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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Per GEORGE GEORGE K.,JUDICIAL MEMBER:
This appeal at the instance of the Revenue is directed against the order of the
CIT(A), Thrissur dated 10/06/2016. The relevant assessment year is 2005-06
The solitary issue that arises for our consideration is whether subsidy received
should be reduced from the cost of assets for the purpose of calculating WDV as
per Explanation 10 of section 43(1) of the I.T. Act, 1961.
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The Ld. Counsel for the assessee at the very outset submitted that the
monetary limit in this case is below the prescribed limit mentioned in the CBDT
Circular No. 21/2015 (dated 10/12/2015) for filing an appeal before the Tribunal.
The Ld. DR was unable to controvert the above submission.
We have heard the rival submissions and perused the material available on
record. In view of the above Board’s Circular, the appeal of the Revenue is
dismissed as not maintainable. However, if there are situations enumerated in the
Board’s Circular for filing the appeal before the Tribunal despite the monetary limit
being below the prescribed limit, the Revenue shall be at liberty to file M.A. for
recalling this order
In the result, the appeal of the Revenue is dismissed.
Pronounced in the open court on 07-06-2017.
sd/- sd/- (ABRAHAM P. GEORGE) ( GEORGE GEORGE K.) ACCOUNTANT MEMBER JUDICIAL MEMBER
Place: Kochi Dated: 07 June, 2017 GJ Copy to: 1. M/s. KSE Ltd., Solvent Road, Irinjalkuda, Thrissur-680 121. 2. The Deputy Commissioner of Income-tax, Circle-1(1), Thrissur.
3 I.T.A.No.377/Coch/2016
The Commissioner of Income-tax(Appeals),Thrissur. 4. The Pr. Commissioner of Income-tax, Thrissur. 5. D.R., I.T.A.T., Cochin Bench, Cochin. 6. Guard File. By Order
(ASSISTANT REGISTRAR) I.T.A.T., Cochin