YOGESHKUMAR JAYANTILAL SHAH,BORIVALI WEST V. JURISDICTIONAL ASSESSING OFFICER- INCOME TAX OFFICER , MUMBAI

ITA 2799/MUM/2024

AI Insights

The case involves Yogeshkumar Jayantilal Shah, who appealed against the order of the Commissioner of Income Tax (Appeals) confirming the disallowance of depreciation claimed under section 32 of the Income Tax Act, 1961. The depreciation amount in question was Rs. 11,32,525, claimed for an asset that, although in the assessee's possession since the assessment year 2013-14, was only put to use in the year under consideration (2016-17) and used for business purposes. The Income Tax Officer had disallowed the depreciation in the assessment order dated 23.11.2018, which was upheld by the CIT(A). The assessee, however, chose to withdraw the appeal following the filing of Form 1 under the 'Vivad Se Vishwas Scheme-2024' on 14.10.2024.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 33362 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-02-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2016-2017
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Depreciation
• Section: 143(3); 32

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL “H(SMC)” BENCH MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No. 2799/MUM/2024 Assessment Years: 2016-17 Yogeshkumar Jayantilal Shah, B-1, Gokuldham Building, Kora Kendra, SV Road, Borivali West, Maharashtra – 400092 (PAN : AAIPS5464J) Vs. Income Tax Officer Ward 42(1)(4), Kautilya Bhavan, Bandra Kurla Complex, Bandra East Mumbai, Maharashtra (Assessee) (Respondent) Present for: Assessee : None Revenue : Shri Pravin Salunkhe, Sr. DR Date of Hearing : 06.02.2025 Date of Pronouncement : 10.02.2025 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), Commissioner of Income Tax, Appeal, ADDL/JCIT(A)-1, Kolkata, vide order no. ITBA/APL/S/250/2023- 24/1063040088(1) dated 20.03.2024 passed against the assessment order by Income Tax Officer, Ward 32(3)(2), Mumbai, u/s. 143(3) of the Income-tax Act (hereinafter referred to as the “Act”), dated 23.11.2018 for Assessment Year 2016-17. 2 ITA No.2799/MUM/2024 Yogeshkumar Jayantilal Shah, AY 2016-17 2. Grounds taken by the assessee in the appeal are reproduced as under: “1. The Hon'ble CIT(A) erred in law and acts in confirming the addition of depreciation claimed under section 32 of the Income Tax Act, 1961 amounting to Rs. 11,32,525/- without appreciating the fact of the case that though the Appellant was in possession of the asset since assessment year 2013-14 but it was put to use in the year under consideration and for used for business purposes. Therefore, the asset was capitalized in that year and depreciation under section 32 of the Act was claimed 2. The Appellant craves leave to add, amend, alter and / or delete any of the grounds of appeal before or during the course of appeal. 3 The Appellant reserves to submit any documents or evidences that may be required to substantiate its claims” 3. Brief facts of the case are that assessee filed return of income on 07.10.2016 reporting total income at Rs. 5,23,850/-. In the assessment completed u/s. 143(3), depreciation claimed by the assessee on property amounting to Rs. 11,32,525/- was disallowed for which assessee went in appeal before the Ld. CIT(A) who confirmed the said disallowance. Aggrieved, assessee is in appeal before the Tribunal. 4. Before us, though none represented the assessee in the course of hearing, a paper book is placed on record containing 53 pages filed by the assessee. In this paper book, assessee has furnished Form 1 for availing the benefits under ‘Vivad Se Vishwas Scheme-2024’ filed on 14.10.2024 under E-filing acknowledge no. 601866690141024 to settle the dispute under the present appeal. Considering this document on record, we find it appropriate to dismiss the present appeal as withdrawn pursuant to the option 3 ITA No.2799/MUM/2024 Yogeshkumar Jayantilal Shah, AY 2016-17 availed by the assessee for resolving dispute in this appeal under VSV, 2024. We take note of no objection from Ld. SR. DR for dismissing this appeal as withdrawn in the light of assessee availing the option under VSV 2024. Accordingly, appeal of the assessee is dismissed with a liberty to restore/revive the same in case application made in Form 1 under VSV 2024 does not materialise or is not accepted by the Department. 5. In the result, appeal of the assessee is dismissed as withdrawn. Order is pronounced in the open court on 10 February, 2025 Sd/- Sd/- (Kavitha Rajagopal) (Girish Agrawal) Judicial Member Accountant Member Dated: 10 February, 2025 Poonam mirashi, Stenographer Copy to : 1. The Assessee 2. The Respondent 3. DR, ITAT, Mumbai 4. 5. Guard File CIT BY ORDER, (Dy./Asstt.Registrar) ITAT, Mumbai "