Interest accrued as per the Mercantile System of Accounting

Last updated: 07 August 2021

Court :
INCOME TAX APPELLATE TRIBUNAL, DELHI

Brief :
This appeal by the assessee is preferred against the order of the CIT(A) – 2, New Delhi, dated 19.02.2018 pertaining to A.Y 2010-11.

Citation :
ITA No. 3704/DEL/2018

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH,
NEW DELHI [THROUGH VIDEO CONFERENCE]
BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND
SHRI K.N. CHARY, JUDICIAL MEMBER
ITA No. 3704/DEL/2018 [A.Y 2010-11]

Brahmaputra Capital
Financial Services Ward -5(2)
28, Najafgarh Road New Delhi

PAN: AABCB 8626 K
[Appellant]

Vs.

The Addl. C.I.T

New Delhi

[Respondent]

Assessee by : Shri Rohit Jain, Adv
Ms. Soumya Jain, Adv
Revenue by : Shri Satpal Gulati, CIT- DR
Date of Hearing : 26.07.2021
Date of Pronouncement : 26.07.2021
ORDER

1. This appeal by the assessee is preferred against the order of the CIT(A) – 2, New Delhi, dated 19.02.2018 pertaining to A.Y 2010-11.

2. At the very outset, the ld. counsel for the assessee stated that the impugned issue has been decided in favour of the assessee and against the Revenue by the Hon'ble Jurisdictional High Court of Delhi
for A.Ys 2003-04 to 2006-07. The ld. counsel for the assessee further stated that the Hon'ble Supreme Court in a consolidated order covering C.A No. 998/2013 [being assessee’s appeal] have upheld the findings of the Hon'ble Delhi High Court. The ld. counsel for the assessee further brought to our notice the decision of this Tribunal in assessee’s own
case for A.Ys 2008-09 and 2009-10 wherein the Tribunal has considered.

3. As no distinguishing decision has been brought to our notice, respectfully following the order of the Hon'ble Supreme Court, Hon'ble Jurisdictional High Court and this Tribunal, the appeal of the assessee is allowed. The Assessing Officer is directed to delete the impugned addition all the judgments relating to the impugned issue.

4. In the result, the appeal of the assessee in ITA No. 3704/DEL/2018 is allowed.

The order is pronounced in the open court in the presence of both the rival representative on 26.07.2021.

Please find attached the enclosed file for the full judgement