The DCIT, Thrissur V. M/s.KSE Ltd, Trichur

ITA 377/COCH/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 3919 (ITAT-COCHIN)
• Duration Of Justice: 8 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-06-2017
• Appeal Filed By: Department
• Bench Allotted: DB
• Next Hearing Date: 07-06-2017
• Assessment Year: 2005-2006
• Appeal Filed On: 08-09-2016
• Court: TRIBUNAL
• Department Lawyers: A DHANARAJ
• Assessee Lawyers: P HARIKRISHNAN UNNI
• Section: 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI ABRAHAM P. GEORGE, AM & GEORGE GEORGE K., JM I.T.A. NO. 377 /COCH/2016 ASSESSMENT YEAR : 2005 - 06 THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), TRICHUR. VS. M/S. KSE LTD., SOLVENT ROAD, IRINJALKUDA, THRISSUR-680 121. [PAN:AAACK 9942Q] ( REVENUE - APPELLANT) ( ASSESSEE - RESPONDENT) REVE NUE BY SHRI A. DHANARAJ, SR. DR ASSESSEE BY SHRI P.HARIKRISHNAN UNNI, CA DATE OF HEARING 07/06 / 201 7 DATE OF PRONOUNCEMENT 07 /06/ 201 7 O R D E R PER GEORGE GEORGE K.,JUDICIAL MEMBER: THIS APPEAL AT THE INSTANCE OF THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE CIT(A), THRISSUR DATED 10/06/2016. THE RELEVANT AS SESSMENT YEAR IS 2005-06 2. THE SOLITARY ISSUE THAT ARISES FOR OUR CONSIDERATION IS WHETHER SUBSIDY RECEIVED SHOULD BE REDUCED FROM THE COST OF ASSETS FOR THE P URPOSE OF CALCULATING WDV AS PER EXPLANATION 10 OF SECTION 43(1) OF THE I.T. ACT, 1961. I.T.A.NO.377/COCH/2016 2 3. THE LD. COUNSEL FOR THE ASSESSEE AT THE VERY O UTSET SUBMITTED THAT THE MONETARY LIMIT IN THIS CASE IS BELOW THE PRESCRIBED LIMIT MENTIONED IN THE CBDT CIRCULAR NO. 21/2015 (DATED 10/12/2015) FOR FILING AN APPEAL BEFORE THE TRIBUNAL. 4. THE LD. DR WAS UNABLE TO CONTROVERT THE ABOV E SUBMISSION. 5. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSE D THE MATERIAL AVAILABLE ON RECORD. IN VIEW OF THE ABOVE BOARDS CIRCULAR, TH E APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINABLE. HOWEVER, IF THERE A RE SITUATIONS ENUMERATED IN THE BOARDS CIRCULAR FOR FILING THE APPEAL BEFORE THE T RIBUNAL DESPITE THE MONETARY LIMIT BEING BELOW THE PRESCRIBED LIMIT, THE REVENUE SHALL BE AT LIBERTY TO FILE M.A. FOR RECALLING THIS ORDER 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 07-06-2017. SD/- SD/- (ABRAHAM P. GEORGE) ( GEORGE GEORGE K.) ACCOUNTANT MEMBER JUDICIAL MEMBER PLACE: KOCHI DATED: 07 JUNE, 2017 GJ COPY TO: 1. M/S. KSE LTD., SOLVENT ROAD, IRINJALKUDA, THRISSU R-680 121. 2. THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1( 1), THRISSUR. I.T.A.NO.377/COCH/2016 3 3. THE COMMISSIONER OF INCOME-TAX(APPEALS),THRISSUR . 4. THE PR. COMMISSIONER OF INCOME-TAX, THRISSUR. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) I.T.A.T., COC HIN