Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
From the Courts »
 M/S Abhipra Capital Ltd. Vs. Deputy Commissioner Of Income Tax (Investigation)
 Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
  Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
 CST vs. Shri Krishna Chaitanya Enterprises (Bombay High Court)
 Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd vs. CIT (Supreme Court)
 Principal Commissioner Of Income Tax-7 Vs. Pavitra Commercial Ltd.
 Commissioner Of Income Tax Delhi Iv Vs. Gee Kay Finance & Leasing Co. Ltd.
 Pr.Commissioner Of Income Tax-6 Vs. Nokia Solutions & Network India Pvt Ltd (Formerly Known As, Nokia Siemens Network Pvt Ltd)
 SKY Light Hospitality Llp Vs. Assistant Commissioner Of Income Tax, Circle -28(1), New Delhi
 Tax outgo may rise for investors in companies undergoing M&A cases

ACIT, Circle-I, Meerut. Vs. Shri Jitender Kumar Gupta, 219, Railway Road, Meerut. ACIT, Circle-I, Meerut. Vs. Shri Jitender Kumar Gupta, 219, Railway Road, Meerut.
May, 06th 2015
         IN THE INCOME TAX APPELLATE TRIBUNAL
              DELHI BENCHES : C : NEW DELHI

     BEFORE SHRI R.S. SYAL, AM AND SHRI C.M. GARG, JM

                         ITA No.4342/Del/2007
                        Assessment Year : 2002-03

ACIT,                                Vs. Shri Jitender Kumar Gupta,
Circle-I,                                219, Railway Road,
Meerut.                                  Meerut.
                                         PAN AARPG5507B

     (Appellant)                             (Respondent)

              Assessee By        :    Shri M.P. Rastogi, Avocate
              Department By      :    Shri T. Vasanthan, Sr. DR

            Date of Hearing              :   30.04.2015
            Date of Pronouncement        :   05.05.2015

                                  ORDER
PER R.S. SYAL, AM:
       This appeal by the Revenue is directed against the order passed by

the CIT(A) on 4.7.2007 in relation to the assessment year 2002-03.

2.     It is a recalled matter qua the issue assailing the view taken by the

ld. CIT(A) in directing to adopt value of the depreciated assets at

Rs.66,82,684 as against Rs.16,83,750 taken by the Assessing Officer
                                                           ITA No.4342/Del/2007





(AO) and consequently allowing relief of depreciation amounting to

Rs.15,51,163 by ignoring the provisions of section 43(1) of the Act.

Earlier, the tribunal passed a combined order for the instant year as well

as the immediately preceding year u/s 254(1) of the Income-tax Act,

1961 (hereinafter also called `the Act') deciding this issue in favour of

the Revenue, by overturning the order of the ld. CIT(A) and restoring

that of the AO. On an application filed by the assessee u/s 254(2) of the

Act, the tribunal vide its later order dated 3.8.2012, recalled its original

order on this limited issue. That is how, this issue has been placed before

us for consideration and decision.

3.   The issue is about ascertaining the actual cost of Equipments

purchased by the assessee from M/s Baba Buildwell and given on rent to

M/s Minerva Holding and the consequential amount of depreciation.

This issue is similar to the one raised in the appeal for the immediately

preceding assessment year, i.e., 2001-02.         Both the sides are in

agreement that the facts and circumstances of the appeal for the current

year are mutatis mutandis similar to those of the earlier year. In fact,


                                     2
                                                                 ITA No.4342/Del/2007





both the sides adopted the arguments made for the earlier year in relation

to the instant year. We have passed a separate order for the preceding

year determining the actual cost of such Equipments at Rs.35 lac as

against Rs.20 lac taken by the AO. The impugned order is set aside on

this score and the matter is remitted to the AO for allowing depreciation

accordingly. This ground is disposed of in the above terms.

4.        In the result, the appeal is partly allowed for statistical purposes.

          The order pronounced in the open court on 05.05.2015.

                Sd/-                                            Sd/-
        [C.M. GARG]                                   [R.S. SYAL]
     JUDICIAL MEMBER                              ACCOUNTANT MEMBER


Dated, 5th May, 2015.
dk
Copy forwarded to:
     1.   Appellant
     2.   Respondent
     3.   CIT
     4.   CIT (A)
     5.   DR, ITAT
                                                      AR, ITAT, NEW DELHI.

                                          3

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions