TVS Upasana Limited, CHENNAI V. DCIT, CHENNAI

ITA 1504/CHNY/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 8832 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-08-2016
• Appeal Filed By: Assessee
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 26-05-2016
• Court: TRIBUNAL
• Department Lawyers: SHIVA SRINIVAS

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : CHENNAI . . . , ! . '#'$ , % !& ' [ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER ] ./ I.T.A.NO.1504/MDS/2016 / ASSESSMENT YEAR : 2012-13 M/S TVS UPASANA LTD (FORMERLY UPASANA ENGINEERING LTD ) AURAS CORPORATE CENTER 98A, 7 TH FLOOR, DR. RADHAKRISHNAN SALAI, MYLAPORE, CHENNAI 600 004 VS. THE DY. COMMISSIONER OF INCOME TAX CORPORATE CIRCLE 3(2) CHENNAI [PAN AAACA 5460 F] ( () / APPELLANT) ( *+() /RESPONDENT) / APPELLANT BY : SHRI SAROJ KUMAR PARIDA, A D VOCATE /RESPONDENT BY : SHRI SHIVA SRINIVAS, JCIT / DATE OF HEARING : 02 - 0 8 - 2016 ! / DATE OF PRONOUNCEMENT : 10 - 0 8 - 2016 / O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-11, CHENN AI, DATED 30.3.2016 FOR ASSESSMENT YEAR 2012-13. THE ASSES SEE HAS TAKEN ALTOGETHER FIVE GROUNDS OUT OF WHICH GROUND NO.1 AN D 5 ARE GENERAL NATURE REQUIRING NO SPECIFIC ADJUDICATION. ITA NO. 1504/16 :- 2 -: 2. THE LD. AR SUBMITTED THAT HE WAS NOT PRESSING GROUN D NO.2 & 3 SINCE THE AMOUNT INVOLVED ON ACCOUNT OF DISALLO WANCE OF INTEREST PAID ON TDS ASSAILED IN GROUND NO.2 AND GROUND NO.3 WERE INSIGNIFICANT, COMING TO ` 218/- AND ` 40,849/- RESPECTIVELY. ACCORDINGLY, GROUND NOS. 2 AND 3 ARE DISMISSED AS N OT PRESSED. 3. IN GROUND NO.4 THE GRIEVANCE OF THE ASSESSEE IS T HAT THE CIT(A) HAD NOT ADJUDICATED ITS PLEA FOR SETTING OFF OF CARRY FORWARD LOSSES FROM EARLIER YEARS. AS PER THE LD. AR, THIS SPECIFIC PLEA WAS TAKEN AS GROUND NO.5 BEFORE THE CIT(A) BUT HE HAD N OT ADJUDICATED ON THE ISSUE. 4. WE FIND THAT THE ASSESSEE HAD TAKEN A GROUND BEFOR E THE CIT(A) WHEREIN IT RAISED THE ISSUE OF NON-GRANTING OF SET OFF OF CARRY FORWARD LOSSES. THE CIT(A) HAD NOT ADJUDICATED THI S GROUND RAISED BY THE ASSESSEE. WE ARE OF THE OPINION THAT THE MAT TER HAS TO GO BACK TO THE CIT(A). ACCORDINGLY, THE ISSUE REGARDING SE TTING OFF OF CARRY FORWARD LOSSES OF EARLIER YEARS IS SET ASIDE TO THE FILE OF THE CIT(A) FOR CONSIDERATION AFRESH IN ACCORDANCE WITH LAW. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PARTL Y ALLOWED FOR STATISTICAL PURPOSES. ITA NO. 1504/16 :- 3 -: ORDER PRONOUNCED IN THE OPEN COURT ON 10 TH AUGUST, 2016, AT CHENNAI. SD/- SD/- ( . . . ' ) (N.R.S. GANESAN) / JUDICIAL MEMBER ( ! . '#'$ ) (ABRAHAM P. GEORGE) % / ACCOUNTANT MEMBER #$ / CHENNAI %& / DATED: 10 TH AUGUST, 2016 RD &' ()*) / COPY TO: 1 . / APPELLANT 4. + / CIT 2. / RESPONDENT 5. ),- . / DR 3. +/' / CIT(A) 6. -01 / GF