Vision Textiles, Coimbatore V. ACIT, Coimbatore

CO 49/CHNY/2017

• Counselvise Citation: [2017] 119 COUNSELVISE.COM (IT) 3454 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 26 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 06-09-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 11-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T BANUSEKAR
• Assessee Lawyers: AVIJIT RAKSHIT
• Keywords: Depreciation; Cost of acquisition

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI . . . , !, # !$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ./ ITA NO.516/MDS/2017 & C.O. NO.49/MDS/2017 (IN I.T.A. NO.516/MDS/2017) ' (' / ASSESSMENT YEAR : 2012-13 THE ASSISTANT COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE 1, COIMBATORE. V. M/S VISION TEXTILES, 14, DHARMARAJA LAYOUT, SOWRIPALAYAM ROAD, RAMANATHAPURAM, COIMBATORE 641 045. PAN : AAFFV 4504 K ( APPELLANT) ( RESPONDENT & CROSS-OBJECTOR) *+ , - / APPELLANT BY : SHRI AVIJIT RAKSHIT, JCIT ./*+ , - / RESPONDENT BY : SHRI T. BANUSEKAR, CA 0 , 1# / DATE OF HEARING : 28.08.2017 23( , 1# / DATE OF PRONOUNCEMENT : 06.09.2017 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST TH E ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) -2, COIMBA TORE, DATED 31.10.2016 AND PERTAINS TO ASSESSMENT YEAR 2012-13. THE ASSESSEE HAS FILED CROSS-OBJECTION AGAINST THE VERY SAME ORDER OF 2 I.T.A. NO.516/MDS/17 C.O. NO.49/MDS/17 THE CIT(APPEALS). THEREFORE, WE HEARD BOTH THE APP EAL AND THE CROSS-OBJECTION TOGETHER AND DISPOSING OF THE SAME BY THIS COMMON ORDER. 2. THERE WAS A DELAY OF 24 DAYS IN FILING THIS APPE AL BY THE REVENUE. THE REVENUE HAS FILED A PETITION FOR COND ONATION OF DELAY. WE HAVE HEARD THE LD. D.R. AND THE LD. REPR ESENTATIVE. WE FIND THAT THERE WAS SUFFICIENT CAUSE FOR NOT FILING THE APPEAL BEFORE THE STIPULATED TIME. THEREFORE, WE CONDONE THE DEL AY AND ADMIT THE APPEAL. 3. WHEN THE APPEAL IS TAKEN UP FOR HEARING, BOTH SH RI AVIJIT RAKSHIT, THE LD. DEPARTMENTAL REPRESENTATIVE AND SH . T. BANUSEKAR, THE LD. REPRESENTATIVE FOR THE ASSESSEE SUBMITTED THAT THE COST OF WINDMILL HAS TO BE ASCERTAINED FOR THE ASSESSMENT YEAR 2011-12. ASSESSMENT FOR THE ASSESSMENT YEAR 2011-1 2 WAS REOPENED AND IT IS PENDING BEFORE THE ASSESSING OFF ICER. SINCE THE COST OF ACQUISITION HAS TO BE ASCERTAINED FOR THE I NITIAL YEAR, BOTH THE LD. D.R. AND THE LD. REPRESENTATIVE FOR THE ASSESSE E SUBMITTED THAT UNLESS THE ASSESSMENT FOR THE ASSESSMENT YEAR 2011- 12 IS FINALIZED, THAT ISSUE CANNOT BE DECIDED FOR THE ASS ESSMENT YEAR 2012-13. ON A QUERY FROM THE BENCH, BOTH THE REPRE SENTATIVES VERY 3 I.T.A. NO.516/MDS/17 C.O. NO.49/MDS/17 FAIRLY SUBMITTED THAT THE MATTER CAN BE REMITTED TO THE FILE OF THE ASSESSING OFFICER SINCE THE ASSESSMENT FOR THE ASSE SSMENT YEAR 2011-12 IS PENDING BEFORE HIM. 4. WE HAVE ALSO CAREFULLY GONE THROUGH THE ORDERS O F BOTH THE AUTHORITIES BELOW. FOR THE PURPOSE OF DEPRECIATION , THE COST OF ACQUISITION HAS TO BE ASCERTAINED FOR THE INITIAL Y EAR. SINCE THE INITIAL YEAR BEING 2011-12 , THE ASSESSMENT FOR WHICH IS PE NDING BEFORE THE ASSESSING OFFICER, THIS TRIBUNAL IS OF THE CONS IDERED OPINION THAT THE MATTER NEEDS TO BE RECONSIDERED BY THE ASSESSIN G OFFICER ALONG WITH ASSESSMENT YEAR 2011-12. ACCORDINGLY, ORDERS OF BOTH THE AUTHORITIES BELOW ARE SET ASIDE AND THE ENTIRE ISSU E RAISED BY THE REVENUE AND ASSESSEE ARE REMITTED BACK TO THE FILE OF THE ASSESSING OFFICER. THE ASSESSING OFFICER SHALL RE- EXAMINE THE ISSUE AFRESH IN THE LIGHT OF THE MATERIAL THAT MAY BE PROVIDED BY THE ASSESSEE AND THEREAFTER DECIDE THE SAME IN ACCORDAN CE WITH LAW, AFTER GIVING A REASONABLE OPPORTUNITY TO THE ASSESS EE. 5. IN THE RESULT, BOTH THE APPEAL FILED BY THE REVE NUE AND THE CROSS-OBJECTION FILED BY THE ASSESSEE ARE ALLOWED F OR STATISTICAL PURPOSES. 4 I.T.A. NO.516/MDS/17 C.O. NO.49/MDS/17 ORDER PRONOUNCED ON 6 TH SEPTEMBER, 2017 AT CHENNAI. SD/- SD/- ( ! ) ( . . . ) (S. JAYARAMAN) (N.R.S. GANESAN) # / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 5 /DATED, THE 6 TH SEPTEMBER, 2017. KRI. , .167 87(1 /COPY TO: 1. *+ /APPELLANT 2. ./*+ /RESPONDENT 3. 0 91 () /CIT(A)-2, COIMBATORE 4. PRINCIPAL CIT- 1, COIMBATORE 5. 7: .1 /DR 6. ;' < /GF.