Continuum Wind Energy (India) Pvt. Ltd., CHENNAI V. DCIT Corporate Circle 1(2), CHENNAI

MA 28/CHNY/2020

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 2967 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 4 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-06-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2014-2015
• Appeal Filed On: 07-02-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R ANITA
• Assessee Lawyers: MRS K HEMALATHA
• Keywords: Capital asset; Depreciation; Opportunity of being heard; Capital expenditure

Judgement Text

, , IN THE INCOME-TAX APPELLATE TRIBUNAL D BENCH, CHENNAI . , . , BEFORE SHRI DUVVURU RL REDDY, JUDICIAL MEMBER & SHRI G. MANJUNATHA, ACCOUNTANT MEMBER M.P. NO. 28/CHNY/2020 [IN I.T.A. NO. 1336/CHNY/2018] / ASSESSMENT YEAR: 2014-15 M/S. CONTINUUM WIND ENERGY (INDIA) PVT. LTD., SOUTH WING, 4 TH FLOOR, KAKANI TOWERS, NO. 15, KHADER NAWAZ KHAN ROAD, NUNGAMBAKKAM, CHENNAI 600 006. [PAN:AAKCS8353F] VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(2), CHENNAI 34. ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MRS. K. HEMALATHA, C.A. / RESPONDENT BY : MS. R. ANITA, JCIT / DATE OF HEARING : 09.04.2021 /DATE OF PRONOUNCEMENT : 14.06.2021 / O R D E R PER DUVVURU RL REDDY, JUDICIAL MEMBER: BY MEANS OF PRESENT MISCELLANEOUS PETITION, THE ASSESSEE SEEKS TO RECALL THE ORDER OF THE TRIBUNAL PASSED IN I.T.A. NO. 1336/CHNY/2018 DATED 20.11.2019 RELEVANT TO THE ASSESSMENT YEAR 2014-15 FOR LIMITED PURPOSES. BY REFERRING TO THE PETITION, THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE GROUND RAISED BY THE PETITIONER IN GROUND NO. 3 PERTAINING TO PROVIDE DEPRECIATION ON PREMIUM PAID ON FORWARD CONTRACTS IN THE EVENT OF THE SAME BEING TREATED AS CAPITAL EXPENDITURE WAS NOT ADJUDICATED BY GIVING ANY FINDINGS OR ANY DISCUSSIONS ON THE GROUND WHILE PASSING THE ABOVE ORDER OF THE TRIBUNAL M.P. NO. 28/CHNY/20 2 AND PRAYED FOR RECALLING THE SAME FOR ADJUDICATION BY AFFORDING AN OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. ON THE OTHER HAND, THE LD. DR HAS FAIRLY CONCEDED THE SUBMISSIONS OF THE LD. COUNSEL. 2. WE HAVE HEARD BOTH THE SIDES AND PERUSED THE ORDER PASSED BY THE TRIBUNAL AS WELL AS PETITION FILED BY THE ASSESSEE. IN THE MAIN APPEAL, THE ASSESSEE HAS RAISED GROUND NO. 3, WHICH IS REPRODUCED AS UNDER: 3. WITHOUT PREJUDICE TO THE ABOVE GROUND, IF THE LOSS INCURRED ON FORWARD CONTRACTS IS CONSIDERED AS A CAPITAL EXPENDITURE, THE CIT (APPEAL) OUGHT TO HAVE ALLOWED THE SAME TO BE ADDED TO THE COST OF THE CONCERNED CAPITAL ASSET AND ALLOWED DEPRECIATION ON THE SAME FOLLOWING THE ORDER OF HONBLE INCOME TAX APPELLATE TRIBUNAL, CHENNAI IN APPELLANTS OWN CASE FOR 2013-14. SINCE THE ABOVE SPECIFIC GROUND WAS NOT ADJUDICATED BY THE TRIBUNAL WHILE PASSING THE APPEAL ORDER AND IN ORDER TO ADJUDICATE THE ABOVE GROUND RAISED BY THE PETITIONER, WE RECALL THE ORDER PASSED BY THE TRIBUNAL DATED 20.11.2019 FOR LIMITED PURPOSES AND DIRECT THE REGISTRY TO POST THE APPEAL FOR HEARING ON REGULAR COURSE. 3. IN THE RESULT, THE MP FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON THE 14 TH JUNE, 2021 IN CHENNAI. SD/- SD/- (G. MANJUNATHA) ACCOUNTANT MEMBER (DUVVURU RL REDDY) JUDICIAL MEMBER CHENNAI, DATED, 14.06.2021 VM/- /COPY TO: 1. /APPELLANT, 2. / RESPONDENT, 3. ( )/CIT(A), 4. /CIT, 5. /DR & 6. /GF .