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Income Tax Appellate Tribunal, ‘D’ BENCH: CHENNAI
Before: SHRI N.R.S. GANESAN & SHRI D.S.SUNDER SINGH
आदेश / O R D E R PER D.S.SUNDER SINGH, ACCOUNTANT MEMBER:
1.0 This is an appeal filed by the assessee against the Order dated 21.08.2013 of Commissioner of Income Tax (Appeals)-I, Coimbatore, in for the AY 2008-09.
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2.0 The assesse filed appeal on the following grounds:
The order of the Honourable Commissioner of Income Tax (Appeal)-I, is opposed to law, facts of the case and against equity and principles of natural justice. 2. a) Honourable Commissioner of Income Tax (Appeal)-I, erred in not disposing any of the ground of appeal raised by the appellant. b) Honourable Commissioner of Income Tax (Appeal)-I, erred in upholding the action of the learned assessing officer without deciding the appeal on the merits of the case. In view of the above grounds and such other additional grounds which may be adduced at the time of hearing with the leave of the Honourable Income tax Appellate Tribunal, the appellant prays before the Honourable Income tax Appellate Tribunal. a) To set aside the order of the Honourable Commissioner of Income Tax (Appeals) and the learned assessing officer. b) To accept the income returned by the assessee. c) To pass such other consequential order as the Honourable Income tax Appellate Tribunal may deem fit to render justice.
3.0 The assessment in this was completed u/s.143(3) on 31.12.2009 on total income of Rs.9,96,128/-. Subsequently, the CIT taken up the case for revision u/s.263 and passed revision order on 31.12.2012 directing the Assessing Officer (hereinafter referred to as ‘AO’) to disallow the depreciation on building and machinery which was transferred by book entry dated 15.03.2007 for a book value of Rs.3,51,95,332/-. Consequent to the Revision Order u/s.263, the AO passed the Consequential Order disallowing the depreciation on building amounting to Rs.1,75,97,666/-.
The assesse filed an appeal before the Ld.CIT(A) and the Ld.CIT(A) confirmed the order of the AO. Therefore, the assessee is in appeal before us.
4.0 We heard the both parties and perused the material placed before us. The impugned order of the A.O was passed giving effect to the order of the CIT u/s.263 in C.No.220(12)/Rev.263/CIT-II/CBE/2011-12 dated
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30/03/2012. The assessee filed appeal in this Tribunal challenging the said Order u/s.263 and we have remitted the matter back to the file of the AO to decide the issue of allowability of depreciation independently apart from relying on the Mortgage Deed entered between M/s.Srinidhi Fabrics Pvt. Ltd. and the TIIC. We have directed the AO to re-do the assessment after examining the facts of the case regarding the transfer of the assets of the shareholder company to the assesse. Since, we have already set aside the order u/s.263 and modified the directions of Ld.CIT, the appeal becomes infructuous and stands remitted to the AO.
In the result, the appeal of the assessee is allowed for statistical purposes.