ASST CIT CIR 1, KALYAN vs. ASB INTERNATIONAL P. LTD, AMBERNATH

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ITA 7035/MUM/2013Status: DisposedITAT Mumbai15 January 2018AY 2006-074 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found merit in the assessee's corrigendum application, acknowledging a factual error in its previous order. It held that the assessee had indeed contested the issue of depreciation adjustment, which was previously decided in its favour by the Tribunal in other appeals.

What were the facts?

The assessee filed a corrigendum application to correct a factual error in a previous ITAT order. The error pertained to whether the assessee had appealed against the CIT(A)'s decision regarding the adjustment of brought forward depreciation against current year profits for Section 10B deduction.

What were the issues?

Whether a factual error in a previous ITAT order regarding the assessee's appeal on depreciation adjustment for Section 10B deduction needs to be corrected.

Which sections of the Income-tax Act were involved?

Section 10B,Section 32(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: SHRI MAHAVIR SINGH & SHRI RAMIT KOCHAR

For Respondent: Shri. Ram Tiwari, Shri. Girish Dave

Heard together (2 matters)

I.T.A. No. 7034/Mum/2013
I.T.A. No. 7035/Mum/2013

Read from the judgment's own cause title. This page is filed under one of them.

Revenue by : Shri. Ram Tiwari Assessee by: Shri. Girish Dave शुद्धि पत्र CORRIGENDUM PER RAMIT KOCHAR, Accountant Member This corrigendum application is filed by the assessee highlighting that at page no. 19 of the common order passed by the tribunal in and 7035/Mum/2013 for A.Y 2004-05 and 2006-07 respectively vide orders dated 19.12.2016 , an error has crept in the said tribunal order for AY 2004-05 and 2006-07, as under :- “We find that the assessee has not come in appeal with respect to the CIT( A) holding against the assessee wherein the assessment order of the AO was confirmed with respect to adjustments of the brought forward depreciation of the eligible unit against current year profits of the eligible unit while computing deduction u/s 10B of the Act, as the learned CIT(A) has held that brought forward depreciation of the eligible unit has to be set off as per the provisions of section 32(2) of the Act as the same becomes current years depreciation while computing the profits from business of profession for the purpose of working out deductions under section 10B of the Act”.

I.T.A. No. 7034 & 7034/Mum/2013 The assessee prayed that an corrigendum application has been made by it to make prayer before the tribunal to correct the said error by deleting the said para in the aforesaid order of the tribunal dated 19.12.2016 as the assessee has filed an appeal for relevant years on being aggrieved by the appellate order of the learned CIT-A for A.Y 2004-05 and 2006-07 , which was already adjudicated by the tribunal in and 7090/Mum/2013 for A.Y 2004-05 and 2006-07 , vide common orders dated 18.06.2014 , which appellate order of the tribunal was duly submitted before the tribunal as the time of original hearing of the appeals in ITA no. 7035 & 7036/Mum/2013 for AY 2004-05 and 2006-07 as well the said order of the tribunal in ITA no. 7089 & 7090 / Mum/2013 for AY 2004-05 and 2006-07 is now again placed on record along with this corrigendum application . 2.The Ld. DR on the other hand fairly submitted that the matter may be decided by the tribunal in accordance with law .

3.

We have considered the corrigendum application dated 26.04.2017 filed by the assessee, material on record along with the appellate order of the tribunal in ITA no. 7034/Mum/2013 and 7035/Mum/2013 dated 19.12.2016 passed by the tribunal for AY 2004-05 and 2006-07 while adjudicating Revenue appeal, where in the appeal filed by the Revenue was dismissed . We have observed that at page no. 19 of the aforesaid tribunals common order dated 19-12-2106, the tribunal while passing the appellate order has commented as under:- “We find that the assessee has not come in appeal with respect to the CIT(A) holding against the assessee wherein the assessment order of the AO was confirmed with respect to adjustments of the brought forward depreciation of the eligible unit against current year profits of the eligible unit while computing deduction u/s 10B of the Act, as the learned CIT(A) has held that brought forward depreciation of the eligible unit has to be set off as per the provisions of section 32(2) of the Act as the same becomes current years depreciation while computing the profits from business of profession for the purpose of working out deductions under section 10B of the Act”. The assessee has placed on record evidences to support that it in-fact contested the issues of adjustment of brought forward depreciation of the eligible unit against current year profits of the eligible unit while computing I.T.A. No. 7034 & 7034/Mum/2013

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