Godwin Steel Pvt. Ltd., New Delhi V. ITO, New Delhi

ITA 366/DEL/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 74421 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 2 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 27-03-2014
• Assessment Year: 2005-2006
• Appeal Filed On: 21-01-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SATPAL SINGH
• Keywords: Depreciation; Unabsorbed depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: C NEW DELHI BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER AND SHRI RAJ PAL YADAV, JUDICIAL MEMBER I.T.A .NO.-366/DEL/2013 (ASSESSMENT YEAR-2005-06) GODWIN STEEL PVT. LTD. VS. ITO J5/151, FIRST FLOOR, WARD-12(2), RAJOURI GARDEN, NEW DELHI. NEW DELHI. PAN: AAACG3241Q (APPELLANT) (RESPONDENT) ASSESSEE BY:-SH. G. S. GREWAL, CA REVENUE BY:- SH. SATPAL SINGH, SR. DR. ORDER PER R. S. SYAL, AM : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER PASSED BY THE CIT (A) ON 29.10.2012 IN RELATION TO THE ASSESSMENT YEAR 2005-06. 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAINST THE DENIAL OF SET OFF OF UNABSORBED DEPRECIATION AGAINST THE INCOME O FFERED BEFORE THE SETTLEMENT COMMISSION. I.T.A .NO.-366/DEL/2013 2 3. HAVING HEARD THE RIVAL SUBMISSIONS AND PERUSED T HE RELEVANT MATERIAL ON RECORD, IT IS OBSERVED THAT THE ASSESSE E APPROACHED THE INCOME TAX SETTLEMENT COMMISSION (ITSC). A FAVOURAB LE ORDER WAS PASSED BY THE ITSC. THE REVENUE CHALLENGED THE ORDER OF THE ITSC BEFORE THE HONBLE DELHI HIGH COURT. VIDE ITS JUDGMENT IN CIT VS. GODWIN STEELS (P.) LTD. (2013) 353 ITR 353 (DEL) , THE HONBLE HIGH COURT SET ASIDE THE ORDER PASSED BY TH E ITSC AND REMITTED THE MATTER BACK TO ITS FILE FOR FRESH DECI SION AS PER LAW. SINCE THE VERY BASIS OF THE PRESENT PROCEEDINGS, B EING THE ORDER PASSED BY THE ITSC DOES NOT SURVIVE, WE FEEL THAT T HE ENDS OF JUSTICE WOULD MEET ADEQUATELY IF THE IMPUGNED ORDER IS ALSO SET ASIDE AND THE MATTER IS RESTORED TO THE FILE OF THE AO. WE ORDER ACCORDINGLY AND DIRECT THE AO TO TAKE A FRESH DECIS ION AS PER LAW IN CONFORMITY WITH THE FRESH ORDER TO BE PASSED BY THE ITSC. 4. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATIST ICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 31/03/2014. SD/- SD/- ( RAJ PAL YADAV ) (R. S. SYAL) JUDICIAL MEMBER ACCOUNTANT M EMBER I.T.A .NO.-366/DEL/2013 3 DATED: 31/03/2014 *AK VERMA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTR DATE INITIAL 1. DRAFT DICTATED ON 27/03/2014 PS 2. DRAFT PLACED BEFORE AUTHOR 27/03/2014 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 31/03/2014 PS/PS 6. KEPT FOR PRONOUNCEMENT ON PS 7. FILE SENT TO THE BENCH CLERK 31/03/2014 PS 8. DATE ON WHICH FILE GOES TO THE AR 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 10. DATE OF DISPATCH OF ORDER. *