M/s. Asa Singh Cotton Factory, KOTKAPURA V. The DCIT, Ferozepur

ITA 668/ASR/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 76923 (ITAT-AMRITSAR)
• Duration Of Justice: 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-04-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 12-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMRIK CHAND
• Assessee Lawyers: RAJINDER KUMAR
• Keywords: Depreciation
• Section: 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER I.T.A. NO. 668 (ASR)/2013 ASSESSMENT YEAR: 2006-07 PAN: AAEFA4300P M/S ASA SINGH COTTON FACTORY, VS. DCIT, KOTKAPUR RANGE-II, FEROZPUR (APPELLANT) (RESPONDENT) APPELLANT BY: SH. RAJINDER KUMAR RESPONDENT BY: SH. AMRIK CHAND, DR DATE OF HEARING: 14.03.2014 DATE OF PRONOUNCEMENT: 09.04.2014 ORDER PER BENCH 1) THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST THE IMPUGNED ORDER DATED 01.08.2013 PASSED BY LEARNED CIT(A), BA THINDA, FOR THE ASSESSMENT YEAR 2006-07. 2) AT THE TIME OF HEARING, LEARNED COUNSEL FOR THE ASSESSEE STATED THAT IN THE RE-ASSESSMENT PROCEEDINGS, THE I.T.A.T. AMRITSAR BENCH HAS ACCEPTED THE APPEAL FILED BY THE ASSESSEE BY ALLOWI NG DEPRECIATION ON PLANT AND MACHINERY BUT ON THE BASIS OF THE ORDER P ASSED FOR THE ASSESSMENT YEAR 2007-08 IN THE ASSESSEES OWN CASE, THE CASE OF THE ASSESSEE FOR THE ASSESSMENT YEAR 2006-07 HAS BEEN R E-OPENED BY ISSUING 2 I.T.A. NO. 668 (ASR)/2013 ASSESSMENT YEAR: 2006-07 NOTICE UNDER SECTION 148 OF THE INCOME-TAX ACT, 196 1(IN SHORT THE ACT) AND THE ALTERNATIVE PLEA OF THE ASSESSEE REGARDING DEPRECIATION ON PLANT AND MACHINERY HAS NOT BEEN CONSIDERED BY THE REVENU E AUTHORITY. HE REQUESTED THAT THE ISSUE OF ALTERNATIVE PLEA REGARD ING DEPRECIATION ON PLANT AND MACHINERY MAY BE DECIDED AS PER LAW AND DIRECTI ON MAY BE GIVEN TO THE ASSESSING OFFICER TO DECIDE THE SAME AS PER LAW AFTER GIVING OPPORTUNITY TO THE ASSESSEE OF BEING HEARD. 3) ON THE CONTRARY, LEARNED DR RELIED UPON THE IMPU GNED ORDER PASSED BY LEARNED CIT(A), BATHINDA. 4) I HAVE HEARD BOTH THE PARTIES AND PERUSED THE RE LEVANT RECORD AVAILABLE WITH ME, ESPECIALLY THE IMPUGNED ORDER, A ND I AM OF THE VIEW THAT THE ALTERNATIVE PLEA OF THE ASSESSEE REGARDING ALLOWING OF DEPRECIATION ON ASSETS SHOULD BE CONSIDERED AND DEC IDED FOR THE ASSESSMENT YEAR IN DISPUTE I.E. 2006-07 ON THE BASI S OF ORDER OF I.T.A.T. AMRITSAR BENCH PASSED IN THE ASSESSEES OWN CASE FO R THE ASSESSMENT YEAR 2007-08. THE ASSESSING OFFICER IS DIRECTED TO DECIDE THE ISSUE OF DEPRECIATION ON THE DEPRECIABLE ASSETS FOR THE ASSE SSMENT YEAR 2006-07 IN VIEW OF THE ORDER OF I.T.A.T. AMRITSAR BENCH IN THE ASSESSEES OWN CASE PASSED FOR THE ASSESSMENT YEAR 2007-08 AND ACCORDIN G TO THE FACTS OF THE CASE AND AS PER LAW APPLICABLE IN THE CASE OF ASSES SEE. 3 I.T.A. NO. 668 (ASR)/2013 ASSESSMENT YEAR: 2006-07 5) WITH THESE OBSERVATIONS AND DIRECTIONS, THE APPE AL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 9 TH APRIL, 2014 SD/./- (H.S. SIDHU) JUDICIAL MEMBER DATED: 9 TH APRIL, 2014 /RK/ COPY OF THE ORDER FORWARDED TO: 1. THE ASSESSEE: M/S ASA SINGH COTTON FACTORY, KOTKAPU R 2. DCIT, RANGE-II, FEROZPUR 3. THE CIT(A), 4. THE CIT, 5. THE SR DR, I.T.A.T., TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.