Nin Marketing Pvt.Ltd.,, Ahmedabad vs Department Of Income Tax

आयकर अपीलीय अिधकरण, अिधकरण, अहमदाबाद यायपीठ ''B'', अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, "B" BENCH

सव ौी ौी जी. जी.सी. सी.गु ा, माननीय उपा!य", उपा!य", एवं अिनल चतुवद ' (, (, लेखा सदःय के सम" । BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER)

ITA No.3036/Ahd/2011 [Asstt.Year : 2005-2006]

JCIT (OSD) बनाम/Vs. Nir Marketing Pvt. Ltd. Cir.5, Ahmedabad. G-20, New Madhavpura Market Shahibaug Road Ahmedabad 380 004.

PAN: AABCN 4057 G

(अपीलाथ. / Appellant) (ू0यथ. / Respondent)

राजःव क1 ओर से/ : Revenue by Shri Roopchand, Sr.DR िनधा 4रती क1 ओर से/ : Assessee by Ms.Urvashi Sodhan सुनवाई क1 तार(ख/ : Date of Hearing 6th January, 2015 घोषणा क1 तार(ख/ : 02-02-2015 Date of Pronouncement

आदे श / O R D E R

PER G.C. GUPTA, VICE-PRESIDENT: This appeal by the Revenue for the Asstt.Year 2005-2006 is directed against the order of the CIT(A).

2. The only ground of appeal of the Revenue is as under: 1. The CIT(A) has erred in law and on facts in deleting the disallowance of Rs.48,55,752/- being amount of premium on Optionally Fully Convertible Premium Notes (OFCPN). ITA No.3036/Ahd/2011

3. The learned DR submitted that the Revenue has not accepted the decision of the ITAT in the assessee's own case in ITA No.3296/Ahd/2004 dated 20-11-2009 and has preferred appeal before the Hon'ble jurisdictional High Court. He relied on the order of the AO. The learned counsel for the assessee has opposed the submissions of the learned DR. He submitted that the issue is covered in favour of the assessee with the decision of the Tribunal in assessee's own case in number of assessment years from 2001-02 to 2004-05, and therefore, the issue should be decided in favour of the assessee.

4. We have considered rival submissions and perused the orders of the AO and the CIT(A). We find that identical issue of disallowance on premium of Optionally Fully Convertible Premium Notes (OFCPN) is covered in favour of the assessee with the decision of the Tribunal in assessee's own case for the earlier Asstt.Years 2001-02 to 2004-05 dated 20.11.2009 (supra). We being in agreement with the decision of the Co- ordinate Bench of the Tribunal in assessee's own case for the Asstt.Years 2001-02 to 204-05 dated 20.11.2009, decide the issue in favour of the assessee, and the order of the CIT(A) is confirmed and the ground of the appeal of the Revenue is dismissed.

5. In the result, the appeal of the Revenue is dismissed.

Order pronounced in Open Court on the date mentioned hereinabove.

Sd/- Sd/- अिनल चतुव'द( / ANIL CHATURVEDI) (अिनल (जी. जी.सी. सी.गु ा/G.C. GUPTA) लेखा सदःय /ACCOUNTANT MEMBER उपा!य" /VICE-PRESIDENT

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Copy of the order forwarded to: 1) : Appellant 2) : Respondent 3) : CIT(A) 4) : CIT concerned 5) : DR, ITAT. BY ORDER

DR/AR, ITAT, AHMEDABAD

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