Praxair I P Ltd, Bangalore V. Assistant Commissioner of Income tax, Bangalore

MA 34/BANG/2017

• Counselvise Citation: [2017] 124 COUNSELVISE.COM (IT) 5321 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 31-03-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 31-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KAMALADHAR
• Assessee Lawyers: K R VASUDEVAN
• Keywords: Depreciation; Unabsorbed depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER MP NO.34/BANG/2017 (IN IT (TP) A NO. 23 / BANG/20 1 2 ) (ASSESSMENT YEAR: 20 0 7 - 08 ) M/S.PRAXAIR (I) PVT. LTD. POS T BAG NO.4251, NO.8, ULSOOR ROAD, BANGALORE - 560042. PA NO. AAACP 9993 J VS. PETITIONER ASST. COMMISSIONER OF INCOME - TAX, LTU, BANGALORE RESPONDENT PETITIONER BY : SHRI K.R.VASUDEVAN, ADVOCATE. RESPONDENT BY : SHRI KAMALADHAR, STANDING COUNSEL. DATE OF HEARING : 17/03/2017 DATE OF PRONOUNCEMENT : 31 /03/2017 O R D E R PER I NTURI RAMA RAO, AM : THIS MP IS FILED BY THE ASSESSEE - COMPANY SEEKING THAT THERE WAS NO FINDING BY THIS TRIBUNAL IN THE ORDER PASSED BY THIS T RIBUNAL IN IT(TP)A NO.23/BANG/2012 DATED 27/07/2016 AS REGARDS SET OFF OF BROUGHT FORWARD UNABSORBED DEPRECIATION AND CARRY FORWARD UNABSORBED DEPRECIATION , AVAILABILITY OF MAT CREDIT. THE ASSESSEE ALSO POINTED OUT A TYPOGRAPHICAL ERROR IN 5.6 MP NO . 34 /B ANG / 2017 PAGE 2 OF 2 WHEREIN TH E WORD TECHNICAL SERVICES WAS WRONGLY MENTIONED IN PLACE OF TECHNOLOGY . 2. WE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. IN RESPECT OF CORPORATE ISSUES, DRP ALREADY DIRECTED THE AO TO EXAMINE CLAIMS OF THE ASSESSEE - COMPANY AS REGA RD TO SET OFF OF UNABSORBED DEPRECIATION AND CARRIED FORWARD OF UNABSORBED DEPRECIATION AND AVAILABILITY OF MAT CREDIT. THESE ARE THE ISSUES WHICH REQUIRE DUE VERIFICATION OF RECORDS AND THEREFORE, THIS MATTER REQUIRES REMAND TO THE AO . WE ORDER ACCORDIN GLY. THE WORD TECHNOLOGY IS REPLACED IN PLACE OF TECHNICAL SERVICES IN 5 TH LINE OF PARA.5.6 OF THE TRIBUNAL ORDER. 3. MP IS DISPOSED OF ON THE ABOVE LINES. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MARCH, 2017 S D/ - SD/ - (VIJAY PAL RAO) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE : B ENGALURU D A T E D : 31 /0 3/2017 SRINIVASULU, SPS COPY TO : 1 APPELLANT 2 RESPONDENT 3 CIT(A) - II BANGALORE 4 CIT 5 DR, ITAT, BANGALORE. 6 GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - TAX APPELLATE TRIBUNAL BANGALORE