M/S. Tirupati Sponge & Steel, Kolkata V. ITO, Ward-3(1), Asansol, Asansol

ITA 2267/KOL/2014

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 9819 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 9 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-09-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 26-12-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SAURABH KUMAR
• Assessee Lawyers: V N PUROHIT; H V BHARDWAJ
• Section: 143(3)

Judgement Text

ITA NO.2267/KOL/2014 M/S TIRUPATI SPONGE & STEEL A. Y.2009-10 1 IN THE INCOME TAX APPELLATE TRIBUNAL, C BENCH KOL KATA [BEFORE HONBLE SHRI J.SUDHAKAR REDDY, AM & SMT. MADHUMITA ROY, JM ] ITA NO.2267/KOL/2014 ASSESSMENT YEAR : 2009-10 M/S TIRUPATI SPONGE & STEEL -VERSUS- I.T.O., WARD-3(1) BURDWAN ASANSOL (PAN: AADFT 5100B) (APPELLANT) (RESPONDENT) FOR THE APPELLANT: SHRI H.V.BHARDWAJ & SHRI V.N .PUROHIT, AR FOR THE RESPONDENT: SHRI SAURABH KUMAR, ADDL. CIT, SR.DR DATE OF HEARING : 13.09.2018 DATE OF PRONOUNCEMENT : 26.09.2018. ORDER PER MADHUMITA ROY, JM THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AG AINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX(APPEALS)-ASANSOL FOR A.Y .2009-10. 2. THE ONLY ISSUE THAT ARISES FOR OUR CONSIDERATION , IS THE CLAIM OF THE ASSESSEE THAT, THE BUSINESS LOSS QUANTIFIED, CONSEQUENT TO T HE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) FOR A.Y.2007-08, BY THE AO, IN HIS ORDER GIVING EFFECT TO THE APPELLATE ORDER PASSED U/S 250 R.W.S. 143(3) OF THE INCOME TAX ACT, 1961 (THE ACT) WAS RS.1,47,03,275/-. IT IS THE CASE OF THE ASSESSE E THAT IT IS ENTITLED TO CARRY FORWARD THIS LOSS AND SET OFF THE SAME AGAINST THE INCOME O F THE ASSESSMENT YEAR 2008-09 AS WELL AS INCOME OF THE A.Y.2009-10. THE LD. DEPARTME NTAL REPRESENTATIVE DOES NOT HAVE THE DETAILS BUT AGREED THAT THE ASSESSEE IS EN TITLED TO CLAIM SETTING OFF OF BROUGHT FORWARD LOSS AGAINST THE CURRENT INCOME. 3. IN VIEW OF THE ABOVE DISCUSSION WE DIRECT THE AO TO GRANT DEDUCTION OF BROUGHT FORWARD BUSINESS LOSS OF THE A.Y.2007-08 IN ACCORDA NCE WITH LAW. THE AO SHALL VERIFY ITA NO.2267/KOL/2014 M/S TIRUPATI SPONGE & STEEL A. Y.2009-10 2 THE FACTS AND FIGURES SUBMITTED BY THE ASSESSEE, AN D DISPOSE OF THE CASE IN ACCORDANCE WITH LAW. 4. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLO WED FOR STATISTICAL PURPOSES. O RDER PRONOUNCED IN THE COURT ON 26.09.2018. SD/- SD/- [J.SUDHAKAR REDDY] [ MADHUMITA ROY ] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 26.09.2018. [RG SR.PS] COPY OF THE ORDER FORWARDED TO: 1. M/S TIRUPATI SPONGE & STEEL, 164, DR. B.BANERJEE ROAD, SCHOOL PARA, P.O.RANIGANJ, DIST. BURDWAN, PIN-713304 (WEST BENGAL). 2. I.T.O., WARD-3 (1), ASANSOL 3. C.I.T.(A)-ASANSOL. 4. C.I.T-ASANSOL. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER, SENIOR PRIVATE SECRETARY ITAT KOLKATA BENCHES KOLKATA ITA NO.2267/KOL/2014 M/S TIRUPATI SPONGE & STEEL A. Y.2009-10 3