M/S. Sri Vishnu Ceme... v. Dy. Cit-3(1) Hyderab...

Chandra Poojari, A.M:— This appeal by the assessee is directed against the order of the CIT(A), Guntur dated 05.05.2011 for the assessment year 2000-2001.

2. The assessee raised the ground that the CIT(A) ought to have allowed deduction of payment of funded interest of Rs. 228.01 lakhs paid in the previous year concerned to A.Y 2000-2001.

3. Brief facts of the case are that the assessee-company filed its return of income for the A.Y 2000-2001 on 29.11.2000, admitting loss of Rs. 6,52,58,522 and claimed refund of Rs. 4,02,874. Subsequently, the return was processed u/s. 143(1) on 26.3.2002, resulting in a refund of Rs. 1,03,495 after making tax adjustment of Rs. 2,03,302 pertaining to the A.Y 1999-2000. The assessee filed the present appeal against the order u/s. 143(1) on 20.12.2010 for not considering the payment of funded interest during the concerned previous year. The assessee had not claimed the payment of refunded interest. The appeal was filed with a delay of 8 1/2 years before the CIT(A) and the assessee has filed a condonation letter requesting the CIT(A) to condone the delay, wherein, the assessee has explained the reasons. Though the CIT(A) has not passed a speaking order with regard to condonation of delay, he decided the issue on merit.

4. Before us the learned AR relied on certain Supreme Court judgements such as in the case of Goetze (India) Ltd. v. CIT, 284 ITR 323 and in the case of State of Punjab v. Jullandhar Vegetable Syndicate (1965) IND. LAW SC 230.

5. The learned DR relied on the orders of the lower authorities.

6. We have perused the intimation dated 26.3.2002 for A.Y 2000-2001. The Assessing Officer did not make adjustment towards the impugned issue and as such we cannot hold that the assessee was aggrieved with the intimation made u/s. 143(1) of the Act. The Department having accepted the return of income filed by the assessee now the assessee cannot have any grievance against that intimation. Being so, we decline to entertain the issue raised by the assessee.

7. In the result, appeal of the assessee is rejected.