Chitra Publicity Company Pvt.Ltd., Baroda V. The ACIT.,Circle-1(1), Baroda

ITA 414/AHD/2008

• Counselvise Citation: [2009] 115 COUNSELVISE.COM (IT) 1902 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2009
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 31-12-2008
• Assessment Year: 2004-2005
• Appeal Filed On: 05-02-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C
• Keywords: Depreciation; Difference of opinion

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL, B BENCH, AH MEDABAD BEFORE : SHRI T.K.SHARMA, JUDICIAL MEMBER, AND SHRI A.N.PAHUJA, ACCOUNTANT MEMBER. ITA NOS. 414 & 1587/AHD/2008 (ASSESSMENT YEARS 2004-2005 & 2005-2006) CHITRA PUBLICITY CO. PVT. LTD., C-250, SWAMINARAYAN NAGAR SOCIETY, NIZAMPURA, BARODA PAN AABCC 8079 R VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), BARODA (APPELLANT) (RESPONDENT) APPELLANT BY : SMT. URVASHI SHODHAN RESPONDENT BY : SHRI M.C. PANDIT, SR. D.R. ORDER UNDER SECTION 255(4) OF THE I.T. ACT, 1961 PER T.K. SHARMA, JUDICIAL MEMBER :- IN THIS CASE THERE WAS A DIFFERENCE OF OPINION BETWEEN THE MEMBERS CONSTITUTING THE DIVISION BENCH AND ACC ORDINGLY FOLLOWING QUESTION WAS REFERRED TO THE HONBLE PRESIDENT, INCOME TAX APPELLATE TRIBUNA L UNDER SECTION 255(4) OF THE INCOME TAX ACT, 1961 : (1) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ASSESSEE IS ENTITLED TO DEPRECIATION IN THE A.Y. 2004-05 AND 20 05-06 ON THE FOLLOWING ASSETS : (I) HOARDINGS VALUED BY THE ASSESSEE ON 1.4.2003 AT RS.4,77,96,000/-, (II) TRADE NAME VALUED BY THE FIRM AT RS.3,00,00,000/- A ND (III) ADDITION TO THE BUILDINGS ON ACCOUNT OF VALUATION B Y THE FIRM OF - (A) RAJKOT OFFICE : RS.3,99,317/- AND (B) SURAT OFFICE : RS.10,95,462/-. THE HON'BLE PRESIDENT, INCOME TAX APPELLATE TRIBUN AL (AS THIRD MEMBER) HAS ANSWERED THE AFORESAID QUESTION IN AFFIRMATIVE. 2 2. IN THE LIGHT OF THE MAJORITY VIEW, THE A.O. IS D IRECTED TO ALLOW DEPRECIATION AS CLAIMED BY THE ASSESSEE FOR BOTH THE ASSESSMENT YEARS. 3. IN THE RESULT, BOTH THE APPEALS OF THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED IN THE COURT ON 04-12-2009. SD/- S D/- (A.N.PAHUJA) (T.K. SHARMA) ACCOUNTANT MEMBER. JUDICIAL MEMBER DATED : 04-12-2009 COPY OF THE ORDER IS FORWARDED TO :- (1) THE ASSESSEE, (2) THE DEPARTMENT, (3) C.I.T.(A) CONCERNED,(4) CIT CONCERNED,(5) D.R., ITA T, AHMEDABAD. TRUE COPY BY ORDER DEPUTY REGISTRAR, ITAT, AHMEDABAD LAHA/SR.P.S.