M/s. INDIAN OIL BLENDING LTD., MUMBAI V. ITO - 6(1)(2), MUMBAI

ITA 2830/MUM/2007

• Counselvise Citation: 283019914 RSA 2007
• Duration Of Justice: 4 year(s) 2 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Next Hearing Date: 14-05-2010
• Assessment Year: 2002-2003
• Appeal Filed On: 12-04-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJEEV DUTT
• Assessee Lawyers: R MURALIDHAR
• Keywords: Depreciation; Difference of opinion

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL I BENCH: MUMBAI BEFORE SHRI R.S. PADVEKAR, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER ITA NO.2830/MUM/2007 (ASSESSMENT YEAR: 2002-03) INDIAN OIL BLENDING LTD., (NOW AMALGAMATED WITH INDIAN OIL CORPORATION LTD.) MUMBAI -400 051 ....... APPELLANT VS INCOME TAX OFFICER -6(1)(2), MUMBAI ..... RESPONDENT PAN: AAACJ 2987 D APPELLANT BY: SHRI R. MURALIDHAR RESPONDENT BY: SHRI SANJEEV DUTT (CIT DR) O R D E R (FOR CONFIRMATION) PER R.S. PADVEKAR, JM ON ACCOUNT OF DIFFERENCE OF OPINION BETWEEN THE MEM BERS OF THE TRIBUNAL I BENCH, MUMBAI ON THE FOLLOWING QUESTIO N WAS REFERRED TO THE THIRD MEMBER (LD. VICE PRESIDENT)(MZ) U/S.255(4) OF THE ACT:- WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE SUM OF ` 11,44,09,339/- BEING THE PROVISION WRITTEN BACK IN A.Y. 2002-03 ON ACCOUNT OF EXCESS DEPRECIATION CLAI MED IN THE EARLIER YEARS OR ANY PART THEREOF CAN BE REDUCED WH ILE COMPUTING THE BOOK PROFIT OF THE ASSESSEE FOR THE A SSESSMENT YEAR 2002-03 IN TERMS OF CLAUSE (I) OF THE EXPLANAT ION TO SECTION 115JB(2) READ WITH THE PROVISO. ITA 2830/MUM/2007 INDIAN OIL BLENDING LTD. 2 2. THE THIRD MEMBER HAS AGREED WITH THE VIEW TAKEN BY THE LD. JUDICIAL MEMBER, THEREFORE, ON THE BASIS OF MAJORIT Y DECISION ASSESSEES APPEAL IS ALLOWED. 3. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. SD/- SD/- ( R.K. PANDA ) ACCOUNTANT MEMBER ( R.S. PADVEKAR ) JUDICIAL MEMBER MUMBAI, DATE: 30TH JUNE 2011 COPY TO:- 1) THE APPELLANT. 2) THE RESPONDENT. 3) THE CIT (A)VI, MUMBAI. 4) THE CIT, CITY- VI, MUMBAI. 5) THE D.R. I BENCH, MUMBAI. BY ORDER / / TRUE COPY / / ASSTT. REGISTRAR I.T.A.T., MUMBAI *CHAVAN ITA 2830/MUM/2007 INDIAN OIL BLENDING LTD. 3 SR.N. EPISODE OF AN ORDER DATE INITIALS CONCERNED 1 DRAFT DICTATED ON 30.06.2011 SR.PS 2 DRAFT PLACED BEFORE AUTHOR 30.06.2011 SR.PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5 APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7 FILE SENT TO THE BENCH CLERK SR.PS/PS 8 DATE ON WHICH FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER