DCIT, New Delhi V. M/s. Wits Agrifoods Pvt. Ltd., New Delhi

ITA 2081/DEL/2017

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 0332 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 9 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-01-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2012-2013
• Appeal Filed On: 06-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAKESH KUMAR GARG
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI (Convened through Virtual Court) BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./I. T. A. No. 2081/ De l/ 2017 ( नधा रण वष / As s es s ment Yea r : 2012-13) D C IT Ci r c l e - 2 7 ( 2) N e w D e l hi बनाम/ V s . W i ts A gri fo ods P vt . Lt d. 2 0 7, S out h E x t n. P l a za -I 3 8 9, M as j i d M o nt h, N D S E - I I, N ew D el hi - 1 1 00 4 9 थायी लेखा सं./जीआइआर सं./P A N / G IR N o . : A A A C W 6 2 3 6 F (अपीलाथ /Appellant) . . ( यथ / Respondent) अपीलाथ ओर से /Appellant by : Shri Umesh Takyar, SR. DR यथ क ओर से / Respondent by : Shri Rakesh Kumar Garg, CA स ु नवाई क तार ख / D a t e o f H e a r i ng 22/12/2021 घोषणा क तार ख /D a te o f P r o n o u nc e me n t 11 /01/2022 आदेश/O R D E R PER PRADIP KUMAR KEDIA, AM: T he c a p t i on e d a pp e al h as b ee n fi l e d a t t he i ns t a n c e o f t he re v e n ue s e e k i n g t o ch a l l e n g e th e o r de r pa s s ed u / s . 143( 3) o f t h e I T A c t, 196 1 da t ed 04. 1 1. 2 01 6 pa s s e d a ga i n s t th e o rd er o f t h e Co mmi s s i on e r o f I n c o me Ta x ( A ) - 9, N ew D el hi (‘ CI T (A)’ i n s ho rt ). 2. A s pe r i t s g rou nds o f ap pe a l , th e r ev e nu e h as c ha l l e ng e d t he re l ie f gr an te d by t h e C I T( A ) t o w a r d s d is a l l o w a n c e of R s . 2 31 2 4 33 7 / - on a c c ou nt o f l os s e s w i t h c l a i m ed o n a c co u n t o f l owe r re a l i za bl e va l ue o f c l os i ng st o c k. 3. Wh en t he m at t e r w a s c al l e d fo r h e a ri ng , t h e L d . D R for re v e n ue b r o ug ht t o our n ot i ce t ha t t h e re i s a sh or t de l a y o f ar o u nd 53 d a ys i n fi l i ng o f th e a p p ea l d u e t o on goi ng t r a ns fe r a n d po s t i n gs o f o ff ic e rs i n v a r i o u s ca d re . I t w a s pl ea d e d t h a t de l a y i s s hor t a nd i na dv e r t e n t a nd d o es n ot c a us e a ny su bs t an ti ve p re ju di ce t o t he ot h e r s i d e . A ft e r a br i e f o p pos i t io n, th e C ou ns e l fo r t h e a s s es s e e a gr e e d f or c on d o na t i o n o f d el a y. The D e l a y b ei ng s ho rt a n d i na dv e r t e n t, i s c on d o ne d a nd a d m i t t e d for a d ju di ca tio n a s e f fe c t i ve a pp e a l . 4. A t th e b eg i n n i n g o f th e h e a ri ng, t h e Ld . C ou n s el fo r t he a s s es s e e s u b mi t te d t ha t t he w h ol e pr oc e e d i n gs be fo re t he T r i b u na l i n t he Re v e n u e’ s a p pe a l is i n f ru c t uo u s a nd a c a d e m i c i n na t u r e . I t w a s p oi n t e d o u t t ha t t h e a ss e s s e e h a d fi l ed a be l a ted re t u r n o f i nc o me d e c l a r i n g l o s s of R s . 5 . 01 c ro r es . A p ar t o f t he l os s w as di s a l l ow e d an d t h e a s s e ss e d l os s w a s b ro ug ht d o w n to Rs . 2. 70 c ro r es . H o w e ve r, n ei t h e r t he re t u rn e d l os s no r t h e a s s e s se d lo s s is a ll ow e d t o be ca rr y fo r w ar d t o s ubs e q ue n t as s e s s me n t y e a rs fo r s e t o f f a g a i n s t p ro f i t s i n vi ew o f t h e s ch e m e o f t h e A ct . T h e a s s es s e e ha v i n g f i l e d b e l at e d r e t u r n, h a s for f e it e d i t s r i gh t i n l a w t o c a rr y fo rw a r d t h e bus i ne s s lo ss t o t he s ub s e qu e nt a s s es sme n t y ea rs . In t hi s b a c k gr ou nd, t he di s al l ow a nc e o f l os s by th e A O a nd i t s s ub s equ en t re ve rs al by th e CI T (A ) h as no i m pa ct o n t a x a t i on a s t h e l os s e ve nt u a l l y a l l ow e d by th e CI T( A ) is n ot en ti t le d t o b e s e t o ff a ga in s t t a x ab le i n c o me i n cu rre nt y e ar o r s ub s eq u e nt y ea r. T hi s be i ng t he p os i ti on , o n goi ng l i t i g a t i o n i s a c ade m i c an d h ol l ow . 5. T he L d . D R fo r t he Re ve nu e d i d no t r e bu t s uc h a ve r me n t s on be h a l f o f t h e as s e s see . 6. In t he l i g h t o f s ub mi s s io ns m a d e o n b e ha l f o f t he a s s es s e e , w e s e e no re as o n t o go in to t he me r i t s o f t he a ll ow a b il i t y o f th e c l a i m. A s s ta t ed o n b e h al f o f th e a s s es s e e, no p re ju di ce is c a u se d t o t he re v e n ue b y t h e al l o w ab il i t y or o t h er w i s e of t he l o ss cl a i m e d w hi c h i s n ot e nt i t l e d to b e c ar r y for w a r d. H e n c e, t he i s sue b e i n g a ca de mi c , w e d o not s ee a n y w ar ra nt t o v is i t t he me r i t s . 7. In t h e r es u l t , t he a ppe a l o f th e re ve n ue i s d is mis s e d fo r s t at i s t i c a l pu r p os e . Sd/ - Sd/- (C.N. PRASA D) (PRADI P KUMA R KEDI A) JUDI CI AL M EMBER ACCOU NT ANT MEM BER D a t e d 1 1 / 0 1 / 2 0 2 2 True Copy Neha आदेश क त ल प अ े षत / Copy of Order Forwarded to:- 1. राज%व / Revenue 2. आवेदक / Assessee 3. संबं)धत आयकर आय ु +त / Concerned CIT 4. आयकर आय ु +त- अपील / CIT (A) 5. /वभागीय 2त2न)ध, आयकर अपील य अ)धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड8 फाइल / Guard file. By order/आदेश से, Assistant Registrar ITAT, Delhi Benches, New Delhi This Order pronounced on 11/01/2022 Date of dictation 22.12.2021 Date on which the typed draft is placed before the dictating Member Date on which the typed draft is placed before the Other Member Date on which the approved draft comes to the Sr. PS/PS Date on which the fair order is placed before the Dictating Member for pronouncement Date on which the fair order comes back to the Sr. PS/PS Date on which the final order is uploaded on the website of ITAT 11.01.2022 Date on which the file goes to the Bench Clerk Date on which the file goes to the Head Clerk