TATA MOTORS LTD ( FORMERLY KNOWN AS TATA ENGINEERING & LOCOMOTIVE COMPANY LTD), MUMBAI V. JCIT (OSD) 2 (1), MUMBAI

ITA 6527/MUM/2009

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8715 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-01-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Next Hearing Date: 15-11-2016
• Assessment Year: 1998-1999
• Appeal Filed On: 21-12-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C OMI NIGSHEN
• Assessee Lawyers: DINESH VYAS
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES H, MUMBAI BEFORE S/SHRI AMIT SHUKLA, JM & ASHWANI TANEJA, AM ITA NO.6527/MUM/2009 ASSESSMENT YEAR:1998-99 TATA MOTORS LTD. (FORMERLY KNOWN AS TATA ENGINEERING & LOCOMOTIVE COMPANY LTD.) BOMBAY HOUSE, 24, HOMI MODY STREET, HUTATMA CHOWK MUMBAI- 400 001. PAN AAACT2727Q VS. JOINT CIT (OSD) 2(1), MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI DINESH VYAS, AR RESPONDENT BY :SHRI M. C. OMI NIGSHEN DATE OF HEARING :17.01.2017 DATE OF PRONOUNCEMENT :17 .01.2017 O R D E R PER AMIT SHUKLA, JUDICIAL MEMBER THE AFORESAID APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST IMPUGNED ORDER DATED 14.10.2009, PASSED BY LD. CIT(A PPEALS)-6, MUMBAI IN RELATION TO THE PENALTY PROCEEDINGS U/S. 271 (1)(C) FOR THE A.Y. 1998-99. 2. THE ASSESSEE IS MAINLY AGGRIEVED BY LEVY OF PENA LTY ON AMOUNT OF DISALLOWANCE OF DEPRECIATION OF RS.5,99,304/- ON THE ASSETS GIVEN ON LEASE TO THE ANDHRA PRADESH STATE ELECTRICITY BOARD. BEF ORE US, THE LEARNED SENIOR COUNSEL, SHRI DINESH VYAS, SUBMITTED TH AT IN THE ITA NO.6527/MUM/2009 M/S. TATA MOTORS LTD. 2 QUANTUM PROCEEDINGS, THIS TRIBUNAL IN ITA NO. 7148/M UM/04 VIDE ORDER DATED 06.01.2017 HAS DELETED THE SAID DISALLOW ANCE OF DEPRECIATION OF LEASED ASSETS. FROM THE SAID ORDER HE POINTED OUT THAT THIS ISSUEHAS BEEN ELABORATELY DISCUSSED BY THE TRIBUN AL WHILE DECIDING THE APPEAL FOR A.Y. 1997-98, VIDE PARA 5 TO 5.3, WHICH HAS BEEN FOLLOWED IN A.Y. 1998-99. WHENCE THE ADDITION ITS ELF STANDS DELETED THE LEVY OF PENALTY U/S. 271(1)(C) HAS NO LE GS TO STAND. 3. THE LEARNED DR ALSO ADMITTED THAT IN QUANTUM APPEAL THIS ISSUE STANDS DECIDED IN FAVOUR OF THE ASSESSEE. 4. AFTER CONSIDERING THE AFORESAID SUBMISSIONS A ND ON PERUSAL OF THE TRIBUNAL ORDER IN THE ASSESSEES OWN CASE IN THE Q UANTUM PROCEEDINGS, WE FIND THAT THE ISSUE OF DISALLOWANCE OF DEPRECIATION OF LEASED ASSETS HAS BEEN DECIDED IN FAVOUR OF THE ASSES SEE AND DEPRECIATION HAS BEEN ALLOWED. ACCORDINGLY, THE PENAL TY LEVIED ON SAID ADDITION/DISALLOWANCE STANDS DELETED. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS17 TH DAY OF JANUARY 2017 SD/- SD/- (ASHWANI TANEJA) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED: 19 TH JANUARY, 2017. SA ITA NO.6527/MUM/2009 M/S. TATA MOTORS LTD. 3 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE C I T(A), MUMBAI. 4. THE C I T 5. DR, H BENCH, ITAT, MUMBAI BY ORDER, //TRUE COPY// (ASSISTANTREGISTRAR) INCOME TAX APPELLATE TRIBUNAL, MUMBAI