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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY, JM & SHRI MANOJ KUMAR AGGARWAL, AM
Per Manoj Kumar Aggarwal (Accountant Member)
Aforesaid appeal by assessee for Assessment Year [AY] 2011-12 contest the order of Ld. Commissioner of Income-Tax (Appeals)-12 [CIT(A)], Mumbai, Appeal No.CIT(A)-12/DCIT-6(3)(1)/90/15-16 dated 16/12/2016 qua non consideration of revised return filed by the assessee and non-allowance of depreciation.
ITA.No.1597/Mum/2017 Franklin Templeton Asset Management (India) Pvt.Ltd. Assessment Year- 2011-12 2.1 The assessee being resident corporate assessee was assessed u/s 143(3) read with Section 144C on 03/03/2015 wherein the income of the assessee was assessed at Rs.194.70 crores after sole disallowance u/s 14A for Rs.18.67 Lacs as against returned income of Rs.194.52 crores e-filed by the assessee on 28/11/2011. 2.2 The assessee is aggrieved by non-consideration of revised return of income as filed by the assessee on 28/03/2013. In the revised return of income, the assessee has claimed deprecation of Rs.6.19 crores on goodwill as arisen to the assessee consequent to amalgamation of another entity namely Franklin Templeton AMC Limited w.e.f. 26/07/2002. The Ld. CIT(A) has not adjudicated this ground as raised by the assessee before him since Ld. AO did not consider the revised return of income filed by the assessee. Aggrieved, the assessee is in further appeal before us.
The Ld. Auhtorized Representative for Assessee [AR], Shri Madhur Agrwal pointed out that the assessee revised his return of income which was a valid return and therefore, lower authorities, without assigning any reasons, erred in not considering the same. It was further submitted that the claim of the assessee qua depreciation on goodwill has been accepted by the Tribunal for AY 2005-06 & 2010-11. The Ld. Sr. DR, Ms. Pooja Swaroop, submitted that no whisper with respect to revised return of income has been made by Ld. AO in the quantum assessment order.
Upon due consideration, we find that the assessee has filed revised return of income on 28/03/2013 which, prima facie, is a valid return. In the revised return of income, it is noted that the assessee has claimed depreciation @25% amounting to Rs.6.19 crores on written