DCIT, CHENNAI V. Ucal fuel Systems Ltd., CHENNAI

ITA 532/CHNY/2015

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 9884 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-06-2015
• Appeal Filed By: Department
• Bench Allotted: D
• Assessment Year: 2010-2011
• Appeal Filed On: 16-03-2015
• Court: TRIBUNAL
• Department Lawyers: JOE SEBASTIAN
• Assessee Lawyers: A S SRIRAMAN
• Keywords: Depreciation

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH : CHENNAI . . . , . !' , # $ % [ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ] ./ I.T.A.NO.532/MDS/2015 / ASSESSMENT YEAR : 2010-11 THE DY. COMMISSIONER OF INCOME-TAX CORPORATE CIRCLE 3(2) CHENNAI VS. M/S UCAL FUEL SYSTEMS LTD RAHEJA TOWERS, 7 TH FLOOR UNIT 705 NO.177, ANNA SALAI CHENNAI 600 002 [PAN AAACU 0541 K] ( &' / APPELLANT) ( ()&' /RESPONDENT) / APPELLANT BY : SHRI JOE SEBASTIAN, CIT /RESPONDENT BY : SHRI A.S. SRIRAMAN, ADVOCATE / DATE OF HEARING : 20 - 05 - 2015 ! / DATE OF PRONOUNCEMENT : 26 - 0 6 - 2015 / O R D E R PER N.R.S.GANESAN, JUDICIAL MEMBER THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST T HE ORDER OF THE DEPUTY COMMISSIONER OF INCOME-TAX, CORPORATE C IRCLE 3(2), CHENNAI, DATED 14.1.2015 AND PERTAINS TO ASSESSME NT YEAR 2010-11. 2. THE ONLY ISSUE ARISES FOR CONSIDERATION IS WITH REG ARD TO CLAIM OF DEDUCTION U/S 80IA OF THE ACT. ITA NO.532/15 :- 2 -: 3. SHRI JOE SEBASTIAN, LD. DEPARTMENTAL REPRESENTATIVE SUBMITTED THAT THE DISPUTE RESOLUTION PANEL (DRP), BY FOLLOWING THE JUDGMENT OF THE HON'BLE MADRAS HIGH COURT IN THE CA SE OF VELAYUDHASWAMY SPINNING MILLS & OTHERS VS ACIT, 231 CTR 368, ALLOWED THE CLAIM OF THE ASSESSEE U/S 80IA OF THE ACT. SINCE THE MATTER IS PENDING BEFORE THE HON'BLE SUPREME COURT, ACCORDING TO THE LD. DR, THE REVENUE HAS FILED THE APPEAL. 4. WE HEARD SHRI A.S. SRIRAMAN, LD. COUNSEL FOR THE AS SESSEE ALSO. 5. AS RIGHTLY SUBMITTED BY THE LD. DR, THE DRP HAS ALL OWED THE CLAIM OF THE ASSESSEE BY FOLLOWING THE JUDGMENT OF THE HON'BLE MADRAS HIGH COURT IN VELAYUDHASWAMY SPINNING MILL(S UPRA). THIS JUDGMENT OF THE HON'BLE MADRAS HIGH COURT WAS ALSO FOLLOWED BY ANOTHER BENCH OF THIS TRIBUNAL IN THE CASE OF GRT F IRM AND OTHERS IN I.T.A.NOS.528 TO 530/MDS/2012 DATED 4.6.2012. SINC E THE DRP HAS HELD THAT THE DEPRECIATION WHICH WAS ALREADY SET OF F, CANNOT BE BROUGHT FORWARD NOTIONALLY TO THE SUBSEQUENT YEARS FOR THE PURPOSE OF COMPUTING PROFITS OF THE WINDMILL ON STAND-ALONE BA SIS BY FOLLOWING THE JUDGMENT OF THE HON'BLE MADRAS HIGH COURT (SUPRA), WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LOWER AUTHORITY A ND THE SAME IS CONFIRMED. ITA NO.532/15 :- 3 -: 6. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH OF JUNE, 2015, AT CHENNAI. SD/- SD/- ( . !' ) (A. MOHAN ALANKAMONY) # / ACCOUNTANT MEMBER ( . . . ' ) (N.R.S. GANESAN) / JUDICIAL MEMBER #$ / CHENNAI %& / DATED: 26 TH JUNE, 2015 RD &' ()*) / COPY TO: 1 . / APPELLANT 4. + / CIT 2. / RESPONDENT 5. ),- . / DR 3. +/' / CIT(A) 6. -01 / GF