The DCIT., Ahmedabad V. M/s UTI Bank Ltd, Ahmedabad

MA 431/AHD/2009

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 4565 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 month(s) 15 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-05-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 1996-1997
• Appeal Filed On: 30-12-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C PANDIT SRDR
• Assessee Lawyers: B GOPALA KRIHNAN
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLLATE TRIBUNAL AHMEDABAD BENCHES B, AHM EDABAD BEFORE S/SHRI N.S.SAINI, A.M ,& SHRI MAHAVIR SINGH, J.M. M.A.NO.431/AHD/2009 (ARISING OUT ITA NO.324/AHD/2001 ASST.YEAR.1996-97 DATE OF HEARING: 14.5.10 DRAFED:14.54..10 DY. COMMISSIONER OF INCOME-TAX, AHMEDABAD VS. UTI BANK LIMITED, AHMEDABAD PAN NO.AAACU2414 (APPELLANT) (RESPONDENT) (ORIGINAL RESPONDENT) (ORIGINAL APPELLANT) APPELLANT BY : SHR I M.C. PANDIT, SR-DR RESPONDENT BY: SHR I B GOPALA KRIHNAN, AR ORDER PER MAHAVIR SINGH, J.M. BY WAY OF THIS MISCELLANEOUS APPLICATION (MA), THE REVENUE HAS REQUESTED FOR AMENDMENT OF THE ORDER PASSED BY THE TRIBUNAL IN ITA NO.324/AHD/2001 DATED 21-11-2008, STATING THAT THERE IS MISTAKE AP PARENT FROM RECORD IN THE ORDER OF THE TRIBUNAL. 2. THE MAIN CONTENTION OF THE REVENUE WAS THAT THE CIT(A) THE ASSESSEE SUBMITTED ON THIS ISSUE OF CLAIM OF DEPRECIATION TH AT IF THE DEPRECIATION IS NOT ALLOWED, IN THE ALTERNATIVE, LEASE RENTAL RECEIVED BY THE ASSESSEE SHOULD BE DELETED. ACCORDING TO LD. SR-DR, THE CIT(A) NOTED T HAT IN THE FACT OF THE CASE, LEASE RENTAL RECEIVED WERE OF THE NATURE OF FINANCE CHARGE AND WERE THEREFORE TAXABLE. NOW, IT IS SUBMITTED THAT ITAT IN THE ABOV E MENTIONED ORDER IN ITA NO.324/A/2001 FOR A.Y. 1996-97 DATED 21/11/2008, IN THE DIRECTIONS AS PRODUCED ABOVE, IT HAS BEEN DIRECTED THAT:- IN CASE, THE ASSESSING OFFICER HOLD THAT THE ASSET S DOES NOT EXIST AND DEPRECIATION IS NOT ALLOWABLE, THEN THE LEASE RENTA LS DECLARED BY THE ASSESSEE SHOULD BE EXCLUDED FROM THE TOTAL INCOME O F THE ASSESSEE. 3. ACCORDING TO LD. SR-DR THE ISSUE OF TAXABILITY O R EXCLUSION OF RECEIPTS, TERMED AS LEASE RENTALS, HAS NOT BEEN EXAMINED IN R ESPECT OF THE OBSERVATION OF 2 THE CIT(A) ON THE MATTER. THE ITAT HAS NOT RECORDE D ANY FINDING IN RESPECT OF THE DECISION OF THE CIT(A), ON THE MATTER. HE STATE D THAT THE ABOVE MISTAKE IS A MISTAKE APPARENT FROM THE RECORD AND THEREFORE IT I S REQUESTED THAT THE TRIBUNAL MAY KINDLY RECTIFY THE MISTAKE AND PASS NECESSARY O RDER ACCORDINGLY. 4. AFTER HEARING THE LD. SR-DR AND GOING THROUGH TH E ORDER OF THE TRIBUNAL, WE FIND THAT THE TRIBUNAL HAS RECORDED A CATEGORICA LLY FINDING THAT THE ASSESSING OFFICER WILL DECIDE THE ISSUE WHETHER THE ASSETS EX ISTS OR NOT AND THE DEPRECIATION, ACCORDINGLY IS ALLOWABLE OR NOT. WE FIND NO MISTAKE IN THE ORDER OF THE TRIBUNAL. 5. IN THE RESULT, REVENUES MA IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14/05/2010. SD/- SD/- ( N.S.SAINI ) ( MAHAVIR SINGH ) ACCOUNTANT MEMBER JUDICIAL MEMBER PLACE: AHMEDABAD. DATE : 14/05/2010 DKP* COPY OF THE ORDER FORWARDED TO :- 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A)-XIII, AHMEDABAD 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE (IN DUPLICATE) BY ORDER, DR / AR, ITAT, AHMEDABAD