BP Ferrium Industries Pvt.Ltd, (formerly known as Godavari Exports & Imports P. Ltd.) Hyd, Hyderabad V. ACIT, Cirlce-2(3), Hyd, Hyderabad

ITA 522/HYD/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6389 (ITAT-HYDERABAD)
• Duration Of Justice: 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2016
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 27-06-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 15-04-2016
• Court: TRIBUNAL
• Department Lawyers: K E SUNIL BABU
• Assessee Lawyers: P MURALI MOHAN RAO
• Keywords: Depreciation; Additional evidence

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A (SMC), HYDERABAD BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER I.T.A. NO. 522/HYD/2016 ASSESSMENT YEAR: 2008-09 BP FERRIUM INDUSTRIES PRIVATE LIMITED, (FORMERLY KNOWN AS GODAVARI EXPORTS & IMPORTS PVT. LTD.,) HYDERABAD [PAN: AABCG3774H] VS ASST. COMMISSIONER OF INCOME TAX, CIRCLE-2(3), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P. MURALI MOHAN RAO, AR FOR REVENUE : SHRI K.E. SUNIL BABU, DR DATE OF HEARING : 28-06-2016 DATE OF PRONOUNCEMENT : 30-06-2016 O R D E R THIS IS AN ASSESSEES APPEAL AGAINST THE ORDER OF TH E COMMISSIONER OF INCOME TAX (APPEALS)-2, HYDERABAD D ATED 15-02-2016. ASSESSEE, M/S. GODAVARI EXPORTS & IMPOR TS PVT. LTD., HAS CHANGED ITS NAME TO M/S. BP FERRIUM INDUSTRIES PR IVATE LIMITED ON 29-11-2012. EVEN THOUGH ASSESSEE HAS CHAN GED THE NAME MUCH EARLIER, THE LD. CIT(A) HOWEVER, PASSED THE ORDER IN THE OLD NAME OF THE COMPANY. ASSESSEE HAS FILED THE APP EAL IN THE NEW NAME OF THE COMPANY. THIS WAS TAKEN ON RECORD. 2. THE ONLY ISSUE IN THIS APPEAL IS WITH REFERENCE T O NON- ALLOWANCE OF DEPRECIATION OF RS. 6,12,150/- ON THE RE ASON THAT ASSESSEE HAS NOT FURNISHED PURCHASE INVOICES TO THE A SSESSING I.T.A. NO. 522/HYD/2016 BP FERRIUM INDUSTRIES PRIVATE LIMITED (FORMERLY KNOWN AS GODAVARI EXPORTS & IMPORTS PVT L TD) :- 2 -: OFFICER (AO) AT THE TIME OF ASSESSMENT. IN THE APPEA L BEFORE THE LD. CIT(A) EVEN THOUGH ASSESSEE HAS CONTESTED DEPRECIATION ON WDV VALUES, IT DID NOT FURNISH ANY EVIDENCE IN RESPECT OF THE CURRENT YEARS DEPRECIATION ON THE NEW ASSETS. 3. BEFORE US, ASSESSEE PRAYED FOR ADMISSION OF ADDI TIONAL EVIDENCE, ENCLOSING COPIES OF THE TAX INVOICES IN SUP PORT OF THE PURCHASE OF COMPUTERS ON WHICH SAID DEPRECIATION WAS DISALLOWED. IT WAS PRAYED THAT ASSESSEE COULD NOT FURNISH THE EVID ENCES EARLIER AND THE SAME MAY PLEASE BE ADMITTED AND SENT TO AO FOR VERIFICATION. 4. AFTER CONSIDERING THE OBJECTIONS FROM THE LD. DR, I AM OF THE OPINION THAT ASSESSEES REQUEST CAN BE ACCEPTED. EVEN THOUGH ASSESSEE DID NOT FURNISH THE NECESSARY VOUCHERS TO THE AO AT THE TIME OF ASSESSMENT, AS SEEN FROM THE ASSESSMENT ORDER, THE AO EVEN DISALLOWED THE DEPRECIATION ON CARRIED FORWARD W DV ALSO. BEFORE THE CIT(A), ISSUE WAS RAISED BUT THE EVIDENCE WAS NOT FURNISHED. WHAT EVER MAY BE THE REASONS FOR NON-FUN CTIONING OF THE RELEVANT VOUCHERS FOR ESTABLISHING THE COST OF THE A SSET, NOW, ASSESSEES PRAYER IS TO ADMIT THE ADDITIONAL EVIDENCE A ND RESTORE THE ISSUE TO THE FILE OF THE AO. AS SEEN FROM THE SCHE DULE-F OF THE FIXED ASSETS, ASSESSEE HAS MADE ADDITION OF RS. 20,40 ,500/- UNDER THE HEAD COMPUTERS ON WHICH SAID DEPRECIATION WAS C LAIMED. SINCE ASSESSEE IS IN A POSITION TO FURNISH THE NECESSA RY EVIDENCES NOW IN SUPPORT OF THE CLAIM, I AM OF THE OPINION THAT A SSESSEES REQUEST CAN BE ACCEPTED. THE PRAYER OF ASSESSEE FOR ADMISSION OF ADDITIONAL EVIDENCE IS ACCEPTED. AO IS DIRECTED TO E XAMINE THE VOUCHERS AND ALLOW THE DEPRECIATION AS PER THE RULES, FACTS AND I.T.A. NO. 522/HYD/2016 BP FERRIUM INDUSTRIES PRIVATE LIMITED (FORMERLY KNOWN AS GODAVARI EXPORTS & IMPORTS PVT L TD) :- 3 -: LAW. THE GROUNDS OF ASSESSEE ARE CONSIDERED ALLOWE D FOR STATISTICAL PURPOSES. 5. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR S TATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH JUNE, 2016 SD/- (B. RAMAKOTAIAH) ACCOUNTANT MEMBER HYDERABAD, DATED 30 TH JUNE, 2016 TNMM COPY TO : 1. BP FERRIUM INDUSTRIES PRIVATE LIMITED (FORMERLY KNO WN AS GODAVARI EXPORTS & IMPORTS PVT. LTD.,), HYDERABAD . C/O. P. MURALI & CO., CHARTERED ACCOUNTANTS, 6-3- 655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD. 2. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-2(3), HYDERABAD. 3. COMMISSIONER OF INCOME TAX(APPEALS)-2, HYDERABAD 4. THE PR. COMMISSIONER OF INCOME TAX-2, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.