MASALAWAL A/C ATC, MUMBAI V. ITO 20(2)(2), MUMBAI

ITA 5806/MUM/2010

• Counselvise Citation: 580619914 RSA 2010
• Duration Of Justice: 1 year(s) 6 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-01-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 24-01-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 19-07-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: T ROOMUAN PAITE
• Assessee Lawyers: S S AGARWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B MUMBAI BEFORE SHRI B.R. MITTAL (JUDICIAL MEMBER) AND SHRI RAJENDRA SINGH (ACCOUNTANT MEMBER) ITA NO. 5806/MUM/2010 ASSESSMENT YEAR-2006-07 MASALAWALA A/C ATC, SUBHAM SHOPPING CENTRE 1, C.G. ROAD, ANDHERI (E), MUMBAI-400 093 PAN-AAFM 0491R VS. THE ITO, 20(2)(2), PIRAMAL CHAMBERS, MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI S.S. AGARWAL RESPONDENT BY: SHRI T. ROOMUAN PAITE DATE OF HEARING : 24.01.2012 DATE OF PRONOUNCEMENT: 24.1.2012 O R D E R PER B.R. MITTAL, JM : THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT YEAR 2006-07 AGAINST ORDER OF LD. CIT(A) DT. 12.5.2010 DISPUTING IN CONF IRMING ACTION OF AO IN COMPUTING SHORT TERM CAPITAL GAIN ON SALE OF FURNIT URE AND FIXTURES ADOPTING WRITTEN DOWN VALUE OF RS. 5,14,760/- AS AGAINST RS. 7,28,196/- CLAIMED BY ASSESSEE. 2. WE HAVE HEARD LD. REPRESENTATIVES OF PARTIES AND PERUSED ORDERS OF AUTHORITIES BELOW. 3. WE OBSERVE THAT ASSESSEE SOLD TWO CINEMA THEATRE S NAMELY N.S. PRINCE AND ROSHAN CINEMA AND DEBITED AN AMOUNT OF RS. 7,28 ,296/- BEING WRITTEN DOWN VALUE (WDV) OF FURNITURE AND FIXTURES AGAINST SALE CONSIDERATION OF RS. 10 LAKHS. THE ASSESSING OFFICER OBSERVED THAT AS O N 31 ST MARCH, 2005, WDV ITA NO. 5806/M/10 2 OF FURNITURE AND FIXTURES IN THE CASE OF BOTH CINEM A THEATRES WAS ONLY RS. 5,14,760/-. DURING THE COURSE OF ASSESSMENT PROCEE DINGS, ASSESSEE STATED THAT IT PAID RS. 2,13,435/- FOR REPAIRS AND PAINTIN G AND OTHER WORK TO MARUTI PAINT AND HARDWARE MART AND SAID EXPENSES WAS CAPIT ALIZED. THE ASSESSEE FURNISHED PHOTOCOPY OF SAID BILLS. HOWEVER, AO DID NOT ACCEPT THE SAID CONTENTION OF ASSESSEE ON THE GROUND THAT ORIGINAL COPY OF BILLS ISSUED BY MARUTI PAINT AND HARDWARE MART COULD NOT BE PRODUCE D. THE ASSESSEE ALSO COULD NOT PRODUCE ANY PROOF OF PAYMENT MADE TO THEM . WE OBSERVE THAT LD. CIT(A) ALSO CONFIRMED THE ACTION OF AO BY OBSERVING THAT FIXED ASSET CHART FURNISHED BY ASSESSEE MAINLY ON ACCOUNT OF FURNITUR E AND FIXTURES REMAINED UN-RECONCILED. LD. CIT(A) HAS ALSO STATED THAT NO EVIDENCE REGARDING ADDITIONS MADE TOWARDS FURNITURE AND FIXTURES WHICH RESULTED INTO INCREASE IN WDV COULD BE PRODUCED BEFORE HIM. 4. DURING THE COURSE OF HEARING BEFORE US, LD. AR R EITERATED SUBMISSIONS MADE BEFORE AUTHORITIES BELOW BUT COULD NOT PRODUCE ANY EVIDENCE THAT IT SPENT A SUM OF RS. 2,13,435/- ON REPAIRS AND FURNIT URE AND FIXTURES OF PAINTS AND CINEMA THEATRES N.S. PRINCE AND ROSHAN CINEMA, WHICH WAS SOLD BY ASSESSEE IN ASSESSMENT YEAR UNDER CONSIDERATION. IN VIEW OF ABOVE, WE DO NOT FIND ANY REASON TO INTERFERE WITH THE ORDER OF LD. CIT(A). HENCE, GROUND OF APPEAL TAKEN BY ASSESSEE IS REJECTED. 5. IN THE RESULT, APPEAL FILED BY ASSESSEE IS DISMIS SED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF H EARING I.E. ON 24 TH JANUARY, 2012. SD/- SD/- ( RAJENDRA SINGH) (B.R. MITTAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED 24 TH JANUARY, 2012 RJ ITA NO. 5806/M/10 3 COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CONCERNED 5. THE DR B BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, I.T.A.T, MUMBAI