MATSYAGANDHA INVESTMENT & FINANACE PVT.LTD., MUMBAI V. ACIT CENT.CIRCLE 34, MUMBAI

ITA 6647/MUM/2008

• Counselvise Citation: 664719914 RSA 2008
• Duration Of Justice: 2 year(s) 4 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 19-01-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 17-11-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NARESH KUMAR BALODIA
• Assessee Lawyers: S C TIWARI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI BEFORE SHRIR.S.SYAL, AM AND SMT.ASHAVIJAYARAGHAVAN, JM ITA NO.6647/MUM/2008 : ASST.YEAR 2005-2006 M/S.MATSYAGANDHA INVESTMENT & FINANCE PRIVATE LIMITED, RAHEJAS CORNER OF MAIN AVENUE, V.P.ROAD, SANTACRUZ (WEST) MUMBAI 400 054. PAN :AAACM8011G. VS. THE ASSTT.COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE 34 MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI S.C.TIWARI RESPONDENT BY : SHRI NARESH KUMAR BALODIA O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSED BY THE CIT(A) ON 25.07.2008 IN RELATION TO ASSESSMENT YEAR 2005-2006 . 2. THERE IS A DELAY OF 40 DAYS IN PRESENTING THIS A PPEAL BEFORE THE TRIBUNAL. AFFIDAVIT OF THE DIRECTOR OF THE ASSESSEE-COMPANY I S PLACED ON RECORD EXPLAINING THE REASONS FOR SUCH DELAY BEING ITS ACCOUNTANT PRO CEEDING TO HIS OWN TOWN WITHOUT INFORMING HIS SUCCESSOR ABOUT THE CIT(A)S ORDER. NO SERIOUS OBJECTION WAS TAKEN BY THE LD. DR. WE ARE SATISFIED WITH THE REASONABLENESS OF THE CAUSE IN PRESENTING THE APPEAL BELATEDLY, AS SUCH THE APPEAL IS CONDONED AND APPEAL IS ADMITTED FOR HEARING. 3. THE ONLY ISSUE RAISED THROUGH VARIOUS GROUNDS IS AGAINST NOT ALLOWING SET OFF OF LONG TERM CAPITAL GAIN ON THE SALE OF DEPRECIABL E ASSETS AGAINST THE BROUGHT FORWARD LONG TERM CAPITAL LOSS. 4. BOTH THE SIDES ARE IN AGREEMENT THAT THE FACTS A ND CIRCUMSTANCES OF THE INSTANT CASE ARE MUTATIS MUTANDIS SIMILAR TO THOSE OF M/S.MANALI INVESTMENTS IN ITA NO.6646/MUM/2008 FOR ASSESSMENT YEAR 2005-2006 WHICH CAME UP FOR ITA NO.6647/MUM/2008 M/S.MATSYAGANDHA INVESTMENT & FINANCE PVT.LTD. 2 ADJUDICATION BEFORE US ALONG WITH THE INSTANT APPEA L. VIDE THE ORDER PASSED IN THE SAID CASE, WE HAVE DECIDED THE ISSUE IN FAVOUR OF T HE ASSESSEE. IN THE ABSENCE OF ANY DISTINGUISHING FEATURES HAVING BEEN BROUGHT TO OUR NOTICE BY THE LEARNED DEPARTMENTAL REPRESENTATIVE, RESPECTFULLY FOLLOWING THE SAME WE OVERTURN THE IMPUGNED ORDER ON THIS SCORE AND HOLD THAT THE ASSE SSEE IS ENTITLED TO SUCH SET OFF IN TERMS OF SECTION 74. 5. IN THE RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED ON THIS 13 TH DAY OF APRIL, 2011 . SD/- SD/- (ASHAVIJAYARAGHAVAN) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 13 TH APRIL, 2011. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) CENTRAL VI, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.