Mugneeram Bangur & Co, Kolkata V. D.C.I.T Cir - 35,kolkata, Kolkata

ITA 1389/KOL/2013

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0477 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 20-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI P.K. BANSAL , ACCOUNTANT MEMBER ITA NO. 1389 /KOL/ 2013 ASSESSMENT YEAR: 2007 - 08 MUGNEERAM BANGUR & CO 21, STRAND ROAD, KOLAKTA 700 001 [ PAN NO.A AFFM 2991 K ] / V/S . DCIT, CIRCLE - 35, AAYAKAR BHAWAN POORVA, 110, SHANTI PALLI (OP RUBY HOSPITAL) , E.M. BYPASS, KOLKATA - 700 107 / APPELLANT .. / RESPONDENT / BY APPELLANT SRI NAVIN VARMA, A.C.A. / BY RESPONDENT SMT. MADHU MALATI GHOSH, JCIT, SR - DR / DATE OF HEARING 04 - 06 - 2015 / DATE OF PRONOUNCEMENT 08 - 06 - 2015 / O R D E R THIS A PPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - XX, KOLKATA DATED 03 - 01 - 2013. 2. ONLY ISSUE INVOLVED IN THIS APPEAL RELATE TO THE DISALLOWANCE OF EX PENSES AMOUNTING TO 11,50,341/ - AND DEPRECIATION AMOUNTING TO 88,523/ - ON THE PLEA THAT ASSESSEE HAS NOT CARRIED ON THE BUSINESS ACTIVITY DURING THE IMPUGNED ASSESSMENT YEAR. AFTER HEARING THE RIVAL SUBMISSIONS AND GOING THROUGH THE ORDERS OF TAX AUTHORI TIES BELOW I NOTED THAT ASSESSING OFFICER HAS ASSESSED THE INCOME FROM BUSINESS IN THE CASE OF THE ASSESSEE AT 88,523/ - AFTER MAKING THE DISALLOWANCE IN RESPECT OF THESE ITEMS. ONCE THE AO HAS ASSESSED THE INCOME OF ASSESSEE UNDER THE ITA NO. 1389 /KOL /2013 A.Y. 2007 - 08 MUGNEERAM BANGUR & CO. V. DCIT, CIR - 35 KOL. PAGE 2 HEAD INCOME FROM BU SINESS , IN MY OPINION, IT CANNOT BE SAID THAT ASSESSEE HAS NOT CARRIED OUT THE BUSINESS. I THEREFORE SET ASIDE THE ORDER OF CIT(A) AND ALLOW THE GROUND TAKEN BY THE ASSESSEE. 3 . IN THE RESULT, APPEAL FILED BY ASSESSEE IS STAND ALLOWED. ORDER PRONOUNCED I N OPEN COURT ON 08 / 06 /201 5 SD/ - ( P.K. BANSAL ) ACCOUNTANT MEM BER KOLKATA, *DKP - 08 / 06 /201 5 / COPY OF ORDER FORWARDED TO: - 1 . / APPELLANT MUGNEERAM BANGUR & CO. 21, STRAND RD. KOL - 001 2 . / RESPONDENT DCIT, CIR - 35, 110 SHANTI PALLI, E.M.BYPASS KOL - 107 3 . / CONCERNED CIT KOLKATA 4 . - / CIT (A) KOLKATA 5 . , / DR, ITAT, KOLKATA 6 . / GUARD FILE. BY ORDER/ , /TRUE COPY/ / ,