ACIT, New Delhi V. M/s. Cosmo Films Ltd., New Delhi

ITA 148/DEL/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 58925 (ITAT-DELHI)
• Duration Of Justice: 2 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-03-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-03-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 10-01-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ALOK SINHA SENIOR
• Assessee Lawyers: AMIT GOEL
• Keywords: Depreciation; Additional depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH B : NEW DELHI) BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI B.C. MEENA, ACCOUNTANT MEMBER ITA NO.148/DEL./2010 (ASSESSMENT YEAR : 2006-07) ACIT, CIRCLE 3 (1), VS. M/S. COSMO FILMS LIMITED , NEW DELHI. 1008, DLF, TOWER A, DISTT. CENTRE, JASOLA, NEW DELHI. (PAN : AAACC1152C) (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI AMIT GOEL, CA REVENUE BY : SHRI ALOK SINHA, SENIOR DR ORDER PER B.C. MEENA, ACCOUNTANT MEMBER : THIS APPEAL FILED BY THE REVENUE EMANATES FROM THE ORDER OF THE CIT (APPEALS)-VI, NEW DELHI DATED 05.10.2011 FOR THE AS SESSMENT YEAR 2006-07. THE GROUNDS OF APPEAL READ AS UNDER :- 1. THE LD. CIT (A) HAS ERRED ON FATS AND IN LAW IN DELETING PENALTY TO RS.19,62,495/- IMPOSED BY THE AO U/S 271 (1)(C) OF THE I.T. ACT. 2. THE APPELLANT CRAVES LEAVE FOR RESERVING THE RIG HT TO AMEND, MODIFY, ALTER, ADD OR FOREGO ANY GROUND(S) O F APPEAL AT ANY TIME BEFORE DURING THE HEARING OF THIS APPEAL. ITA NO.148/DEL./2012 2 2. AT THE OUTSET OF HEARING, THE LEARNED AR SUBMITT ED THAT THE DISALLOWANCES ON ACCOUNT OF ADDITIONAL DEPRECIATION MADE BY AO AND CONSIDERED BY CIT (A) HAS BEEN DELETED BY THE ITAT IN ITS ORDER DATED 05.08.2011 IN ITA NO. 4010/DEL/2009 FOR ASSESSMENT YEAR 2006-07 AND THE CIT (A) DELETED THE PENALTY IN VIEW OF THAT ORDER. THEREFORE, THERE IS NO MERIT IN THE APPEAL OF THE REVENUE. 3. WE HAVE HEARD BOTH THE SIDES. WE FIND THAT THE ADDITION HAS BEEN DELETED IN THE QUANTUM APPEAL IN ITA NO.4010/DEL/20 09 FOR AY 2006-07. SINCE IN THE QUANTUM APPEAL THE ADDITIONS HAVE BEEN DELETED BY THE ITAT, THEREFORE, WE FIND NO MERITS IN THE REVENUES APPEA L. IN VIEW OF THESE FACTS, WE SUSTAIN THE ORDER OF THE CIT (A). 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN OPEN COURT ON THIS 23 RD DAY OF MARCH, 2012. SD/- SD/- (I.P. BANSAL) (B.C. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED THE 23 RD DAY OF MARCH, 2012/TS COPY FORWARDED TO: 1.APPELLANT 2.RESPONDENT 3.CIT 4.CIT(A)-VI, NEW DELHI. 5.CIT(ITAT), NEW DELHI AR, ITAT NEW DELHI.