TECHINT HYPERTHERM P.LTD ( NOW KNOWN AS TENOVA HYPERTHERM P.LTD), MUMBAI V. CIT-8, MUMBAI

ITA 3266/MUM/2012

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 78870 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-05-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 13-05-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 10-05-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: PAVAN SHARMA
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUM BAI , , BEFORE SHRI SANJAY ARORA, AM AND SHRI AMIT SHUKLA, JM ./ I.T.A. NO. 3266/MUM/2012 ( / ASSESSMENT YEAR: 2007-08) TECHINT HYPERTHERM PVT. LTD. (NOW KNOWN AS TENOVA HYPERTHERM PVT. LTD.) 2093, OBEROI GARDEN ESTATES, CHANDIVALI, ANDHERI (E), MUMBAI-400 072 / VS. CIT-VIII, ROOM NO. 259, AAYKAR BHAVAN, M. K. ROAD, MUMBAI 400 020 ' ./# ./PAN/GIR NO. AACCT 3824 E ( '$ /APPELLANT ) : ( %&'$ / RESPONDENT ) '$ ' ( / APPELLANT BY : SHRI PAVAN SHARMA %&'$ ' ( / RESPONDENT BY : SHRI GIRIJA DAYAL )* + ' , / DATE OF HEARING : 13.05.2014 -./ ' , / DATE OF PRONOUNCEMENT : 13.05.2014 / O R D E R PER SANJAY ARORA, A. M.: THIS IS AN APPEAL BY THE ASSESSEE AGITATING THE ORD ER BY THE COMMISSIONER OF INCOME TAX-8, MUMBAI (CIT FOR SHORT) DATED 06.03. 2012 FOR THE ASSESSMENT YEAR (A.Y.) 2007-08 PASSED U/S.263 OF THE INCOME TAX ACT, 1961 (THE ACT HEREINAFTER). 2. AT THE VERY OUTSET, IT WAS SUBMITTED BY THE LD. AUTHORIZED REPRESENTATIVE (AR), THE ASSESSEES COUNSEL, THAT THE ASSESSEE WISHES TO WIT HDRAW ITS APPEAL. THE APPEAL UNDER 2 ITA NO. 3266/MUM/2012 (A.Y. 2007-08) TECHINT HYPERTHERM PVT. LTD. VS. CIT REFERENCE IS AGAINST A REVISION ORDER, SETTING ASID E THE ASSESSMENT BACK TO THE FILE OF THE ASSESSING OFFICER (A.O.) FOR CONSIDERING THE ASSESS EES CLAIM FOR DEPRECIATION ON GOODWILL. THE SAME HAVING BEEN SINCE ALLOWED IN ASS ESSMENT BY THE A.O. FOLLOWING THE DECISION BY THE APEX COURT IN CIT VS. SMIFS SECURITIES LTD. [2012] 348 ITR 302 (SC), THE INSTANT APPEAL BECOMES INFRUCTUOUS. THE LD. DEPARTMENTAL REPRESENTATIVE (DR), ON BEING QUESTIONED BY THE BENCH IN THE MATTER, DID NOT RAISE ANY OBJECTION TO THE PROP OSED WITHDRAWAL OF ITS APPEAL BY THE ASSESSEE. UNDER THE CIRCUMSTANCES, WE HAVE NO HESIT ATION IN, ACCEDING TO THE ASSESSEES REQUEST, ALLOWING IT TO WITHDRAW ITS APPEAL, WHICH WOULD THUS STAND DISMISSED IN LIMINE . 3. IN THE RESULT, THE ASSESSEES APPEAL IS DISMISSE D AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON MAY 13, 2014 SD/- SD/- (AMIT SHUKLA) (SANJAY ARORA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER 0+ MUMBAI; 1) DATED : 13.05.2014 *.)../ ROSHANI , SR. PS ! ' #$%& ' &$ / COPY OF THE ORDER FORWARDED TO : 1. '$ / THE APPELLANT 2. %&'$ / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. 4*5 6 %)78 , , 78/ , 0+ / DR, ITAT, MUMBAI 6. 6 9: ; + / GUARD FILE ! ( / BY ORDER, )/(* + (DY./ASSTT. REGISTRAR) , 0+ / ITAT, MUMBAI