Ocimum Bio Solutions India Limited, Hyderabad V. Dy. Commissioner of Income Tax , Circle-16(2), Hyderabad

MA 4/Hyd/2021

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 5237 (ITAT-HYDERABAD)
• Duration Of Justice: 6 month(s) 27 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-A
• Next Hearing Date: 11-06-2021
• Assessment Year: 2015-2016
• Appeal Filed On: 18-02-2021
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: BHASKAR REDDY
• Assessee Lawyers: P.MURALI MOHANA RAO
• Keywords: Depreciation
• Section: 254(2)

Judgement Text

MA NO 4 OF 2021 OCIMUM BIO SOLUT IONS INDIA LTD HYDERABAD PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD (THROUGH VIDEO CONFERENCING) BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI LAKSHMI PRASAD SAHU, ACCOUNTANT MEMBER M.A. NO.4/HYD/2021 (ARISING OUT OF ITA NO.2091/HYD/2018) ASSESSMENT YEAR: 2015-16 OCIMUM BIO SOLUTIONS INDIA LTD, HYDERABAD PAN:AAACO4095L VS. DY. C. I. T CIRCLE 16(2) HYDERABAD (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI P. MURALI MOHANA RAO REVENUE BY : SRI BHASKAR REDDY, DR DATE OF HEARING: 11/06/2021 DATE OF PRONOUNCEMENT: 14/09/2021 ORDER PER SMT. P. MADHAVI DEVI, J.M. THIS M.A. IS FILED BY THE ASSESSEE U/S 254(2) OF TH E I.T. ACT, SEEKING RECTIFICATION OF THE ALLEGED MISTAKES IN THE ORDER OF THE TRIBUNAL DATED 18.12.2020 IN ITA NOS.1751 & 2091/HYD/2018. ACCORDING TO THE ASSESSEE, THE FOLLO WING MISTAKES HAVE ALLEGEDLY CREPT INTO THE ORDER OF THE TRIBUNAL: I) WHILE DECIDING THE ISSUE OF DEPRECIATION ON ASSETS, THE TRIBUNAL HAS DIRECTED THE ASSESSING OFFICER TO VERI FY OR EXAMINE THE ISSUE IN DETAIL AND DECIDE THE CLAIM OF DEPRECIATION AFRESH ON MERITS IN THE A.Y 2015-16 WH EN THE ASSETS WERE PURCHASED IN THE A.Y 2013-14. ACCOR DING TO THE ASSESSEE, THE OPENING BALANCE OF WDV AS ON 1.4.2014 ALONE SHOULD BE CONSIDERED AND THE ITAT CA N ONLY CONSIDER THE ADDITIONS MADE TO THE ASSETS DURI NG THE MA NO 4 OF 2021 OCIMUM BIO SOLUT IONS INDIA LTD HYDERABAD PAGE 2 OF 3 FINANCIAL YEAR RELEVANT TO THE A.Y 2015-16, BUT ITA T CANNOT DIRECT THE ASSESSING OFFICER TO RECONSIDER T HE ISSUE IN THE A.Y 2015-16. 2. THE LEARNED COUNSEL FOR THE ASSESSEE, THEREFORE, PRAYED THAT THIS IS A MISTAKE APPARENT FROM RECORD WHICH NEEDS RECTIFICATION. THEREFORE, HE SOUGHT RECALL OF THE ORDER OF THE TRIBUNAL IN ITA NO.2091/HYD/2018 FOR RECONSIDER ATION OF THE ISSUE AFRESH. 3. THE LEARNED DR WAS ALSO HEARD. 4. HAVING REGARD TO THE RIVAL CONTENTIONS AND THE M ATERIAL ON RECORD, WE FIND THAT IN PARA 9.2 OF THE ORDER OF THE TRIBUNAL, THE TRIBUNAL WAS DEALING WITH THE A.Y 2015-16 AND H AS HELD THAT THE ASSESSING OFFICER IS ENTITLED TO VERIFY TH E NATURE AND SOURCE OF THE ASSET ACQUIRED BY THE ASSESSEE IN THE A.Y 2015- 16 ALSO SINCE THE SAME WAS NOT CONSIDERED BY THE AS SESSING OFFICER IN THE EARLIER A.Y. THEREFORE, WE ARE SATIS FIED THAT THERE IS NO MISTAKE APPARENT FROM RECORD WHICH NEEDS RECT IFICATION. IF AT ALL THERE IS AN ERROR, IT CAN ONLY BE AN ERROR J UDGMENT AND NOT AN ERROR APPARENT FROM RECORD WHICH CAN BE RECT IFIED U/S 254 OF THE I.T. ACT. ACCORDINGLY, M.A. IS REJECTED. 5. IN THE RESULT, M.A. IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14 TH SEPTEMBER, 2021. SD/- SD/- (LAKSHMI PRASAD SAHU) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 14 TH SEPTEMBER, 2021. VINODAN/SPS MA NO 4 OF 2021 OCIMUM BIO SOLUT IONS INDIA LTD HYDERABAD PAGE 3 OF 3 COPY TO: S. NO ADDRESS ES 1 M/S. OCIMUM BIO SOLUTIONS INDIA LTD C/O P.MURALI & CO. CAS, 6-3-655/2/3, SOMAJIGUDA, HYDERABAD 500082 2 DY.CIT, CIRCLE 16(2) AAYAKAR BHAVAN, BASHEERBAGH, HYDERABAD 004 3 CIT (A) - 4, HYDERABAD 4 PR. CIT 4, HYDERABAD 5 DR, ITAT HYDERABAD B EN CHES 6 GUARD FILE BY ORDER