M/s. Petrofils Co.Operative Ltd., Baroda V. The ACIT, Circle-2(2), Baroda

MA 133/AHD/2014

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 3353 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-09-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 01-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHRIALBINUS TIRKEY
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH AHMEDABAD , BEFORE: SHRIPRAMOD KUMAR, ACCOUNTANT MEMBER SHRIKUL BHARAT, JUDICIAL MEMBER M. A. NOS. 130 TO 133/AHD/2014 IN ITA NOS. 411/AHD/2012, 2661/AHD/2013 , 2662/AHD/2013 & 2088/AHD/2012 ASSESSMENT YEAR :2006-07TO 2009-10 M/S. PETROFILS CO- OPERATIVE LTD., 201, PEARL TOWER, PRAKRUTI RESIDENCY, OPP. YASH COMPLEX, GOTRI ROAD, VADODARA 390 023 V/S . ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 2(2), AAYAKARBHAVAN, RACE COURSE CIRCLE, BARODA PAN NO. AAAAP0443P (APPELLANT) .. (RESPONDENT) /BY ASSESSEE SHRIJ. P. SHAH WITH SHRI M. J. SHAH, A.R. /BY REVENUE SHRIALBINUS TIRKEY, SR. D.R. /DATE OF HEARING 04.09.2015 /DATE OF PRONOUNCEMENT 21.09.2015 O R D E R PER :KUL BHARAT, JUDICIAL MEMBER THESE MISCELLANEOUS APPLICATIONS FILED BY THEASSESS EETHROUGH LIQUIDATOR SEEKING RECTIFICATION OF THE MISTAKE IN THE ORDER D ATED 27.06.2014 IN ITA NOS. M.A. NOS. 130 TO 133/AHD/14A.Y. 06-07 TO 09-10 (M/S. PETROFILS CO-OPERATIVE LTD. VS ACIT) PAGE 2 411/AHD/2012, 2661/AHD/2013, 2662/AHD/2013 & 2088/A HD/2012 FOR ASSESSMENT YEARS 2006-07TO 2009-10 RESPECTIVELY . 2. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSE SUBMI TTED THAT ALTHOUGH THE TRIBUNAL ACCEPTED THE CONTENTION OF THE ASSESSEE TH AT THE ASSESSEE IS ENTITLED FOR THE DEPRECIATION IN VIEW OF THE JUDGMENT OF HONBLE APEX COURT RENDERED IN CASE OF CIT VS. VIRMANI INDUSTRIES PVT. LTD. (1995) 216 ITR 0607 (SC), HAVING ACCEPTED THE CONTENTION, HOWEVER, THE TRIBUNAL HAS OBSERVED THAT IT IS NOT COMING OUT OF THE RECORDS THAT FROM THE ORDER WHIC H DEPRECIATION WAS BEING CARRIED FORWARD BY THE ASSESSEE AND WHY THE ASSESSE E HAS ACCEPTED THE DECISION OF LD. CIT(A) IN A.Y. 2004-05 SINCE NO GROUND AGAIN ST THE REJECTION OF THE CLAIM RAISED BY THE ASSESSEE BEFORE THE TRIBUNAL. LD. CO UNSEL SUBMITTED THAT ASSESSEE IS ENTITLED FOR DEPRECIATION. THIS CAN BE VERIFIED BY THE ASSESSING OFFICER. ON THE CONTRARY, LD. SR. D.R. SUBMITTED THAT ASSESSEE HAS NOT POINTED OUT ANY SPECIFIC MISTAKE INTO THE ORDER OF TRIBUNAL. THERE FORE, THE MISCELLANEOUS APPLICATION DESERVES TO BE DISMISSED. 3. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD.THE CONTENTION OF THE LD. COUNSEL FOR THE AS SESSEE IS THAT THE ASSESSEE WOULD BE IN A POSITION TO DEMONSTRATE BEFORE THE AS SESSING OFFICER IN RESPECT OF THE CLAIM OF DEPRECIATION. THERE IS NOT DISPUTE WI TH REGARD TO THE FACT. IT HAS BEEN HELD BY THE HONBLE APEX COURT IN CASE OF CIT VS. VIRMANI INDUSTRIES PVT. LTD. (SUPRA) EVEN IF THERE IS NO ACTIVITY BEING CAR RIED OUT BY THE ASSESSEE IS A PARTICULAR YEAR, HOWEVER, HE WOULD BE ENTITLED TO S ET OFF THE CARRIED FORWARD DEPRECIATION FROM EARLIER YEARS. THEREFORE, AFTER CONSIDERING THE TOTALITY OF THE FACT, WE DEEM IT PROPER TO MODIFY OUR ORDER DATED 2 7.06.2014 IN ITA NOS. 411/AHD/2012, 2661/AHD/2013, 2662/AHD/2013 & 2088/A HD/2012 AND RESTORE THE ISSUE OF CLAIM OF DEPRECIATION TO THE FILE OF A SSESSING OFFICER FOR DECISION AFRESH. AFTER VERIFYING FROM THE DETAILS FURNISHED BY THE ASSESSEE, DECIDE THE ISSUE IN LIGHT OF JUDGMENT OF THE HONBLE SUPREME C OURT RENDERED IN CASE OF M.A. NOS. 130 TO 133/AHD/14A.Y. 06-07 TO 09-10 (M/S. PETROFILS CO-OPERATIVE LTD. VS ACIT) PAGE 3 CIT VS. VIRMANI INDUSTRIES PVT. LTD. (SUPRA). IN L IGHT OF ABOVE, WE HEREBY MODIFY OUR ORDER ACCORDINGLY. 4. IN THE RESULT, ALL MISCELLANEOUS APPLICATIONS FI LED BY ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES ONLY. THIS ORDER PRONOUNCED IN OPEN COURT ON 21/09/20 15 SD/- SD/- (PRAMOD KUMAR) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER S.K.SINHA / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. ! '# $ / CONCERNED CIT 4. $ - / CIT (A) 5. %&'(('# , '# , ! / DR, ITAT, AHMEDABAD 6. '+,-. / GUARD FILE. BY ORDER/ , //TRUE COPY// / '# , !