Arkema Peroxides India Private Limited, CHENNAI V. DCIT Corporate Circle I(1), CHENNAI

ITA 2572/CHNY/2018

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 2974 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Appeal Filed On: 05-09-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M. SUBASHRI
• Keywords: Depreciation

Judgement Text

, , IN THE INCOME-TAX APPELLATE TRIBUNAL B BENCH, CHENNAI . , . , BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER & SHRI DUVVURU RL REDDY, JUDICIAL MEMBER ./ I.T.A.NO.2572/CHNY/2018 / ASSESSMENT YEAR: 2015-16 M/S. ARKEMA PEROXIDES INDIA PVT. LTD., 1 ST FLOOR, BALMER LAURIE HOUSE, 628, ANNA SALAI, TEYNAMPET, CHENNAI 600 018. [PAN: AAACE1713F] VS. THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI. ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI SAROJ KUMAR PARIDA, ADVOCATE / RESPONDENT BY : MS. M. SUBASHRI, JCIT / DATE OF HEARING : 19.02.2019 /DATE OF PRONOUNCEMENT : 04.03.2019 / O R D E R PER DUVVURU RL REDDY, JUDICIAL MEMBER: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) 1, CHENNAI, DATED 29.06.2018 RELEVANT TO THE ASSESSMENT YEAR 2015-16. THE ONLY EFFECTIVE GROUND RAISED BY THE ASSESSEE IS THAT THE LD. CIT(A) ERRED IN CONFIRMING DISALLOWANCE CLAIMED FOR DEPRECIATION ON NON-COMPETE FEE. I.T.A. NO. 2572/CHNY/18 2 2. AT THE OUTSET, THE LD. DR HAS SUBMITTED THAT THE ISSUE INVOLVED IN THIS APPEAL IS SQUARELY COVERED IN FAVOUR OF THE REVENUE BY THE DECISION OF THE COORDINATE TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2003-04 IN I.T.A. NO. 2212/MDS/2006 DATED 13.01.2012 AND PLEADED THAT THE SAME SHALL BE FOLLOWED FOR THE ASSESSMENT YEAR UNDER CONSIDERATION. 3. ON THE OTHER HAND, THE LD. COUNSEL FOR THE ASSESSEE HAS FAIRLY CONCEDED THAT THE ISSUE IS COVERED IN FAVOUR OF THE REVENUE BY THE DECISION OF THE TRIBUNAL. 4. WE HAVE HEARD BOTH THE SIDES, PERUSED THE MATERIALS AVAILABLE ON RECORD AND GONE THROUGH THE ORDERS OF AUTHORITIES BELOW. WE HAVE ALSO GONE THROUGH THE ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR EARLIER ASSESSMENT YEAR IN WHICH, THE TRIBUNAL HAS HELD THAT NON-COMPETE FEE IS NOT AN INTANGIBLE ASSET TO WHICH PROVISIONS OF SECTION 32(1)(II) OF THE ACT ARE APPLICABLE. SINCE THE LD. COUNSEL FOR THE ASSESSEE HAS FAIRLY AGREED THAT THE ISSUE IS COVERED IN FAVOUR OF THE REVENUE, THE GROUND RAISED IN THE APPEAL OF THE ASSESSEE STANDS DISMISSED. I.T.A. NO. 2572/CHNY/18 3 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED ON THE 4 TH MARCH, 2019 IN CHENNAI. SD/- SD/- (A.MOHAN ALANKAMONY) ACCOUNTANT MEMBER (DUVVURU RL REDDY) JUDICIAL MEMBER CHENNAI, DATED, 04.03.2019 VM/- /COPY TO: 1. / APPELLANT, 2. / RESPONDENT, 3. ( ) /CIT(A), 4. /CIT, 5. /DR & 6. /GF.