M/s. Punit Engineering Works, Ahmedabad v. The Income tax Officer,Ward-6(4),, Ahmedabad

ITA 1886/AHD/2012 | 2005-2006
Pronouncement Date: 30-09-2016 | Result: Allowed

Appeal Details

RSA Number 188620514 RSA 2012
Assessee PAN AAFFP9495D
Bench Ahmedabad
Appeal Number ITA 1886/AHD/2012
Duration Of Justice 4 year(s) 1 month(s) 1 day(s)
Appellant M/s. Punit Engineering Works, Ahmedabad
Respondent The Income tax Officer,Ward-6(4),, Ahmedabad
Appeal Type Income Tax Appeal
Pronouncement Date 30-09-2016
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC
Tribunal Order Date 30-09-2016
Date Of Final Hearing 14-09-2016
Next Hearing Date 14-09-2016
Assessment Year 2005-2006
Appeal Filed On 28-08-2012
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE SHRI S. S. GODARA JUDICIAL MEMBER AND SHRI MANISH BORAD ACCOUNTANT MEMBER. ITA. NO.1886 & 1887/AHD/2012 (ASSESSMENT YEAR:2005-06 & 2006-07) M/S. PUNIT ENGINEERING WORKS PLOT NO.L/4128 PHASE-IV GIDC VATVA AHMEDABAD 382440 APPELLANT VS. THE ITO WARD 6(4) AHMEDABAD RESPONDENT PAN: AAFFP9495D / BY ASSESSEE : SHRI TUSHAR P. HEMANI A.R. / BY REVENUE : SHRI PRASOON KABRA SR.D.R. /DATE OF HEARING : 14.09.2016 /DATE OF PRONOUNCEMENT : 30.09.2016 ORDER PER S. S. GODARA JUDICIAL MEMBER THESE TWO ASSESSEES APPEALS FOR ASSESSMENT YEARS 20 05- 06 AND 2006-07 ARISE FROM SEPARATE ORDERS OF THE CI T(A)-XI ITA NO.1886 & 1887/AHD/2012 (PUNIT ENGINEERING WORK S VS. ITO) A.Y. 2005-06 & 2006-07 - 2 - AHMEDABAD BOTH DATED 06.07.2012 IN CASES NO.CIT(A) - XI/448/WD-6(4)/10-11 & CIT(A)-XI/446/WD-6(4)/10-11 RESPECTIVELY IN PROCEEDINGS U/S.143(3) R.W.S. 147 OF THE INCOME TAX ACT 1961 IN SHORT THE ACT . 2. WE COME TO ASSESSEES IDENTICAL PLEADINGS IN THE TWO APPEALS. ITS FIRST SUBSTANTIVE GROUND CHALLENGES V ALIDITY OF REOPENING IN THE TWO ASSESSMENT YEARS TAKEN RECOURS E TO BY THE ASSESSING OFFICER AND AFFIRMED IN THE LOWER APPELLA TE PROCEEDINGS. ITS LATTER SUBSTANTIVE GROUND ON MERI TS ASSAILS CORRECTNESS OF THE LOWER APPELLATE ORDER CONFIRMING DISALLOWANCE OF DEPRECIATION OF RS.2 16 400/- ON IN TANGIBLE ASSETS AFTER HOLDING THAT DEPRECIATION IS NOT ALLOW ABLE ON GOODWILL. 3. LD. COUNSEL REPRESENTING ASSESSEE AT THE OUTSET FILES BEFORE US A COPY OF THIS TRIBUNALS ORDER IN ITA NO.492/AHD/2011 FOR ASSESSMENT YEAR 2007-08 DATED 27.06.2014 IN ITS OWN CASE HOLDING THAT HONBLE SUP REME COURT IN CIT VS. SMIFS SECURITIES LTD. (2012) 348 ITR 302 (SC) HAS ALREADY ACCEPTED SIMILAR DEPRECIATION CLAIM ON GOOD WILL. THE ASSESSEE SUBMITS THAT THE ISSUE SQUARELY COVERED IN ITS FAVOUR AS PER THIS TRIBUNALS EARLIER ORDER. LD. DEPARTME NTAL REPRESENTATIVE FAILS TO REBUT THIS FACTUAL POSITION . WE ACCORDINGLY ACCEPT ASSESSEES LATTER SUBSTANTIVE GR OUND ON THE ISSUE OF DEPRECIATION ON GOODWILL. THE ASSESSING O FFICER IS ITA NO.1886 & 1887/AHD/2012 (PUNIT ENGINEERING WORK S VS. ITO) A.Y. 2005-06 & 2006-07 - 3 - DIRECTED TO FINALIZE CONSEQUENTIAL COMPUTATION. TH E ASSESSEES FORMER GROUND (SUPRA) IS NOT PRESSED IN THE COURSE OF HEARING. 4. THESE TWO ASSESSEES APPEALS ARE ALLOWED ON MERI TS. [PRONOUNCED IN THE OPEN COURT ON THIS THE 30 TH DAY OF SEPTEMBER 2016.] SD/- SD/- (MANISH BORAD) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 30/09/2016 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )* + --. . /0 / DR ITAT AHMEDABAD 1 + 23 / GUARD FILE. BY ORDER / . // . /0