M/s.SEPR Refratories India Ltd, Palakkad V. The ACIT, Palakkad

ITA 318/COCH/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7553 (ITAT-COCHIN)
• Duration Of Justice: 7 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-01-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 06-01-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 29-05-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: K P GOPAKUMAR
• Assessee Lawyers: K R ASUDEVAN
• Keywords: Depreciation; Scheme of amalgamation; Unabsorbed depreciation
• Section: 143(3); 263; 154; 139

Judgement Text

ITA NO .318/C/2015 1 IN THE INCOME TAX APPEL L A TE T R IBUNAL COCHIN BENCH , COCHIN BEFORE S/SH RI B P JAIN , A M & G EORGE GEORGE.K , J M ITA NO . 318/COCH/2015 (ASST YEAR 2009 - 10 ) M/S SEPR REFRACTORIES INDIA LTD ( PRESENTLY M/S SEPR REFRACTORIS INDIA (P) LTD P B NO.1 KANJIKODE WEST PALAKAD KERALA 678 623 VS THE ASST COMMR OF INCOME TAX CIRCLE 1 PALAKKAD ( APPELLANT) (RESPONDENT) PAN NO. AAFCS6190K ASSESSEE BY SH K R ASUDEVAN REVENUE BY SH K P GOPAKUMAR, SR DR DATE OF HEARING 6 TH JAN 2015 DATE OF PRONOUNCEMENT 22 ND JAN 20 16 OR D ER PER GEORGE GEORGE. K. J M: THIS APPEAL, AT THE INSTANCE OF THE ASSESS EE, IS DIRECTED AGAINST THE CITS ORDER DATED 31.3.2015 PASSED U/S 263 OF THE ACT. THE RELEVANT ASSESSMENT YEAR IS 2009 - 10. 2 BRIEFLY STATED THE FACTS OF THE CASE ARE AS FO LLOWS: T HE ASSESSEE COMPANY IS ENGAGED IN THE BUSINESS OF MANUFACTURE OF FUSED CAST REFRAC T ORIES USED B Y GLASS COMPANIES. IN THE FINANCIAL YEAR 2004 - 05, A COMPANY BY NAME CONMIX (INDIA) LTD HAD AMALGAMATED WITH SAINT GOBAIN WEBER (INDIA) LTD., W.E.F.1.10. 2005. BOTH THE COMPANIES HAD SIMILAR LINE OF ITA NO .318/C/2015 2 BUSINESS AND BY VIRTUE OF A SCHEME OF AMALGAMATION BETWEEN CONMIX INDIA LTD., WITH SAINT GOBAIN WEBER INDIA LTD , ALL ASSETS AND LIABILITIES OF THE FORMER COMPANY WAS TRANSFERRED AND VESTED IN THE HANDS OF THE L ATTER COMPANY W.E.F 1.10.2005 . FURTHER, SAINT GOBAIN WEBER (INDIA)LTD., GOT AMALGAMATED WITH THE ASSESSEE COMPANY AND ALL THE ASSETS AND LIABILITIES OF SAINT GOBAIN WEBER (INDIA)LTD., WAS TRANSFERRED TO THE ASSESSEE W.E.F. 1.4.2008 UNDER A SCHEME OF AMAL GAMATION WHICH WAS APPROVED BY THE HONBLE HIGH COURT OF BOMBAY VIDE ORDER DATED 10.10.2009. 3 T HE ASSESSEE , FOR THE RELEVANT ASSESSMENT YEAR 2009 - 10 , HAD FILED ITS RETURN OF INCOME U/S 139 OF THE INCOME TAX ACT, 1961 DECLARING A TOTAL INCOME OF R S. 8,27, 20,580 . IN PURSUANCE TO A SCHEME OF AMALGAMATION BETWEEN THE ASSESSEE COMPANY WITH SAINT GOBAIN WEBER ( INDIA) LTD , , THE RETURN OF INCOME WAS REVISED DECLARING A TOTAL INCOME OF RS. 60,740/ - . BY VIRTUE OF SUCH AMALGAMATION BETWEEN SAINT GOBAIN WEBER (IN DIA) LTD., AND THE ASSESSEE , THE BROUGHT FORWARD LOSSES/ DEPRECIATION OF RESPECTIVE COMPANIES WERE CARRIED FORWARD AND WAS SET OFF AGAINST PROFITS OF THE ASSESSEE COMPANY IN THE RELEVANT AY TO THE EXTENT AS SHOWN BELOW: A . INCOME OF SEPR REFRACTORIES INDI A LTD RS.20,28,62,512/ - TOTAL CUMULATIVE LOSS OF SAINT GOBAIN WEBER & CONMIX RS. 29,60,71,745/ - OUT OF THE ABOVE, LOSS OF CONMIX RS. 7,81,71,476/ - B SET OFF DETAILS INCOME OF SEPR RS.20,28,62,512/ - CUMULATIVE LOSS OF SAINT GOBAIN WEBE R & CONMIX WHICH IS SET OFF RS.20,28,01,770/ - INCOME AFTER SET OFF RS. 60,742/ - ITA NO .318/C/2015 3 4 THE ASSESSMENT U/S 143(3) WAS COMPLETED VIDE ORDER DATED 23.3.2013 ACCEPTING THE INCOME RETURNED AT RS. 60,740/ - . LATER, THE AO PASSED AN ORDER U /S 154 OF THE ACT ON 23.1.2014 WHEREIN THE AO COMPUTED THE TAX UNDER MAT PROVISIONS. 5 PURSUANT TO THE SCRUTINY ASSESSMENT AND THE ORDER PASSED U/S 154 , THE CIT ISSUED SHOW CAUSE NOTICE U/S 263 FOR THE FOLLOWING REASONS: I) THAT WHILE AS PER SCHEDULE IX TO CLAUS E 25 OF FORM 3CD, BROUGHT FORWARD LOSS/DEPRECATION IS AN SUM OF RS. 27,89,03,054/ - , THE ASSESSEE ERRONEOUSLY HAD CLAIMED A SUM OF RS. 29,61,27,171/ - AS BROUGHT FORWARD BUSINESS/DEPRECIATION LOSS IN ITS RETURN OF INCOME FILED FOR THE RELEVANT ASSESSMENT YEA RS. ACCORDINGLY, THEREFORE, THERE HAS BEEN AN EXCESSIVE CLAIM ON ACCOUNT OF DEPRECIATION/BUSINESS LOSS OF RS. 1,72,24,117/ - ALLOWED BY THE AO IN THE RELEVANT ASSESSMENT YEAR. II ) THAT SEPR HAVING FAILED TO MEET UP WITH THE CONDITIONS ENUNCIATED U/S 72A(2 )(B) ON ACCOUNT OF THE FOLLOWING REASONS: A ) SAINT - GOBAIN WEBER BEFORE AMALGAMATION WITH SEPR HAD FAILED TO CONTINUE WITH THE BUSINESS OF M/S CONMIX (INDIA) PT LTD FOR A SPAN OF FIVE YEARS; AND B ) SAINT - GOBAIN WEBER BEFORE AMALGAMATION WITH SEPR HAD FAILED TO HOLD CONTINUOUSLY THREE FOURTH OF M/S CONMIX (I) P LTDS BLOCK OF ASSETS FOR A PERIOD OF FIVE YEARS. 6 THE ASSESSEE , FILED ELABORATE WRITTEN SUBMISSIONS TO THE SHOW CAUSE NOTICE ISSUED U/S 263, THE OBJECTIONS WERE RAISED WITH REGARD TO INVOKING THE PRO VISIONS U/S 263 OF THE ACT AND ON MERIT IT WAS CONTENDED THAT THE ASSESSEE WAS ENTITLED TO THE BENEFIT OF SET OFF OF ANY LOSS OF SAINT - GOBAIN WEBER (INDIA) LTD., AGAINST THE INCOME OF THE ASSESSEE . ITA NO .318/C/2015 4 7 THE CIT REJECTED THE OBJECTIONS RAISED BY THE ASSE SSEE AND PASSED ORDER U/S 263 OF THE ACT. THE CIT HELD THAT M/S SAINT GOBAIN WEBER INDIA LTD FAILED TO FULFILL THE CONDITIONS PRESCRIBED IN CLAUSE (B) OF SECTION 72A(2). HENCE, THE ACCUMULATED LOSS/DEPRECATION OF COMMIX INDIA PVT LTD SHALL NOT BE ALLOWE D IN THE ASSESSMENT OF SAINT GOBAIN WEBER INDIA LTD DURING AY 2008 - 09. CONSEQUENTLY, THE SAME WOULD NOT BE AVAILABLE TO BROUGHT - FORWARD DURING AY 2009 - 10 FOR SET OFF WITH THE INCOME OF YOU FOR AY 2009 - 10 AFTER 2 ND AMALGAMATION. AFTER MAKING THE ABOVE OBS ERVATIONS, THE CIT SET ASIDE THE ASSESSMENT ORDER DATED 22.3.2013 PASSED U/S 143(3 ) AND DIRECTED THE AO TO MAKE THE FRESH ASSESSMENT AFTER AFFORDING REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE . 8 THE ASSESSEE BEING AGGRIEVED IS IN APPEAL BEFORE US B Y RAISING THE FOLLOWING GROUNDS: I. REVISION OF THE ASSESSMENT ORDER A ) THE LEARNED COMMISSIONER OF INCOME TAX , THRISSUR ( ' CIT) ERRED IN INITIATIN G PROCEEDINGS AND PASSING AN ORDER UNDER SECTION 263 OF THE INCOME TA X ACT , 196 1 ( ' THE ACT ' ) AGAINST THE 14 3( 3) ORDER PA SS ED B Y THE LEARNED A SS ES S IN G O F FICER . B ) THE LEARNED CIT ERRED IN HOLDING THAT THE 143(3) ORDER DATED 22 . 03.2013 PASSED BY THE ASSESSING O F FICER IS ERRONEOUS AND PREJUDICIAL TO THE INTEREST S OF RE V ENUE C ) THE LEARNED CIT , THRISSUR ERRED TO APPRECI ATE THAT THE I S SUE BEHIND I NVOKING REVISION PROCEEDINGS I.E. G I V ING EFFECT TO THE SCHEME OF AMALGAMATION BET W EEN SEPR AND SAINT GOBAIN WEBER ( INDIA ) LIMITED NOT BEIN G A S UBJECT MATTER IN THE ASSESSMENT ORDER PASSED U /S 143 ( 3 ) OF THE ACT , DATED 22 ND MARCH , 2 01 3 , S UCH ORDER COULD NOT HAVE BEEN HELD TO BE ERRONEOUS AND PREJUDICIAL TO ITA NO .318/C/2015 5 THE INTERESTS OF THE REVENUE. D ) THE LEARNED CIT , THRISSUR ERRED IN APPRECIATING THAT THE ASSESSMENT ORDER U / S 143(3) OF THE ACT , DATED 22 ND MARCH , 2013 NOT BEING ERRONEOUS AND PR EJUDICIAL TO THE INTEREST OF THE REVENUE COULD NOT HAVE BEEN SUBJECTED TO REVISION U /S 263 OF THE ACT AND CONSEQUENTL Y COULD NOT BE S ET ASIDE FOR FRE S H A S SESSMENT . E ) THE LEARNED CIT , THRI S SUR F A ILED TO APPRECIATE THAT THE A S SE S SMENT ORDER U / S 143(3) DATE D 22 N D MARCH , 2013 NOT BEIN G ERRONEOU S AND PREJUDICIAL TO THE I NTERE S T S OF THE REVENUE , COULD NOT HAVE BEEN THUS SET ASIDE FOR FRESH A S SESSMENT . 1 ) THE LEARNED CIT , THRI S SUR HA V ING SOUGHT TO REVISE AN ASSE SS MENT ORDER U /S 143(3 ) DATED 22 N D MARCH , 2013 W HIC H W AS FREE FROM ERROR AND W A S NOT PREJUDICIAL TO THE INTERESTS OF THE REVENUE , S UCH RE V I S ION PROCEEDING S INITIATED U / S 263 OF THE ACT AT ITS INITIATION WAS THEREFORE WAS NOT AS PER LAW AND HENCE INFRUCTUOUS . NOTWITHSTANDING AND WITHOUT PREJUDICE TO THE ABOVE - 2. SET OFF OF BROUGHT FORWARD LOSS / UNABSORBED DEPRECIATION - RS.7,82,83,398 / - A ) THE LEARNED CRT ERRED IN NOT APPRECIATING THAT SEPR BEING THE SUCCESSOR OF SAINT - GOBAIN'S BUSINESS WAS ELIGIBLE TO SET OFF THE LATTER'S LOSSES AGAINST ITS BUSINESS INC OME IN THE RELEVANT ASSESSMENT YEAR. B ) THE LEARNED CIT ERRED IN NOT APPRECIATING THAT THAT SAINT GOBAIN WEBER (INDIA) LIMITED POST AMALGAMATION WITH M I S. CONMIX WAS CLAIMING THE LATTER'S LOSS FOR SET OFF U/S 72A OF THE ACT AND THE SAME WAS DULY AC CEPTED A ND ALSO ALLOWED BY THE DEPARTMENT AS ON 31 S T MARCH, 2008. C ) THE LEARNED CIT ERRED IN NOT APPRECIATING THAT SAINT GOBAIN ACCORDINGLY HAVING MERGED WITH SEPR ON THE 1 S T APRIL, 2008 ALL ITS LOSSE S HAD THUS RIGHTLY TRANSFERRED TO SEPR, THEREBY CLEARLY MAKING SEPR ELIGIBLE TO CLAIM SET OFF OF SUCH BUSINESS LOSSES AND UNABSORBED DEPRECIATION IN THE RELEVANT ASSESSMENT YEAR . D ) THE LEARNED CRT ERRED IN NOT APPRECIATING THAT IN TERMS OF AMALGAMATION SCHEME, SEPR BEING THE SUCCESSOR COMPANY AS ON THE YEAR OF ASSESSM ENT AND EVEN NOW IS CARRYING ON THE BUSINESS OF THE AMALGAMATING COMPANIES AND HOLDING THEIR ASSETS. E ) THE LEARNED C I T ACCORDINGLY OUGHT TO HAVE APPRECIATED IN THE EVENT OF SEPR FULFILLING THE CONDITIONS U / S 72A (2) (B), SET OFF OF SAINT - GOBAIN'S LOSSES AC QUIRED ON AMALGAMATION COULD NOT HAVE BEEN DENIED TO SEPR IN THE RELEVANT ASSESSMENT YEAR. F ) THE APPELLANT CRAVES LEAVE TO ADD, TO ALTER OR AMEND ALL OR ANY OF THE ABOVE STATED GROUNDS OF APPEAL . ITA NO .318/C/2015 6 9 THE LD COUNSEL FOR THE ASSESSEE RELIED ON THE GROUNDS AND REITERATED THE SUBMISSIONS MADE BEFORE THE CIT IN THE COURSE OF REVISIONARY PROCEEDINGS. THE LD DR, ON THE OTHER HAND, SUBMITTED THAT THERE WA S NO EXAMINATION BY THE AO WHETHER THE ASSESSEE WAS ENTITLED TO THE BENEFIT OF CARRY FORWARD AND SET OFF O F THE UNABSORBED LOSS OF SAINT GOBAIN WEBER INDIA WITH THAT OF THE ASSESSEE INCOME , AND WHETHER THE CONDITIONS MENTIONED U /S 72A(2)( B) OF THE ACT HAS BEEN FULFILLED OR NOT . THEREFORE, IT WAS SUBMITTED THAT THE CIT WAS JUSTIFIED I N INVOKING HIS REVISION ARY JURISDICTION U/S 263 OF THE ACT . 10 WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. THE ASSESSMENT ORDER DATED 22.3.2013 WAS SET ASIDE BY THE CIT U/S 263 FOR THE REASONS THAT THE SAME IS ERRONEOUS AND PREJUDICIAL TO THE INTER EST OF THE REVENUE. ON PERUSAL OF THE ASSESSMENT ORDER DATED 22.3.2013, WE NOTICE THAT THE AO HAS NOT EXAMINED WHETHER THE ASSESSEE HAD SATISFIED THE CONDITIONS MENTIONED U/S 72A(2) OF THE ACT FOR THE BENEFIT OF CARRY FORWARD AND SET OFF OF LOSS OF SAINT GOBAIN WEBER WITH THAT OF THE ASSESEES INCOME , PURSUANT TO THE AMALGAMATION W.E.F 1.4.2008. THERE IS NOTHING ON RECORD TO SUGGEST , NOR THE LD AR WAS ABLE TO POINT OUT THAT THE AO , IN THE COURSE OF ASSESSMENT PROCEEDINGS , HAS EXAMINED THE ABOVE ISSUE AND HAS TAKEN A CONSCIOUS DECISION TO ALLOW THE BENEFIT OF SET OFF OF CARRY FORWARD UNABSORBED LOSS. THE HONBLE SUPREME COURT ITA NO .318/C/2015 7 IN THE CASE CIT VS TOYOTA MOTOR CORPORATION REPORTED IN 306 ITR 49(DEL) HAS HELD ( AT PAGE 51) THAT ; (AT PAGE 51) IT IS ALSO NECE SSARY FOR THE PARTIES TO KNOW THE REASONS THAT HAVE WEIGHED WITH THE ADJUDICATING AUTHORITY IN COMING TO A CONCLUSION. THE ORDER PASSED BY THE ASSESSING OFFICER SHOULD BE A SELF - CONTAINED ORDER GIVING THE RELEVANT FACTS AND REASONS FOR COMING TO THE CONCLU SION BASED ON THOSE FACTS AND LAW. FURTHER , THEIR LORDSHIP HELD AS FOLLOWS: 12. WE FIND THAT THE ORDER PASSED BY THE ASSESSING OFFICER IS CRYPTIC, TO SAY THE LEAST, AND IT CANNOT BE SUSTAINED. THE TRIBUNAL CANNOT SUBSTITUTE ITS OWN REASONING TO JUSTIFY T HE ORDER PASSED BY THE ASSESSING OFFICER WHEN THE ASSESSING OFFICER HIMSELF DID NOT GIVE ANY REASON IN THE ORDER PASSED BY HIM. THE AO , WHILE CONCLUDING THE ASSESSMENT ORDER DATED 22.3.2013 , HAVING FAILED TO EXAMINE WHETHER THE CONDITIONS MENTIONED U/S 72A(2) HAS BEEN FULFILLED AND THE ASSESSEE IS ENTITLED TO THE BENEFIT OF SET OFF OF LOSS OF SAINT GOBAIN WEBER (INDIA) LTD., WE HOLD THAT, THE ASSESSMENT IS ERRONEOUS AND PREJUDICIAL TO THE INTEREST OF THE REVENUE . THEREFORE, THE CIT IS JUSTIFIED IN PASS ING AN ORDER U/S 263 AND WE UPHOLD THE SAME . 11 HOWEVER, THE CIT HAS GIVEN SPECIFIC DIRECTIONS TO THE AO NOT TO ALLOW THE BENEFIT OF CARRY FORWARD AND SET OFF OF UNABSORBED LOSS OF SAINT GOBAIN WEBER ( INDIA) LTD., AGAINST THE INCOME OF THE ASSESSEE . T HE CIT WAS OF THE VIEW THAT THE CONDITIONS MENTIONED U/S 72A (2) (B) ARE NOT SATISFIED . TH E RELEVANT FINDINGS OF THE CI T , FOR READY REFERENCE, READ AS UNDER: 5. I HAVE CAREFULLY CONSIDERED THE FACTS OF THE CASE AND SUBMISSIONS MADE BY THE ASSESSEE. SECTI ON 72A(2)(B) SAYS, NOTWITHSTANDING ANYTHING CONTAINED IN ITA NO .318/C/2015 8 SUB - SECTION (1), THE ACCUMULATED LOSS SHALL NOT BE SET OFF OR CARRIED FORWARD A N D THE UNABSORBE D DEPRECIATION SHALL NOT BE ALLOWED IN THE ASSESSMENT OF THE AMALGAMATED COMPANY UNLESS THE AMALGA MA TED COMPANY; ( I ) HOLDS CONTINUOUSLY FOR A MINIMUM PERIOD OF FIVE YEARS FROM THE DATE OF AMALGAMATION AT LEAST THREE FOURTHS OF THE BOOK VALUE OF FIXED ASSETS OF THE AMALGAMATING COMPANY ACQUIRED IN A SCHEME OF AMALGAMATION; II) CONTINUES THE BUSINESS OF THE AMALGAMATING COMPANY FOR A MINIMUM PERIOD OF FIVE YEARS FROM THE DATE OF AMALGAMATION; (III) FULFILL SUCH OTHER CONDITIONS AS MAY BE PRESCRIBED TO ENSURE THE REVIVAL OF THE BUSINESS OF THE AMALGAMATING COMPANY OR TO ENSURE THAT THE AMALGAMATION IS FOR GEN UINE BUSINESS PURPOSE. IN THIS CASE, IT IS A VERY CLEAR FACT THAT THE SAINT - GOBAIN WEBER INDIA LTD AMALGAMATED (2 ND AMALGAMATION) WITH THE ASSESSEE COMPANY W.E.F 1.4.2008 I.E. BEFORE COMPLETION OF MINIMUM PERIOD OF FIVE YEARS AFTER 1 ST AMALGAMATION. THI S MEANS ALL THE PROPERTY, ASSETS AND LIABILITY OF SAINT GOBAIN WEBER INDIA LTD, STANDS TRANSFERRED TO YOU W.E.F. 1.4.2008 AND THE SAINT GOBAIN WEBER INDIA LTD STANDS DISSOLVED. THUS, THE SAINT GOBAIN WEBER INDIA LTD FAILED TO FULFILL THE CONDITIONS PRESCRI B ED IN CLAUSE (B) OF SECTION 72A (2). HENCE, THE ACCUMULATED LOSS/DEPRECIATION OF COMMIX INDIA P VT LTD SHALL NOT BE ALLOWED IN THE ASSESSMENT OF SAINT GOBAIN WEBER INDIA LTD. , D URING AY 2008 - 09. CONSEQUENTLY, THE SAME WOULD NOT BE AVAILABLE TO BROUGHT FORWA RD DURING AY 2009 - 10 FOR SET OFF WITH THE INCOME OF YOU FOR AY 2009 - 10 AFTER 2 ND AMALGAMATION. 6. IN VIEW OF THE DISCUSSION MADE ABOVE, I AM CONVINCED THAT THE ASSESSMENT ORDER U/S 143(3) DATED 22.3.2013 MADE BY THE ASST COMMISSIONER OF INCOME TAX, CIRCLE 1 PALAKKAD IS ERRONEOUS AND PREJUDICIAL TO THE INTEREST OF THE REVENUE WITHIN THE MEANING OF SECTION 263 OF THE I T ACT, 1961. THEREFORE, THE AFORESAID ORDER DATED 22.3.2013 IS SET ASIDE FOR FRESH EXAMINATION OF THE ISSUES AS DISCUSSED ABOVE IN PARA 2 I N ACCORDANCE WITH LAW AFTER PROVIDING REASONAB LE OPPORTUNITY TO THE ASSESSEE. 1 2 THE PRIMARY REASON FOR THE ABOVE FINDINGS OF THE CIT IS THAT SAINT GOBAIN WEBER INDIA LTD., HAD NOT CONTINUES THE BUSINESS OF CO N MIX FOR A PERIOD OF 5 YEARS; POST THE FIRST AMALGAMATION O N 1.10.2005. THE LD AR DISPUTES THIS ASSERTION OF THE CIT AND SUBMITS THAT EVEN NOW THE BUSINESS OF THE AMALGAMATED COMPANY AND THEIR ASSETS I S HELD BY THE ASSESSEE. WE ARE OF THE VIEW THAT THE SPECIFIC DIRECTIONS OF THE CIT TO DENY THE BEN EFIT OF CARRY FORWARD LOSS AND SET OFF ITA NO .318/C/2015 9 OF UNABSORBED LOSS IS NOT WARRANTED ON THE FACTS AND CIRCUMSTANCES OF THE CASE, HENCE , WE DELETED THE SAME. THE AO , SHALL BE AT LIBERTY , TO CONSIDER THE MATTER DE - HORSE THE DIRECTIONS OF THE CIT AND TAKE A DECISION IN ACCORDANCE WITH LAW THE AO SHALL EXAMINE WHETHER THE CONDITIONS MENTIONED U/S 72A(2) (A) & (B) ARE SATISFIED IN THIS CASE FOR THE ASSESSEE TO HAVE THE BENEFIT OF CARRY FORWARD AND SET OFF OF UNABSORBED LOSS OF SAINT GOBAIN WEBER INDIA LTD. THEREFORE, WI TH THE ABOVE DIRECTION, THIS APPEAL IS DISPOSED OFF. IT IS ORDERED ACCORDINGLY. 1 3 IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 22 ND DAY OF JAN 2016 . SD/ - SD/ - ( B P JAIN ) ( GEORGE GEORGE K ) ACCOU NTANT MEMBER JUDICIAL MEMBER COCHIN: DATED 22 ND JAN 2016 RAJ* ITA NO .318/C/2015 10 COPY TO: 1 . APPELLANT 2 . RESPONDENT 3 . CIT(A) 4 . CIT , 5 . DR 6 . GUARD FILE BY ORDER ASSISTANT REGISTRAR ITAT, COCHIN