DEEPAK SALES & PRPPERTIES P.LTD, MUMBAI V. ITO 9(1)(3), MUMBAI

ITA 6927/MUM/2011

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 4080 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 22-07-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 12-10-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K SINHA
• Assessee Lawyers: J V CHHABRIA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH D, MUMBAI BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER AND DR. S.T.M. PAVALAN, JUDICIAL MEMBER ITA NO. 6927/MUM/2011 ASSESSMENT YEAR: 2008-09 M/S. DEEPAK SALES & PROPERTIES P. LTD. -14, S.V. ROAD, KHAR (W) MUMBAI 52 PAN: AABCD 1298 F VS. ITO 9(1)(3) MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI J.V. CHHABRIA REVENUE BY : SHRI D.K. SINHA DATE OF HEARING : 22.07.2013 DATE OF PRONOUNCEMENT : 31.07.2013 O R D E R PER DR. S.T.M. PAVALAN, JM: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF THE LD.CIT (A)-19, MUMBAI DATED 30.08.2011 FOR THE ASSESSMENT YEAR 2008-09. 2. GROUNDS NO 1, 2 & 3 ARE NOT PRESSED BY THE ASSES SEE AND HENCE REQUIRE NO ADJUDICATION. GROUND NO 4 RELATES TO SEEKING DIRECT ION TO THE AO TO SET-OFF THE INCOME DETERMINED AGAINST THE BROUGHT FORWARD LOSSE S. 3. AT THE OUTSET, IT IS OBSERVED THAT THE ASSESSEE HAS CLAIMED THE LOSS IN THE RETURN AND THE COPY OF WHICH IS PLACED IN THE PAPER -BOOK FROM PAGES 14 TO 27 AND LOSS DETAILS ARE GIVEN AT PAGE 24 OF THE RETURN. HO WEVER, THE ITO HAS NOT SET-OFF THE BROUGHT FORWARD LOSSES OF THE PREVIOUS YEAR WHICH H E IS DUTY BOUND TO DO SO UNDER THE PROVISIONS OF THE LAW WHETHER CLAIMED BY THE AS SESSEE OR NOT. IN THE LIGHT OF THE FACTS, THE LD.CIT(A) OUGHT TO HAVE DIRECTED THE AO TO SET-OFF THE BROUGHT FORWARD LOSSES AGAINST THE SAID INCOME WHEN THIS SPECIFIC G ROUND FOR SETTING-OFF OF THE LOSS AGAINST THE INCOME DETERMINED HAS BEEN TAKEN AS ADD ITIONAL GROUND BEFORE THE LD.CIT(A). IT IS ALSO PERTINENT TO MENTION THAT THE ITAT IN THE ASSESEES OWN CASE IN ITA NO. 6927/MUM/2011 M/S. DEEPAK SALES & PROPERTIES P. LTD ASSESSMENT YEAR: 2008-09 2 3967/MUM/07 FOR AY 2003-04 HAS DECIDED A SIMILAR IS SUE IN ASSESSEES FAVOUR. IN VIEW OF THAT MATTER, WE DIRECT THE AO TO SET-OFF TH E BROUGHT FORWARD LOSSES AGAINST THE SAID INCOME FOR THE YEAR UNDER CONSIDERATION AL SO IN ACCORDANCE WITH LAW. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 31 ST DAY OF JULY, 2013. SD/- SD/- (R. S. SYAL) (DR. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 31.07.2013. *SRIVASTAVA COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR D BENCH //TRUE COPY// BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.