ACIT C.C- 46, MUMBAI V. M/s. MUKUT FINANCE LTD., MUMBAI

ITA 1871/MUM/2006

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1587 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-06-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 22-06-2010
• Assessment Year: 2002-2003
• Appeal Filed On: 21-03-2006
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ABARIKARTA NAYAR
• Assessee Lawyers: SUNIL DESAI
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F : MUMBAI BEFORE SHRI D. MANMOHAN, HONBLE VICE PRESIDENT AND SHRI ANANDI LAL GEHLOT, ACCOUNTANT MEMBER ITA. NO. 1871/MUM/2006 ASSESSMENT YEAR 2002-2003 ITA. NO. 2439/MUM/2007 ASSESSMENT YEAR 2003-2004 ACIT, CC 46 MUMBAI. VS. M/S. MUKAT FINANCE LTD. MUMBAI 400 072 PAN AABCM-1003-H (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI ABARIKARTA NAYAR FOR RESPONDENT : SHRI SUNIL DESAI ORDER PER D. MANMOHAN, V.P. 1. THESE TWO APPEALS ARE FILED AT THE INSTANCE OF THE REVENUE ARE DIRECTED AGAINST THE ORDERS PASSED BY THE CIT(A ), CENTRAL-II, BOMBAY AND THEY PERTAINS TO THE ASSESSMENT YEARS 2002-2003 AND 2003-2004. THE FOLLOWING GROUNDS WERE URGED BY THE REVENUE IN THE APPEAL FOR THE ASSESSMENT YEAR 2002-2003. 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED CIT(A) HAS ERRED IN DIRECTING THE A.O TO VERIFY THE NOTIONAL ADJUSTMENT OF LEASE EQUALISATIO N AMOUNT OF RS.10,50,546/- AND TO ALLOW THE RELIEF TO THE AS SESSEE ACCORDINGLY. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE A ND IN LAW, THE LEARNED CIT(A) HAS ERRED IN DIRECTING THE A.O. TO ALLOW THE DEPRECIATION TO THE ASSESSEE @ 20% ON THE LEASED ASSETS. 3. THE APPELLANT PRAYS THAT THE ORDER OF THE CIT(A) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSESSIN G OFFICER BE RESTORED. IDENTICAL GROUNDS WERE URGED FOR THE ASSESSMENT YEA R 2003-2004 ALSO. 2 2. AT THE TIME OF HEARING, LEARNED COUNSEL, APPEAR ING ON BEHALF OF THE ASSESSEE, SUBMITTED THAT THE ISSUES ARE COVE RED BY THE DECISIONS OF THE ITAT IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEARS 1996-97 TO 1998-99 (ITA. NO. 2234/M/02 DATED 24 TH NOVEMBER, 2004 AND ITA. NOS. 6357 AND 6358/MUM/2004 DATED 12 TH NOVEMBER, 2008). WE HAVE NOTICED THAT IN THE APPELLATE ORDER FOR THE ASSESSM ENT YEAR 1996-97 THE ITAT E BENCH, MUMBAI PROCEEDED ON THE FOOTING THA T THE CIT(A) SET ASIDE THE ISSUES TO THE FILE OF THE ASSESSING OFFIC ER FOR CONSIDERATION AFRESH. IN THE LIGHT OF DECISION OF THE ITAT FOR TH E ASSESSMENT YEAR 1996- 97 RELIEF WAS GRANTED BY THE ITAT IN FAVOUR OF THE ASSESSEE IN THE APPEALS PERTAINING TO THE ASSESSMENT YEARS 1997-98 AND 1998 -99. WE HAVE NOTICED THAT IN THE PRECEDING YEARS THE CIT(A) SET ASIDE THE MATTERS TO THE FILE OF THE ASSESSING OFFICER FOR RECONSIDERATION A ND THE ASSESSING OFFICER IN HIS ORDER ACCEPTED THE PLEA OF THE ASSESSEE AND ORDERS WERE PASSED UNDER SECTION 143 (3) READ WITH SECTION 250 OF THE ACT. SINCE THESE ORDERS ARE NOT CHALLENGED BY THE REVENUE, THEY HAVE ATTAIN ED FINALITY. UNDER THESE CIRCUMSTANCES, WE DO NOT FIND ANY MERIT IN TH E APPEALS FILED BY THE REVENUE. WE THEREFORE, UPHOLD THE ORDERS OF THE LEA RNED CIT(A) AND DISMISS THE APPEALS FILED BY THE REVENUE. ORDER PRONOUNCED IN THE OPEN COURT ACCORDINGLY. SD/- SD/- (ANANDI LAL GEHLOT) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATE 23 RD JUNE, 2010. VBP/- 3 COPY TO 1. ACIT, CC.46, R.NO. 658, 6 TH FLOOR, AAYAKAR BHAVAN, MUMBAI - 020. 2. M/S. MUKAT FINANCE LTD. SURINDRA HOUSE, SAFAID P OOL, M.V. ROAD, ANDHERI (EAST), MUMBAI 400 072. PAN AABCM-1003-H 3. CIT (A), CENTRAL-II, MUMBAI. 4. CIT, CENTRAL-IV, MUMBAI. 5. D.R. F BENCH 6. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT, MUMBAI BENCHES MUMBAI. SNO DATE INITIALS 1 DRAFT DICTATED ON 22-06-2010 SR.P.S. 2. DRAFT PLACED BEFORE AUTHOR 22-06-2010 SR.P.S. 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER -06-2010 V.P. 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER - 06-2010 A.M 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.P.S. 6. KEPT FOR PRONOUNCEMENT ON SR.P.S. 7. FILE SENT TO THE BENCH CLERK SR.P.S. 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER