D.C.I.T CIR - 1,KOLKATA, KOLKATA vs. M/S AVERY (INDIA) LTD, KOLKATA
In the result, the appeal filed by the Revenue, is dismissed
ITA 980/KOL/2013[2006-07]Status: DisposedITAT Kolkata26 Apr 2017AY 2006-07
Bench: Shri N.V.Vasudevan, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.980/Kol/2013 ("नधा"रण वष" /Assessment Year:2006-2007) Dcit, Circle-1, Kolkata, Vs. M/S Avery (India) Limited, Aayakar Bhavan, 7Th Floor, 28/2, Waterloo Street, P-7, Chowranghiee Square, Kolkata-700069 Kolkata-69 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.: Aacca 4694 B .. (अपीलाथ" /Assessee) (""यथ" / Respondent) Revenue By : Shri Rajat Kumar Kureel, Jcit Assessee By : Shri Manish Sheth, Ar सुनवाई क" तार"ख / Date Of Hearing : 08/03/2017 घोषणा क" तार"ख/Date Of Pronouncement 26/04/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am The Captioned Appeal Filed By The Revenue, Pertaining To Assessment Year 2006-07, Is Directed Against The Order Passed By Ld. Commissioner Of Income Tax (Appeals)-Xx, Kolkata, In Appeal No.85/Cit(A)-Xx/Circle-1/2011-12/Kol, Dated 16.01.2013, Which In Turn Arises Out Of An Order Passed By The Assessing Officer (Ao) Under Section 143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 29.12.2009. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Filed Its Return Of Income Disclosing Total Income Of Rs.3,88,68,115/-.The Return Of Income Was Processed U/S 143(1). Later On, The Assessee’S Case Was Selected For Scrutiny U/S.143(3) Of The Act & The Ao Has Completed The Assessment By Making Addition On Account Of Short Term Capital Gain At Rs.65,81,000/-. The Assessing Officer Observed That The Assessee’S Claim In Respect Of Surrender Of Tenancy Rights Is Not Accepted Because As Per M/S Avery (India) Ltd. Section 43(6) Of The Act, Written Down Value Of A Particular Block Of Assets
For Appellant: Shri Manish Sheth, ARFor Respondent: Shri Rajat Kumar Kureel, JCIT
Section 1Section 143(1)Section 143(3)Section 28Section 43Section 43(6)Section 50
6) of the Act, written down value of a particular block of assets
includes only the ‘actual cost’ of the asset acquired during the previous
year. The term actual cost for the purpose of section 28 to 41 is also
defined in Sub-section 1 of Section 43 which says actual cost means the
actual cost of the assets
