GRAHAM FIRTH STEEL PRODUCTS (I) LTD, MUMBAI V. DCIT (OSD) RG 9(1), MUMBAI

ITA 4916/MUM/2012

• Counselvise Citation: 491619914 RSA 2012
• Duration Of Justice: 2 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-08-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 31-07-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 30-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ADAGIRI
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH G, MUMBAI BEFORE SHRI R.C SHARMA, ACCOUNTANT MEMBER AND DR. S.T.M. PAVALAN, JUDICIAL MEMBER ITA NO. 4916/MUM/2012 ASSESSMENT YEAR: 2009-10 GRAHAM FIRTH STEEL PRODUCT (I) LTD. B-212, SHREYASH INDUSTRIAL ESTATE, NEAR JAY COACH, WESTERN EXPRESS HIGHWAY, GOREGAON (E), MUMBAI- 400 063 VS. DCIT (OSD) RG-9(1) MUMBAI (APPELLANT) (RESPONDENT) PERMANENT ACCOUNT NO. :- AAAACG 1719 P ASSESSEE BY : SHRI PARESH SHAPARIA REVENUE BY : SHRI B. YADAGIRI DATE OF HEARING : 31.07.2014 DATE OF PRONOUNCEMENT : 27.08.2014 O R D E R PER DR. S.T.M. PAVALAN, JM: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF THE LD.CIT(A) -19, MUMBAI DATED 08.06.2012 FOR THE ASSE SSMENT YEAR 2009-10. 2. THE ONLY ISSUE RAISED IN THE APPEAL IS PERTAININ G TO THE DECISION OF THE LD.CIT(A) CONFIRMING THE DISALLOWANCE OF RS.22,22,0 97/- MADE BY THE AO AS AGAINST THE CLAIM OF DEPRECIATION ON GOOD WILL BY THE ASSES SEE. 3. AT THE OUTSET, IT IS OBSERVED THAT THE TRIBUNAL, IN THE ASSESSEES OWN CASE IN ITA NO. 2317/MUM/2010 FOR THE A.Y. 2006-07, BY RELY ING ON THE EARLIER DECISION OF THE TRIBUNAL FOR THE A.Y. 2004-05 & 2005-06, HAS AL LOWED THE CLAIM OF DEPRECIATION ON GOOD WILL. FOLLOWING THE SAID ORDER OF THE TRIBU NAL, WE DIRECT THE AO TO ALLOW THE CLAIM OF THE ASSESSEE. ITA NO. 4916/MUM/2012 GRAHAM FIRTH STEEL PRODUCT (I) LTD. ASSESSMENT YEAR: 2009-10 2 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 27 TH DAY OF AUGUST, 2014 SD/- SD/- (R.C. SHARMA) (DR. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 27.08.2014. *SRIVASTAVA COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR G BENCH //TRUE COPY// BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.