UNIMARK REMEDIES LTD, MUMBAI V. DCIT CEN CIR 45, MUMBAI

ITA 3810/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1985 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-11-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 31-12-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 28-05-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: C V CHANDRA
• Assessee Lawyers: MALATHY PILLAI
• Keywords: Sale consideration of property below Jantri Value; Depreciation
• Section: 143(3); 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'F' BENCH, MUMBAI BEFORE SHRI JASON P. BOAZ, ACCOUNTANT MEMBER AND SHRI C.N. PRASAD , JUDICIAL MEMBER ITA NO. 3810/MUM/2014 (ASSESSMENT YEAR: 2009-10) M/S. UNIMARK REMEDIES LTD. VS. DCIT, CENTRAL CIRCLE - 45 101, ENTERPRISE CENTRE OFF. NEHRU ROAD, VILE PARLE (E) MUMBAI 400099 AAYAKAR BHAVAN M.K. ROAD, MUMBAI 400020 PAN AAACU0589R APPELLANT RESPONDENT APPELLANT BY: MS. MALATHY PILLAI RESPONDENT BY: SHRI C.V. CHANDRA DATE OF HEARING: 07.11.2016 DATE OF PRONOUNCEMENT: 07.11.2016 O R D E R PER JASON P. BOAZ, A.M. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE CIT(A)- 38, MUMBAI DATED 25.03.2014 FOR A.Y. 2009-10 DISMIS SING ITS APPEAL AND THEREBY UPHOLDING THE ORDER OF ASSESSMENT PASSED UN DER SECTION 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT 'THE ACT') DATED 16.12.2011. 2. THE GROUNDS RAISED BY THE ASSESSEE IN THIS APPEAL A RE AS UNDER: - 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LEARNED CIT(A) ERRED IN CONFIRMING THE ACTION O F THE ASSESSING OFFICER IN MARKING AN ADDITION OF RS.1,67 ,64,322/- BY INVOKING PROVISIONS OF SECTION 50C OF THE INCOME TAX ACT, 1961. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, THE LEARNED CIT(A) ERRED IN CONFIRMING THE ACTION O F THE ASSESSING OFFICER ERRED IN DISALLOWING DEPRECIATION ON NON- FACTORY BUILDING AMOUNTING TO RS.3,18,632/-. 3. THE APPELLANT CRAVES LEAVES TO ADD, TO AMEND, AL TER, MODIFY AND/OR WITHDRAW ANY OR ALL OF THE ABOVE GROUNDS OF APPEAL, EACH OF WHICH ARE WITHOUT PREJUDICE TO ONE ANOTHER. ITA NO. 3810/MUM/2014 M/S. UNIMARK REMEDIES LTD. 2 3. AT THE OUTSET OF THE HEARING IN THIS CASE, IT WAS B ROUGHT TO THE NOTICE OF THE BENCH BY THE COUNSEL FOR THE ASSESSEE THAT T HE ASSESSEE COMPANY SEEKS TO WITHDRAW THIS APPEAL. A LETTER DATED 04.11 .2016 SIGNED BY THE DIRECTOR OF THE ASSESSEE COMPANY IN THIS REGARD HAS BEEN PLACED ON RECORD THE CONTENTS OF WHICH IS EXTRACTED HEREUNDER: - DATE 04-11-2016 TO THE DY REGISTRAR INCOME TAX APPELLATE TRIBUNAL MUMBAI 400020 SIR, BEFORE HONBLE F ON 07-11.2016 REG:- UNIMARK REMEDIES LIMITED ITA NOS. 3810/M/2014 SUB-: APPLICATION FOR WITHDRAWAL TO APPEAL WITH REFERENCE TO THE ABOVE WE REQUEST YOUR HONOUR TO PERMIT THE APPELLANT TO WITHDRAW THE ABOVE APPEAL FILED BEFORE THIS HON'BLE TRIBUNAL. YOUR HONOURS KIND CO-OPERATION IN THE ABOVE MATTER WILL HIGHLY APPRECIATED. THANKING YOU, YOURS FAITHFULLY, FOR UNIMARK REMEDIES LIMITED SD/- DIRECTOR 4. IN VIEW OF THE ASSESSEE COMPANYS LETTER DATED 04.1 1.2016 SEEKING TO WITHDRAW THIS APPEAL IN ITA NO. 3810/MUM/2014 FOR A .Y. 2009-10, THIS APPEAL IS RENDERED INFRUCTUOUS AND IS ACCORDINGLY D ISMISSED AS WITHDRAWN. 5. IN THE RESULT, THE ASSESSEES APPEAL FOR A.Y. 2009- 10 IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 7 TH NOVEMBER, 2016. SD/ - SD/ - (C.N. PRASAD) (JASON P. BOAZ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 7 TH NOVEMBER, 2016 ITA NO. 3810/MUM/2014 M/S. UNIMARK REMEDIES LTD. 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -38, MUMBAI 4. THE CIT, CENTRAL -IV, MUMBAI 5. THE DR, F BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.