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ITA 1327/HYD/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 2733 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 8 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-08-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 01-05-2017
• Assessment Year: 2012-2013
• Appeal Filed On: 01-12-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: L R AMJI RAO
• Assessee Lawyers: S RAMA RAO
• Keywords: Depreciation
• Section: 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B, HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER I.T.A. NO. 1327/HYD/2015 ASSESSMENT YEAR: 2012-13 GLOBAL DISBURSEMENT AND ACCOUNTING SOLUTIONS PVT. LTD., HYDERABAD [PAN: AADCG1875H] VS INCOME TAX OFFICER, WARD-2(2), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI S. RAMA RAO, AR FOR REVENUE : SHRI L. RAMJI RAO, DR DATE OF HEARING : 10-08-2017 DATE OF PRONOUNCEMENT : 11-08-2017 O R D E R PER CHANDRA POOJARI, A.M. : THIS IS AN APPEAL FILED BY ASSESSEE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-9, HYDERABAD, DATED 28-10-2015. ASSESSEE HAS RAISED THE FOLLOWING GROUN DS OF APPEAL: 1. THE ORDER OF THE LEARNED COMMISSIONER OF INCOME -TAX (APPEALS) IS ERRONEOUS BOTH ON FACTS AND IN LAW. 2. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) ERRED IN HOLDING THAT THE PROVISIONS OF SEC.154 OF THE IT. ACT ARE NOT AP PLICABLE FOR AN OMISSION TO CLAIM BROUGHT FORWARD LOSS DOES NOT REPRESENT MI STAKE APPARENT FROM RECORD. I.T.A. NO. 1327/HYD/2015 :- 2 - : 3. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) OUGHT TO HAVE SEEN THAT THE 'RECORD' MENTIONED IN SEC.154 WOULD INCLUD E ALL THE RECORDS OF THE ASSESSEE. 4. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) OUGHT TO HAVE DIRECTED THE ASSESSING OFFICER TO ALLOW THE UNABSOR BED LOSS AND DEPRECIATION OF RS.76,46,035/- DETERMINED FOR THE E ARLIER ASSESSMENT YEARS TO BE ADJUSTED AGAINST THE INCOME ADMITTED OF RS.58,17,802/-. 5. ANY OTHER GROUND THAT MAY BE URGED AT THE TIME O F HEARING. 2. THE FACTS OF THE CASE ARE THAT, ASSESSEE-COMPANY FI LED ITS RETURN OF INCOME FOR THE AY. 2012-13 AND THE SAME WAS PROCESSED U/S. 143(1) OF THE INCOME TAX ACT [ACT] DATED 17-07-201 3, WHEREIN THERE WAS A DEMAND OF RS. 21,94,093/- WAS RAISED. T HE ASSESSEE FILED PETITION U/S. 154 VIDE ITS LETTER DT. 01-07-2014 S TATING THAT THE DEMAND WAS CROPPED UP DUE TO NON-CONSIDERATION OF BRO UGHT FORWARD LOSSES IN THE RETURN OF INCOME. HOWEVER, THE ASSESSING OFFICER (AO) REJECTED THE SAME ON THE REASON THAT THE CL AIM OF ASSESSEE WAS NOT THERE WITH REFERENCE TO THE BROUGHT FOR WARD LOSS OF EARLIER YEAR IN THE RETURN FOR THE AY. 2012-13 AND THE COLUMN NO. 2 OF THE SCHEDULE BROUGHT FORWARD LOSS SET-OFF HAS BEEN FILLED WITH ZERO. ACCORDINGLY, THE CLAIM OF ASSESSEE WAS REJECTED BY THE AO. AGAINST THE SAME, ASSESSEE WAS IN APPEAL BEFORE THE CIT(A). 3. THE CIT(A) CONFIRMED THE ORDER OF THE AO. NOW, THE CONTENTION OF THE LD.AR IS THAT AS PER THE RETURN OF INC OME FILED BY THE ASSESSEE FOR THE AY. 2012-13, THOUGH IN SCHEDULE CYLA TOTAL SET-OFF OF BROUGHT FORWARD LOSS WAS PUT IT AS ZERO, HOWEVER, THERE ARE DETAILS OF LOSS TO BE CARRIED FORWARD TO FUTURE Y EARS WAS MENTIONED IN SCHEDULE CFL AS FOLLOWS: I.T.A. NO. 1327/HYD/2015 :- 3 - : AY. DATE OF FILING OF RETURN AMOUNT (RS) 2009-10 10-08-2009 50,37,175 2010-11 15-10-2010 26,08,860 TOTAL : 76,46,035 3.1. BEING SO, THE DETAILS OF THE BROUGHT FORWARD LOSS AVAILABLE IN THE RETURN OF INCOME, IT IS THE PART OF RECORD AND IT IS TO BE CONSIDERED TO RECTIFY THE INTIMATION U/S. 143(1) ACCORDI NGLY. THE LD.AR RELIED ON THE FOLLOWING JUDGMENTS: I. UPASANA HOSPITAL & NURSING HOME VS. CIT [253 ITR 507 ] (KERALA); II. LUSTRE TILES LTD., VS. ADDL. CIT [108 ITD 35] (JAIPUR ); III. CIT VS. LAKSHMI VILAS BANK [329 ITR 591]; IV. CIT VS. M.R.M. PLANTATIONS (P) LTD., [240 ITR 660] 4. ON THE OTHER HAND, LD.DR SUBMITTED THAT THE RETURN FOR TH E AY. 2011-12 WAS FILED BY THE ASSESSEE ON 30-11-2011 AS SUCH THE RETURN WAS BELATED FOR THIS ASSESSMENT YEAR AND THERE I S NO QUESTION OF CARRYING FORWARD AT EARLIER YEARS LOSS. ACCORDING TO HIM, RECORD MEANS RECORDS RELATING TO THE ASSESSMENT YEAR UNDER CONSIDERATION. FOR THIS PURPOSE, HE RELIED ON THE JUD GMENT OF THE HON'BLE SUPREME COURT IN THE CASE OF CIT VS. KESHRI METAL PVT. LTD., [237 ITR 165]. AGAINST THIS, THE ASSESSEE FILED AN APPEAL BEFORE US. 5. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. ADMITTEDLY IN THIS CASE ASSESSE E PUT ZERO IN THE COLUMN NO. 2 OF THE SCHEDULE BROUGHT FORWARD LOSS SET-OFF IN I.T.A. NO. 1327/HYD/2015 :- 4 - : THE RETURN OF INCOME FOR THE AY. 2012-13. HOWEVER, IN SCHEDULE CFL, ASSESSEE PUT THE FIGURES AS FOLLOWS: AY. DATE OF FILING OF RETURN AMOUNT (RS) 2009-10 10-08-2009 50,37,175 2010-11 15-10-2010 26,08,860 TOTAL : 76,46,035 5.1. AS SEEN FROM THE ABOVE, THERE WAS A CLAIM OF ASS ESSEE TOWARDS BROUGHT FORWARD LOSS AND THE RETURN OF INCOME F OR THE AY. 2009-10 AND 2010-11 WAS SAID TO BE FILED ON 10-08-20 09 AND 15- 10-2010 RESPECTIVELY WHICH IS WITHIN THE DUE DATE IF I T IS SO, THE CLAIM OF ASSESSEE IS TO BE ALLOWED. ACCORDINGLY, WE REMIT THIS ISSUE TO THE FILE OF AO TO EXAMINE THE RECORDS WITH REFERENC E TO THESE TWO RETURNS AND DECIDE THE ISSUE AFRESH. 6. IN THE RESULT, APPEAL OF ASSESSEE IS PARTLY ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH AUGUST, 2017 SD/- SD/- (D. MANMOHAN) (CHANDRA POOJARI) VICE PRESIDENT ACCOUNTANT MEMB ER HYDERABAD, DATED 11 TH AUGUST, 2017 TNMM I.T.A. NO. 1327/HYD/2015 :- 5 - : COPY TO : 1. GLOBAL DISBURSEMENT AND ACCOUNTING SOLUTIONS PVT . LTD., C/O. SRI S. RAMA RAO, ADVOCATE, FLAT NO. 102, SHRIY AS ELEGANCE, 3-6-643, STREET NO. 9, HIMAYATNAGAR, HYDERABAD. 2. THE INCOME TAX OFFICER, WARD-2(2), HYDERABAD. 3. CIT (APPEALS)-9, HYDERABAD. 4. PR.CIT-2, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.