Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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 :: VAT RATES :: VAT Audit :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
From the Courts »
 Radico Nv Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii, New Delhi & ORS.
  Vijay Vishin Meghani vs. DCIT (Bombay High Court)
  Dayawanti vs. CIT (Supreme Court)
  Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Vijay Vishin Meghani vs. DCIT (Bombay High Court)
 CIT vs. Balbir Singh Maini (Supreme Court)
 Dayawanti vs. CIT (Supreme Court)
 Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Pr CIT vs. Reliance Capital Asset Management Ltd (Bombay High Court)
 H. Naginchand Kincha vs. Superintendent of Police (Karnataka High Court)
 Commissioner Of Income Tax Delhi-Ix, New Delhi Vs. M/s Arya Exports & Industries

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
              DELHI BENCHES : C : NEW DELHI


                         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

       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,

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

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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