Betts International Ltd., Goa V. ACIT (CPC), Bangalore

ITA 3647/DEL/2016

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5135 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 10 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-05-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 20-06-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MANONEET DALAL SHRI N K

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH B: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA NO. 3647/DEL/2016 ASSTT. YEAR: 2011-12 O R D E R PER AMIT SHUKLA, J.M THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(APPEALS) -42 NEW DELHI DATED 21.3.2016. FOR THE ASSESSMENT YEAR 2011-12. 2. AT THE OUTSET THE LD. SR. DR TOOK OUR ATTENTION TO A LETTER OF THE LD. AR REQUESTING THAT THIS APPEAL MAY BE ALLOWED TO BE WITHDRAWN FOR THE FOLLOWING REASONS :- BETTS INTERNATIONAL LTD. C/O BETTS INDIA PVT. LTD. L-78, VERNA INDUSTRIAL ESTATE VERNA, SALCETE GOA PIN 403722 PAN AAECB3593Q VS. ACIT (CPC) BANGALORE (APPELLANT) (RESPONDENT ) ASSESSEE BY: S HRI MANONEET DALAL, ADVOCATE DEPARTMENT BY : SHRI N.K. BANSAL , SR. DR DATE OF HEARING 25 /03 /201 9 DATE OF PRONOUNCEMENT 13 / 0 5 /201 9 2 THE MAIN ISSUE INVOLVED IN THE CAPTIONED APPEAL IS VIS-A-VIS NON-QUANTIFICATION OF THE LONG TERM CAPITAL LOSS OF THE YEAR UNDER CONSIDERATION - RS. 2,05,61,825/- AS STIPULATED IN SECTION 157 OF THE INCOME-TAX ACT, 1961; THE APPELLANT COMPANY HAS NOT BEEN ABLE TO EARN PROFITS IN THE SUBSEQUENT YEARS AND CONSEQUENTLY CLAIM A SET-OFF OF THE AFORESAID LOSS IN TERMS OF SECTION 74; AND THE TIME PERIOD OF 8 ASSESSMENT YEARS FOR WHICH THE AFORESAID LOSSES CAN BE CARRIED FORWARD IN TERMS OF SECTION 74(2) OF THE INCOME-TAX ACT, 1961 WILL ELAPSE IN ASSESSMENT YEAR 2019-20 AND THE APPELLANT COMPANY DOES NOT FORESEE ANY INCOME ARISING TO IT IN THE NATURE OF LONG TERM CAPITAL GAINS AGAINST WHICH IT WILL BE ABLE TO SET OFF THE SAID LOSS. 3. THE LD. SR. DR DOES NOT HAVE ANY OBJECTION FOR THE SAID REQUEST OF THE AR. 4. WE HAVE GONE THROUGH THE REQUEST SUBMITTED BY THE LD. AR AND SINCE THE SR. DR DOES NOT HAVE ANY OBJECTION, THE APPEAL IS ALLOWED TO BE WITHDRAWN. 5. IN THE RESULT THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 13 TH MAY, 2019. SD/- SD/- (L.P. SAHU) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 13/05/2019 VEENA 3 COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI