Itta/213/2018 Of The Commissioner Of Income Tax(Central) v. Oil Country Tubular Ltd

IN THE HIGH COURT FOR THE STATE OF TELANGANAAT HYDERABAD TUESDAY, THE FIRST DAY OF AUGUSTTWO THOUSAND AND TWENTY THREE PRESENT THE HON'BLE SRI JUSTICE P.SAM KOSHY AND THE HON'BLE SRI JUSTIGE A. LAXMI NARAYANA INCOME TAX TRIBUNAL APPEAL No: 213 OF 2018 lncome Tax Tribunal Appeal Under Section 2604 of the lncome Tax Act,'1961 arising out of the order of the lncome-Tax Appellate Tribunal, HyderabadBench ' B ' Hyderabad, in ITA No.260/Hyd/2005, for Assessment Year 2001-02Bench ' B ' Hyderabad, in ITA No.260/Hyd/2005, for Assessment Year 2001-02dated:30-05-2008 preferred against the Order of the Commissioner of lncome Tax ,(Appeals)-lV, Hyderabad, Appeal No.2'12lCC-1/ClT(A)-lV/04-03, dated:'1 2-01-2005,preferred against the Order of the Deputy Commissioner of lncome Tax CentralCircle-|, Hyderabad, P.A.N / c.l.R No.0-1/DCIT/CC-|, dated 31-O3-2OO4.Circle-|, Hyderabad, P.A.N / c.l.R No.0-1/DCIT/CC-|, dated 31-O3-2OO4. Between: The Commissioner of Income Tax(Central), Hyderabad. ...APPELLANT/RESPONDENT AND Oil Country Tubular Ltd. 108, Kanchanjunga, King Koti Road Hyderabad. ...RESPONDENT/APPELLANT Counsel for the Appellant: SRI J.V. PRASAD, SC FOR lT DEPARTMENTCounsel for the Respondent: None AppearedThe Cour.t delivered the following: JUDGMENT THE HON'BLE SRI JUSTICE P.SAM KOSITY AND THE HON'BLE SRI JUSTICE A. LAXMI NARAYANA I.T.T.A. No. 213 of 2018 JUDGMENT:p er Hon'b[(; Sri Justtce P.SAM KOSHlf) The present appeal is taken up for hearing and dispo:;a1 at theadmission stage.admission stage. 2. The grounds raised in the present appeal read as under: "1Whether in the facts and circumstances of the case, the Tribunal iscorrecl in lar,v in holding that thc income in respect of pr,tducts andserviccs $,as not accrued to the assessee in spite of the fa.ct that theagreement r,vith Grand Prideco was subsisting during accolrnting yearand u'as released by agreement dated 28.11.01 from the liabilitysubsequent to the closurc of the financial year 31.03.C1 and theassessec rvas following mercantile system of accounting?correcl in lar,v in holding that thc income in respect of pr,tducts andserviccs $,as not accrued to the assessee in spite of the fa.ct that theagreement r,vith Grand Prideco was subsisting during accolrnting yearand u'as released by agreement dated 28.11.01 from the liabilitysubsequent to the closurc of the financial year 31.03.C1 and theassessec rvas following mercantile system of accounting? 2Whether in the lacts and circumstances of the case, the order of theTribunal is not perverse in not considering the Iindirrgs of theassessing officer that the device adopted by the asscssee is acolourable device to avoid taxation on its income?"Tribunal is not perverse in not considering the Iindirrgs of theassessing officer that the device adopted by the asscssee is acolourable device to avoid taxation on its income?" 3. Upon due consideration of the above grouncls, we hnd that all thegrounds raised by the appellant are on facts and not the substantialquestions of law, ar-rd that the Appellate Tribunal has already considered thesaid facts on merits. 4- In view of the same, since therc is no substaltial question of law, theappeal is devoid of merit ald accordingly star-rds rejected. No order as tocosts. .?../ 5. Consequently, miscellaneous petitions pending, if any, shall stzrndclosed Sd/-C.V.MALLIKARJUNA JOINT REGISTRAR,/'--iD //TRUE COPY// SECTION OFFICER To, 1. The lncome-Tax Appellate [Tribunal, Hyderabad ][Bench ][' ] [' Hy$erabad] 2. The Commissioner of lncome [Tax ], [(Appeals)-lV' ][Hyderabad.] 3. The Deputy Commissioner [of ][lncome ][Tax ][Central Circle-|, Hyderabad'] 4. One CC to SRI J.V. [PRASAD, SC FOR lT DEPARTMENT ] ] 5. Two CD Copies kamgBtu l I HIGH COURT DATED:01 10812023 JUDGMENTlTTA.No.213 of 2018 THE APPEALIS REJECTED e,.4"Wf^*3 4- In view of the same, since therc is no substaltial question of law, theappeal is devoid of merit ald accordingly star-rds rejected. No order as tocosts. .?../ 5. Consequently, miscellaneous petitions pending, if any, shall stzrndclosed Sd/-C.V.MALLIKARJUNA JOINT REGISTRAR,/'--iD //TRUE COPY// SECTION OFFICER To, 1. The lncome-Tax Appellate [Tribunal, Hyderabad ][Bench ][' ] [' Hy$erabad] 2. The Commissioner of lncome [Tax ], [(Appeals)-lV' ][Hyderabad.] 3. The Deputy Commissioner [of ][lncome ][Tax ][Central Circle-|, Hyderabad'] 4. One CC to SRI J.V. [PRASAD, SC FOR lT DEPARTMENT ] ] 5. Two CD Copies kamgBtu l I HIGH COURT DATED:01 10812023 JUDGMENTlTTA.No.213 of 2018 THE APPEALIS REJECTED e,.4"Wf^*3 rl9[Er ][tE.](voo.b.J[B [Utr]et\\.r /!: !. h,;.,['(c1l]