M/s Chinatrust Commercial Bank, New Delhi v. ADIT, New Delhi

ITA 6058/DEL/2010 | 2007-2008
Pronouncement Date: 08-03-2011 | Result: Allowed

Appeal Details

RSA Number 605820114 RSA 2010
Assessee PAN AAACC4000B
Bench Delhi
Appeal Number ITA 6058/DEL/2010
Duration Of Justice 2 month(s) 8 day(s)
Appellant M/s Chinatrust Commercial Bank, New Delhi
Respondent ADIT, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 08-03-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted B
Tribunal Order Date 08-03-2011
Assessment Year 2007-2008
Appeal Filed On 30-12-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL NEW DELHI BENCH B NEW DELHI BENCH B NEW DELHI BENCH B NEW DELHI BENCH B BEFORE SHRI R. P. TOLANI JUDICIAL MEMBER AND SHRI K. D. RANJAN ACCOUTANT MEMBER ITA NO. 6058 /DEL/2010 (ASSESSMENT YEAR 2007-08 ) M/S. CHINATRUST COMMERCIAL BANK VS. ADIT CIRCLE 1(1) A-1/16 WENGER HOUSE NEW DELHI. RAJEEV CHOWK CONNAUGHT PLACE NEW DELHI-110 001 (APPELLANTS) (RESPONDENTS) PAN / GIR NO. AAACC4000B APPELLANT BY: SHRI PANKAJ KHANNA ADV. RESPONDENT BY: SHRI SUDESH GARG SR. DR ORDER ORDER ORDER ORDER PER K. D. RANJAN AM PER K. D. RANJAN AM PER K. D. RANJAN AM PER K. D. RANJAN AM: :: : 1. THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT Y EAR 2007-08 ARISES OUT OF THE ORDER U/S 143(3) READ WITH SECTIO N 144C OF THE ACT. THE ONLY ISSUE FOR CONSIDERATION RELATES TO NOT ALL OWING SET OFF OF BROUGHT FORWARD DEPRECIATION AS CLAIMED IN THE RETU RN OF INCOME. THE FACTS STATED IN BRIEF ARE THAT THE ASSESSEE CLA IMED SET OFF OF BROUGHT FORWARD LOSSES OF UNABSORBED DEPRECIATION I N THE RETURN OF INCOME. THE ASSESSEE RAISED OBJECTION BEFORE DRP I N RESPECT OF VARIOUS ADDITION PROPOSED TO BE MADE BY THE A.O. F IRST SUCH ISSUE RELATES TO SETTING OFF OF BROUGHT FORWARD LOSSES AN D DEPRECIATION. DRP IN ITS ORDER DIRECTED THE A.O. TO VERIFY THE FA CTS AND ALLOW BROUGHT FORWARD LOSSES AND DEPRECIATION AS PER THE PROVISIONS OF LAW. IN PURSUANCE TO DIRECTION ISSUED BY DRP THE A.O. ASKED THE ASSESSEE TO FILE THE DETAILS OF BROUGHT FORWARD LOS SES AND DEPRECIATION. SINCE THE DETAILS WERE NOT FILED TH E A.O. DISALLOWED THE CLAIM OF THE ASSESSEE IN RESPECT OF BOTH THE IT EMS. 2. BEFORE US IT HAS BEEN PLEADED THAT THE A.O. HAD NOT FOLLOWED THE DIRECTION OF DRP. IN ITS APPLICATION FOR ADJOU RNMENT IT HAS BEEN I.T.A. NO. 6058/DEL/2010 2/2 SUBMITTED THAT THE ASSESSEE HAD MOVED APPLICATION U /S 154 FOR RECTIFICATION OF THE ASSESSMENT. THE APPLICATION F OR ADJOURNMENT SOUGHT BY THE ASSESSEE WAS REJECTED AND THE APPEAL IS HEARD ON MERITS. 3. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUGH THE MATERIAL ON RECORD. THE A.O. HAS NOT ALLOWED SET O FF OF BROUGHT FORWARD LOSSES AND DEPRECATION ON THE GROUND THAT A SSESSEE HAD NOT FILED REQUISITE DETAILS. THE ASSESSEE HAD FILED AP PLICATION U/S 154 FOR RECTIFICATION OF THE ASSESSMENT. UNDER THESE CIRCU MSTANCES IN OUR CONSIDERED OPINION THE ISSUE IS TO BE SET ASIDE TO THE FILE OF THE A.O. WITH THE DIRECTION TO CONSIDER THE CLAIM OF THE ASS ESSEE FOR SET OFF OF BROUGHT FORWARD LOSSES AND DEPRECIATION AS PER THE PROVISIONS OF LAW. NEEDLESS TO SAY THE A.O. WILL PROVIDE NECESSA RY OPPORTUNITY OF BEING HEARD TO THE ASSESSEE BEFORE DECIDING THE ISS UE. 4. IN THE RESULT THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. ORDER PRONOUNCED IN THE OPEN COURT ON CLOSE OF H EARING ON 08 TH MARCH 2011. SD./- SD./- (R. P. TOLANI) (K. D. RANJAN) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED:08 TH MAR. 2011 SP. COPY FORWARDED TO 1. APPELLANT 2. RESPONDENT 3. CIT TRUE COPY: BY ORDER 4. CIT(A) 5. DR DY. REGISTRAR ITAT NEW DELHI