX Appellant
VERSUS
Prestige Garden Constructions (P.) Ltd. Respondents

JUDGEMENT

Jason P.Boaz, Member (A) - (1.) THIS appeal by Revenue is directed against the order of the Commissioner of Income -tax (Appeals) -III, Bangalore dt.4.6.2012 for Assessment Year 2008 -09. The facts of the case, briefly, are as under: - - "2.1 The assessee, a company engaged in the business of real estate and construction activities, filed its return of income for Assessment Year 2008 -09 on 30.9.2008. Subsequently, a revised return was filed on 17.9.2009 wherein the income declared was Rs. 77,38,420. The return was processed under section 143(1) of the Income -tax Act, 1961 (hereinafter referred to as 'the Act') and the case was taken up for scrutiny. The assessment was completed under section 143(3) of the Act by order dt. 31.12.2010 wherein the income of the assessee was determined at Rs. 2,24,70,861 as against returned income of Rs. 77,38,420 in view of the Assessing Officer disallowing interest amounting to Rs. 1,47,32,441.
(2.) 2 Aggrieved by the assessment order of the assessment for Assessment Year 2008 -09 dt. 31.12.2010, the assessee preferred an appeal before the CIT(Appeals) HI, Bangalore. The learned CIT (Appeals) disposed off the matter by order dt.4.6.2013 allowing the assessee's appeal." 2. Revenue, being aggrieved by the order of the CIT(Appeals) - III, Bangalore for Assessment Year 2008 -09 dt.4.6.2013, is in appeal before this Tribunal raising the following grounds: - - "1. The order of the learned CIT (Appeals) is opposed to law and facts of the case. 2. On the facts and in the circumstances of the case the learned CIT (Appeals) erred in holding that the factum of currency swap income which has no separate costs does not impact the overall interest claim in any way, without appreciating the fact that the assessee earned income from currency swap arrangement from unutilized funds in the loan account and not from any investment made by the assessee towards which specific cost is incurred. For these and other grounds that may be urged at the time of hearing, it is prayed that the order of the CIT (Appeals) in so far as it relates to the above grounds may be reversed and that of the Assessing Officer may be restored. 3. THE appellant craves leave to add, alter, amend and/or delete any of the grounds mentioned above."
(3.) The grounds raised at S. Nos. 1, 3 and 4 of Revenue's appeal being general in nature, no adjudication is called for thereon.;


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