Asst.C.I.T., Hubli V. M/s Bellad & Co, Hubli

ITA 1281/BANG/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 0187 (ITAT-BANGALORE)
• Duration Of Justice: 9 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 04-07-2016
• Assessment Year: 2012-2013
• Appeal Filed On: 14-10-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C N BIPIN J
• Assessee Lawyers: C R NULVI
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, BANGALORE BEFORE S HRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA NO. 1281 / BANG/2015 (ASSESSMENT YEAR: 20 12 - 13 ) ASST. COMMISSIONER OF INCOME - TAX, CIRCLE 1(1), HUBBALLI. VS. APPELLANT M/S.B ELLAD & CO., VIDYANAGAR, HUBBALLI. PA NO: AABFB 6457D RESPONDENT APPELLANT BY : SHRI C.N.BIPIN, JCIT(DR) RESPONDENT BY : SHRI C.R.NULVI, CA DATE OF HEARING : 04/07/2016 DATE OF PRONOUNCEMENT : 27 /07/2016 O R D E R PER I NTURI RAMA RAO, AM : THIS IS AN APPEAL FILED BY THE REVENUE DIRECTED AGAINST THE ORDER OF THE CIT(A), HUBLI, DATED 31/07/2015 FOR THE ASSESSMENT YEAR 2012 - 13. 2. THE REVENUE RAISED THE FOLLOWING GROUNDS OF APPEAL: 1. THE ORDER OF LD.CIT(A) IS OPPOSED TO LAW AND FACTS OF THE CASE. ITA NO . 1281/ BANG/201 5 PAGE 2 OF 3 2. WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.CIT(A) IS CORRECT IN DELETING THE DISALLOWANCE MADE U/S 80IA OF THE ACT WITHOUT CONSIDERING THE FACT THAT THE PROFIT FROM THE NEW UNDERTAKING IS TO BE COMPUTED AS IF IT IS THE ONLY BUSINESS CARRIED OUT BY THE ASSESSEE FROM ITS INCEPTION AND TO ALLOW SET OFF OF EARLIER YEAR S LOSSES AND DEPRECIATION AGAINST THE CURRENT YEAR S INCOME OF SUCH UNIT, EVEN THOUGH THESE AMOUNT S HAVE BEEN SET OFF AGAINST OTHER INCOME IN THE EARLIER YEARS. 3. ANY OTHER GROUND THAT MAY BE TAKEN DURING THE APPEAL. 4. THE APPELLANT CRAVES LEAVE TO ADD, ALTER, AMEND AND DELETE ANY OF THE GROUNDS OF APPEAL. 2. THE ONLY GROUND OF APPEAL IS FOR THE PURPOS E OF DEDUCTION US/ 80IA(5) OF THE INCOME - TAX ACT,1961 [ THE ACT FOR SHORT] WHETHER BUSINESS LOSSES DETERMINED PRIOR TO INITIAL YEAR OF BUSINESS SHOULD BE SET OFF AGAINST BUSINESS PROFITS DETERMINED FOR THE YEAR UNDER CONSIDERATION. THIS ISSUE WAS DECIDED IN OUR ORDER OF EVEN DATE IN ITA NO.1029/BANG/2015 IN THE CASE OF THE SAME ASSESSEE FOR ASSESSMENT YEAR 2010 - 11. RESPECTFULLY FOLLOWING THE RATIO LAID DOWN IN THAT ORDER, THIS GROUND OF APPEAL IS DISMISSED. 3. IN THE RESULT, THE APPEAL OF THE REVENU E IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 27 TH JULY , 2016 SD/ - SD/ - ( SUNIL KUMAR YADAV ) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE : BANGALORE D A T E D : 27 /0 7 /2016 SRINIVASULU, SPS ITA NO . 1281/ BANG/201 5 PAGE 3 OF 3 COPY TO : 1 APPELL ANT 2 RESPONDENT 3 CIT(A) - II BANGALORE 4 CIT 5 DR, ITAT, BANGALORE. 6 GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - T AX APPELLATE TRIBUNAL BANGALORE