Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT RATES :: cpt :: VAT Audit :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4%
From the Courts »
 Group M. Media India Pvt. Ltd vs. UOI (Bombay High Court)
 Shreemati Devi vs. CIT (Allahabad High Court)
 Vatsala Shenoy vs. JCIT (Supreme Court)
  Dr. Gautam Sen vs. CCIT (Bombay High Court)
 Dr. Gautam Sen vs. CCIT (Bombay High Court)
 DCIT vs. Shivshankar R. Sharma (ITAT Mumbai)
 ACIT vs. Jawaharlal Agicha (ITAT Mumbai)
 CIT vs. M/s. D. Chetan & Co (Bombay High Court)
 Makes further amendments to Notification no. 157/90-Customs dated 28th March, 1990 regarding temporary admission under the ATA Carnet
 Appointment of Common Adjudicating Authority by DGRI - 2/2016-Customs

Income Tax Officer 8(2)(3),R.No. 213,Aayakar Bhavan,M.K. Road,Mumbai 400 020. VS. Nutech Corporate Services P. Ltd.,(Formerly known as IIT Capital Services Ltd.,) Rajabahadur Mansion,2nd Floor,28, B.S. Marg,Mumbai 400 001.
July, 07th 2012
                MUMBAI BENCHES "B" MUMBAI




                        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



   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

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

Date 4th July, 2012


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
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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