M/S. ALTA LEASING & FINANCE LTD, MUMBAI V. THE DCIT CIR 6(1), MUMBAI

CO 170/MUM/2007

• Counselvise Citation: [2012] 122 COUNSELVISE.COM (IT) 8049 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 1 month(s) 22 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 04-10-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 04-10-2012
• Assessment Year: 1995-1996
• Appeal Filed On: 13-08-2007
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PRAVIN VARMA
• Assessee Lawyers: H P MAHAJANI
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH B BENCH BEFORE SHRI B.R.MITTAL(JUDICIAL MEMBER) AND SHRI B.R.JAIN (ACCOUNTANT MEMBER) ITA NO.6334/MUM/2003: ASSESSMENT YEAR: 1995-96 ITA NO.2255/MUM/2003: ASSESSMENT YEAR: 1999-2000 ITA NO.6335/MUM/2003: ASSESSMENT YEAR: 2000-01 ITA NO.7063/MUM/2003: ASSESSMENT YEAR: 2001-02 ITA NO.6050/MUM/2005: ASSESSMENT YEAR: 2002-03 ITA NO.877/MUM/2010: ASSESSMENT YEAR: 2006-07 DCIT, CIRCLE 6(1), AAYAKAR BHAVAN, M.K. ROAD, MUMBAI. M/S. ALTA LEASING & FINANCE LTD., ALTA BHAVAN, 532, SENAPATI BAPAT MARG, DADAR, MUMBAI-400 028 PA NO.AACCA 7117 P (APPELLANT) VS. (RESPONDENT) C.O.NO.170/M/2007 (ARISING OUT OF I.T.A. NO.6334/M/2003) ASSESSMENT YEAR: 1995-96 M/S. ALTA LEASING & FINANCE LTD., ALTA BHAVAN, 532, SENAPATI BAPAT MARG, DADAR, MUMBAI-400 028 PA NO.AACCA 7117 P. DCIT, CIRCLE 6(1), AAYAKAR BHAVAN, M.K. ROAD, MUMBAI. CROSS OBJECTOR VS. (RESPONDENT) ASSESSEE BY : SHRI H.P.MAHAJANI REVENUE BY: SHRI PRAVIN VARMA DATE OF HEARING: 4 .10.2012 DATE OF PRONOUNCEMENT: 4.10.2012 ORDER PER BENCH: THE DEPARTMENT HAS FILED THESE APPEALS FOR ASSESSM ENT YEAR 1995-96 AGAINST ORDER DATED 28.7.2003, FOR A.Y. 1999-2000 AGAINST ORDER DATED M/S. ALTA LEASING & FINANCE LTD 2 8.1.2003, FOR A.Y. 2000-2001 AGAINST ORDER DATED 28 .7.2003, FOR A.Y 2001-02 AGAINST ORDER DATED 25.8.2003, FOR A.Y. 2002-03 AGA INST ORDER DATED 5.8.2005 AND FOR A.Y. 2006-07 AGAINST ORDER DATED 18.11.2009 OF LD CIT(A) DISPUTING THE ALLOWANCE OF DEPRECIATION IN RESPECT OF LEASED ASSE TS WHICH WERE DISALLOWED BY THE AO ON THE GROUND THAT THE LEASE TRANSACTIONS WE RE EITHER UNDER FINANCIAL LEASE TRANSACTION OR THE DEPRECIATION CLAIMED WERE IN RESPECT OF FIXED ASSETS OF WHICH THE ASSESSEE IS NOT THE OWNER. 2. THE ASSESSEE HAS ALSO FILED CROSS OBJECTION FOR ASSESSMENT YEAR 1995-96 DISPUTING THE VALIDITY OF INITIATING REASSESSMENT P ROCEEDINGS. HOWEVER, IN RESPECT OF CROSS OBJECTION, LD A.R. SUBMITTED THAT THE SAME IS NOT PRESSED FOR. THEREFORE, CROSS OBJECTION TAKEN BY THE ASSESSEE IS REJECTED. 3. IN RESPECT OF APPEALS FILED BY DEPARTMENT, LD RE PRESENTATIVES OF BOTH PARTIES SUBMITTED THAT THE AUTHORITIES BELOW HAVE N OT EXAMINED THE AGREEMENTS ENTERED INTO FOR LEASE TRANSACTIONS AND IT WAS SUBM ITTED THAT MATTER MAY BE RESTORED FOR ALL THE ASSESSMENT YEARS UNDER CONSIDE RATION TO THE FILE OF ASSESSING OFFICER TO EXAMINE ALL AGREEMENTS ENTERED INTO FOR LEASE TRANSACTIONS HAVING REGARD TO THE DECISION DATED 14.3.2012 OF ITAT MUMB AI (SB) IN THE CASE OF M/S.INDUSIND BANK LIMITED VS ACIT, 135 ITD 165(MUM) (SB) AND DECIDE THE ISSUE AFRESH BY THE AO BY A SPEAKING ORDER AFTER GI VING OPPORTUNITY OF HEARING TO THE ASSESSEE IN THE LIGHT OF DOCUMENTS THAT MAY BE PLACED BEFORE HIM. IT WAS SUBMITTED THAT THE ORDERS OF AUTHORITIES BELOW IN R ESPECT OF THE FACTS ARE NOT SELF- CONTAINED. 4. CONSIDERING ABOVE SUBMISSIONS OF LD REPRESENTATI VES OF PARTIES AND AS AGREED TO BY THEM, WE SET ASIDE THE ORDERS OF AUTHO RITIES BELOW AND RESTORE THE ISSUE INVOLVED IN ALL THESE APPEALS FILED BY DEPAR TMENT TO THE FILE OF AO TO DECIDE THE ISSUE AFRESH AFTER CONSIDERING THE AGREEMENTS E NTERED INTO FOR LEASE TRANSACTIONS AND CONSIDERING THE DECISION OF ITAT S PECIAL BENCH IN THE CASE OF INDUSIND BANK LIMITED (SUPRA) AFTER GIVING DUE OPPO RTUNITY OF HEARING TO THE ASSESSEE BY WAY OF A SPEAKING ORDER. IT IS ALSO ST ATED THAT ASSESSEE WILL CO- M/S. ALTA LEASING & FINANCE LTD 3 OPERATE THE AO TO ENABLE HIM TO MAKE THE ASSESSMENT S EXPEDITIOUSLY. HENCE, GROUNDS OF APPEAL TAKEN BY DEPARTMENT IN ALL THESE ASSESSMENT YEARS VIZ; A.Y. 1995-96, 1999-2000, 2000-2001, 2001-02, 2002-03 AND 2006-07 ARE ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, APPEALS FILED BY DEPARTMENT FOR A .YS. 1995-96, 1999-2000, 2000-2001, 2001-02, 2002-03 AND 2006-07 ARE ALLOWED FOR STATISTICAL PURPOSES AND CROSS OBJECTION FILED BY ASSESSEE FOR A.Y. 1995 -96 IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 4 TH OCTOBER, 2012 SD/- (B.R.JAIN) ACCOUNTANT MEMBER SD/- (B.R. MITTAL) JUDICIAL MEMBER MUMBAI, DATED 4 TH OCTOBER, 2012 PARIDA COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS),VI, MUMBAI 4. COMMISSIONER OF INCOME TAX, CITY-VI , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, BENCH B MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI