Income Tax Appellate Tribunal - Mumbai
Nutech Corporate Services P.Ltd. ... vs Department Of Income Tax on 28 June, 2012
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCHES "B" MUMBAI
BEFORE SHRI B.R. MITTAL, JUDICIAL MEMBER
AND
SHRI RAJENDRA, ACCOUNTANT MEMBER
ITA No. 2769/Mum/2009
Assessment Year 2005-06
Income Tax Officer 8(2)(3), Nutech Corporate Services
R.No. 213, P. Ltd.,
Aayakar Bhavan, (Formerly known as IIT
M.K. Road, Vs. Capital Services Ltd.,)
Mumbai - 400 020. Rajabahadur Mansion,
2nd Floor,
28, B.S. Marg,
Mumbai - 400 001.
PAN: AAACI 3356 A
(Appellant ) (Respondent)
Revenue by : Shri P.K.B. Menon
Assessee by : NONE
Date of hearing : 28-06-2012
Date of pronouncement : 04-07-2012
ORDER
PER RAJENDRA, A.M.
Following Grounds of Appeal were filed by the Appellant against the order dated 03-02-2009 of the CIT(A)-VIII, Mumbai:
"On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in allowing the claim of depreciation of Rs.64,15,914/- on leasing of assets claimed by the assessee without appreciating the facts of the case.2 ITA No. 2769/Mum/2009
Nutech Corporate Services P. Ltd., The appellant prays that the order of the CIT(A) on the above ground to be set aside and that of the ITO/AC/DCJT be restored.
The appellant craves leave to amend or alter any grounds or add a new ground which may be necessary."
2. On 28-06-2012, when case was called for hearing nobody appeared on behalf of the respondent company. DR relying upon the order of the Assessing Officer (AO) submitted that depreciation allowed by the First Appellate Authority (FAA) was not as per the provisions of law.
3. During the assessment proceedings AO found that the assessee company had earned income from leasing, hire purchase, merchant banking and other financial activities and the lease rentals reflected in the P&L Account related to assets purchased and leased out in the earlier years. He asked the assessee to explain as to why the claim for depreciation should not be disallowed. After considering the reply of the assessee,he disallowed the assessee's claim for depreciation on leased assets amounting to Rs. 64,15,9141/-, on the basis of findings in the past.
4. Assessee preferred an appeal before the FAA. After considering the orders of his predecessor for earlier period he restored the matter to the file of the AO observing as under :
"Since there is no change in the facts of the case and the legal position, I have no reason to differ from the decision of my predecessor. Keeping in view all these facts and circumstances, the Assessing Officer is directed to re compute the claim of depreciation by following the direction given above in the appellate order for A.Y 1999-2000. This ground is adjudicated accordingly."
5. From the above order of the FAA it is clear that FAA had not 'allowed the claim of depreciation on leasing of assets claimed by the assessee'as mentioned in Ground No.1 of the appeal memo. As the ground is not arising out of the order of the FAA, we dismiss the 3 ITA No. 2769/Mum/2009 Nutech Corporate Services P. Ltd., appeal filed by the AO. He will be free to file fresh appeal, if he desires to do so.
Appeal filed by the AO stands rejected.
Order pronounced in the open court on 4th July, 2012 Sd/- Sd/-
(B.R. MITTAL) (RAJENDRA)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Mumbai,
Date 4th July, 2012
TNMM
Copy to:
1. Assessee
2. Respondent
3. The concerned CIT (A)
4. The concerned CIT
5. DR "B" Bench, ITAT, Mumbai
6. Guard File
(True copy)
By Order
Asst. Registrar,
Income Tax Appellate Tribunal,
Mumbai Benches, Mumbai