Nitrex Chemicals India Ltd., New Delhi V. ACIT Circle-18(2), New Delhi

ITA 1158/DEL/2020

• Counselvise Citation: [2022] 103 COUNSELVISE.COM (IT) 9466 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 4 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-10-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 30-10-2022
• Assessment Year: 2015-2016
• Appeal Filed On: 09-06-2020
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Depreciation
• Section: 6; 271(1)(c); 5(2)

Judgement Text

1 ITA 1158/Del/2020 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”: NEW DELHI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER ITA No. _1158/DEL/2020 [Assessment Year: 2015-16 Nitrex Chemicals India Ltd., E-37, First Floor, Kalkaji, New Delhi-110019. PAN- AAACF7820L Vs ACIT, Circle-18(2), New Delhi. APPELLANT RESPONDENT Appellant by Sh. Sunil Kumar, Employee Respondent by Sh. Jeetender Chand, Sr. DR Date of hearing 31.10.2022 Date of pronouncement 31.10.2022 O R D E R PER KUL BHARAT, JM: This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals)-37, New Delhi, dated 30.01.2020, pertaining to the assessment year 2015-16. The assessee has raised following grounds of appeal: “1. That the learned CIT(A) has erred in law and facts by not quashing the order and therefore the ld. AO should be directed to accept returned income. 2. That the learned CIT(A) has erred in law and facts by confirming the action of the ld. AO of treatment of capital expenses out of repair and maintenance and Stores Consumed of Rs. 17,62,114/- (before reducing depreciation) and therefore the ld. Assessing Officer is to be directed to allow the same in full while computing total income. 3. That the learned CIT(A) has erred in law and facts by confirming the action of the ld. AO for initiating penalty proceedings u/s 271(1)(c) of the Act and therefore ld. AO should be directed to drop the aid penalty proceedings. 2 ITA 1158/Del/2020 4. That your appellant craves a leave to add, alter or amend any grounds at the time of hearing.” 2. At the hearing the authorized Representative of the assessee filed an application seeking permission of the Tribunal for withdrawal of the appeal on the ground that for the assessment year in question the assessee has opted for VIVAD SE VISHWAS SCHEME, 2020 and the Designated Authority has also issued Form no. 5. In support, a copy of Form no. 5 for full and final settlement of tax arrears u/s 5(2) read with Section 6 of the Direct Tax Vivad Se Vishwas Act, 2020 has also been filed along with the application. 3. In view of above and in absence of any objection from the side of the Ld. D.R, the request of the assessee seeking for withdrawal of the appeal is allowed. 4. In the result, appeal of the assessee is dismissed as withdrawn. Order pronounced in open court on 31.10.2022. Sd/- Sd/- (NARENDRA KUMAR BILLAIYA) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER *MP* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI