KAYTEE COTSYNTH INDUSTRIES LTD, MUMBAI V. DCIT CIR 3(2), MUMBAI

ITA 6985/MUM/2013

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 0755 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 5 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-05-2017
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 18-05-2017
• Assessment Year: 2007-2008
• Appeal Filed On: 29-11-2013
• Court: TRIBUNAL
• Department Lawyers: JAGDISH P JANGID
• Keywords: Depreciation; Unabsorbed depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI BEFORE S/ SHRI B.R. BASKARAN (AM) & SANDEEP GOSAIN (JM) I.T.A. NO. 6985 /MUM/20 13 (ASSESSMENT YEAR 20 07 - 08 ) KAYTEE COTSYNTH INDUSTRIES LTD. ROOM NO. 4/5, 3 RD FLOOR MALHOTRA HOUSE OPP. GPO, WALCHAND HIRACHAND ROAD FORT, MUMBAI - 400 001. VS. DCIT CIRCLE - 3(2) AAYAKAR BHAVAN M.K. ROAD MUMBAI - 400 020 ( APPELLANT ) ( RESPONDENT ) PAN NO . AAACK4408K ASSESSEE BY NONE DEPARTMENT BY SHRI JAGDISH P. JANGID DATE OF HEARING 18 .5 . 201 7 DATE OF PRO NOUNCEMENT 1 8 . 5 . 201 7 O R D E R PER B.R. BASKARAN (AM) : - THE APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 11.09.2013 PASSED BY LD CIT(A) - 4, MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 2007 - 08. THE ASSESSEE IS AGGRIEVED BY THE DECISI ON OF LD CIT(A) IN HOLDING THAT THE UNABSORBED DEPRECIATION PERTAINING TO AY 1999 - 2000 TO 2001 - 02 CANNOT BE SET OFF AGAINST THE SHORT TERM CAPITAL GAIN. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE, EVEN THOUGH THE NOTICE OF HEARING WAS SENT BY REGISTER ED POST ON MORE THAN ONE OCCASION. HENCE WE PROCEED TO DISPOSE OF THE APPEAL EX - PARTE, WITHOUT THE PRESENCE OF THE ASSESSEE. 3. WE HEARD LD D.R AND PERUSED THE RECORD. WE NOTICE THAT THE LD CIT(A) HAS DECIDED THIS ISSUE AGAINST THE ASSESSEE BY FOLLOW ING THE DECISION RENDERED BY SPECIAL BENCH OF ITAT IN THE CASE OF DCIT VS. TIMES GUARANTY LTD (ITA NO.4917 KAYTEE COTSYNTH INDUSTRIES LTD. 2 & 4918/MUM/2008). HOWEVER, WE NOTICE THAT THE HONBLE GUJARAT HIGH COURT HAS TAKEN A DIFFERENT VIEW OF THE MATTER IN THE CASE OF GENERAL MOTORS INDI A P LTD (354 ITR 244). SINCE THE DECISION OF HIGH COURT, BEING A HIGHER JUDICIAL BODY, IS AVAILABLE IN THE MATTER, WE ARE OF THE VIEW THAT THIS ISSUE HAS TO BE DECIDED IN ACCORDANCE WITH THE DECISION RENDERED BY HONBLE HIGH COURT. ACCORDINGLY WE SET AS IDE THE ORDER PASSED BY LD CIT(A) AND RESTORE ALL THE ISSUES TO HIS FILE WITH THE DIRECTION TO ADJUDICATE THEM AFRESH BY APPLYING THE RATIO LAID DOWN BY HONBLE GUJARAT HIGH COURT IN THE ABOVE CITED CASE. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSE SSEE IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER HAS BE E N PRONOUNCED IN THE COURT ON 1 8 . 5 .201 7. SD/ - SD/ - (SANDEEP GOSAIN ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 1 8 / 5 / 20 1 7 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( DY./ASSTT. REGISTRAR) PS ITAT, MUMBAI