I.T.O Wd - 9(4),kolkata, Kolkata V. M/s Santosh Electronics Ltd, Kolkata

ITA 904/KOL/2013

• Counselvise Citation: 90423514 RSA 2013
• Duration Of Justice: 2 year(s) 1 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2002-2003
• Appeal Filed On: 23-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MADHU MALATI GHOSH
• Assessee Lawyers: N M BHANSALI
• Keywords: Assessment record
• Section: 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI P.K. BANSAL , ACCOUNTANT MEMBER ITA NO. 904 /KOL/ 2013 ASSESSMENT YEAR: 2002 - 03 I.T.O. WARD - 9(4), P - 7, CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, 5 TH FLOOR ROOM NO.14, KOL - 69 / V/S . M/S SANTOSH ELECTRONICS LTD., 106, NARKELDANGA MAIN ROAD, 1 ST FLOOR, KOLKATA 700 054 [ PAN NO.AAECS 1112 Q ] / APPELLANT .. / RESPONDENT / BY APPELLANT SMT. MADHUMALATI GHOSH, JCIT, SR - DR / BY RESPONDENT SHRI N.M. BHANSALI, ADVOCATE / DATE OF HEARING 03 - 06 - 2015 / DATE OF PRONOUNCEMENT 03 - 06 - 2015 / O R D E R THIS A PPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) - VIII, KOLKATA DATED 08 - 01 - 2013 BY TAKING THE FOLLOWING EFFECTIVE GROUND OF APPEAL: - ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, LD. CIT(A) HAS ERRED IN DIRECTING FOR CONSI DERING THE CLAIM OF SET OFF OF BROUGHT FORWARD BUSINESS LOSS OF RS.14,92,847/ - FOR A.Y. 1995 - 96 AND RS.2,77,074/ - OF A.Y. 1997 - 98 AGAINST THE INCOME PERTAINING TO THE A.Y 2002 - 03 AFTER VERIFICATION OF RECORDS. 2. I HAVE HEARD THE RIVAL SUBMISSIONS AND C AREFULLY CONSIDERED THE SAME. I NOTE THAT ASSESSING OFFICER FOUND FROM THE ASSESSEE S PETITION MADE U/S. 154 OF THE INCOME TAX ACT 1961 (HEREINAFTER REFERRED TO AS THE ACT ) THAT THE ASSESSEE - COMPANY HAD SHOWN ADJUSTMENT OF SET OFF THE BROUGHT FORWARD BUS INESS LOSS OF 14,92,847/ - FOR THE ASSESSMENT YEAR 1995 - 96 AND 2,77,074/ - FOR THE A.Y 1997 - 98 TOTALLING TO 17,69,921/ - WHICH IS ADJUSTED WITH TOTAL INCOME OF 17,69,921/ - ITA NO. 904 /KOL /2013 A.Y. 2002 - 03 ITO WD - 9(4), KOL V. M/S SANTOSH ELECTRONICS LTD. PAGE 2 FOR THE IMPUGNED A.Y. BUT THE ASSESSMENT RECORD REVEALED THAT ASSESSEE HAD SHOWN ABOUT SET OFF ADJUSTMENT OF BUSINESS LOSS FOR A.Y. 1992 - 93 OF 5,93,992/ - FOR A.Y. 1993 - 94 FOR 9,04,230/ - AND FOR A.Y.1995 - 96 AT 2,71,699/ - . IN VIEW OF THIS, THE AO REJECTED THE PETITION FILED BY THE ASSESSEE U/S 154 OF THE ACT. WHEN THE ASSESSEE WENT I N APPEAL BEFORE CIT(A). THE CIT(A) DIRECTED THE AO TO ALLOW THE BROUGHT FORWARD ASSESSMENT PERTAINING TO A.Y. 1995 - 96 AND A.Y. 1997 - 98 AGAINST THE INCOME OF IMPUGNED A.Y. AFTER DUE DILIGENCE AND VERIFICATION FROM THE RECORD AS PER LAW. AS THE UNABSORBED LO SS, ALL THESE YEARS FOLLOWING WITHIN THE STIPULATED PERIOD OF EIGHT YEARS AND IN MY OPINION, THE QUANTUM OF THE BROUGHT FORWARD LOSS BY THE ASSESSEE IS A MATTER OF RECORD MENTIONED BY THE REVENUE. I, THEREFORE, DO NOT FIND ANY IRREGULARITY OR INFIRMITY IN THE DIRECTION GIVEN BY CIT(A). I ACCORDINGLY, CONFIRM THE DIRECTION GIVEN BY CIT(A). 3. IN THE RESULT, APPEAL FILED BY THE REV IS STAND DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 03 / 06 /201 5 SD/ - ( P.K. BANSAL ) ACCOUNTANT MEM BER KOLKATA, *DKP - 03 / 06 /201 5 / COPY OF ORDER FORWARDED TO: - 1 . / APPELLANT ITO WD - 9(4), ROOM NO.14, 5 TH FLOOR, P - 7, CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, KOL - 69 2 . / RESPONDENT M/S SANTOSH ELECTRONICS LTD. 106, NARKELDANGA MAIN ROAD, 1 ST FLOOR, KOLKATA - 54 3 . / CONCERNED CIT 4 . - / CIT (A) 5 . , / DR, ITAT, KOLKATA 6 . / GUARD FILE. BY ORDER/ , + / ,