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M/s Indo Doha Chemicals & Pharmaceuticals Ltd. C/o. M/s. S. Venkatram & Co. Versus The Dy. Commissioner of Income-Tax Central Circle-Ii (2) , Chennai

2015 (10) TMI 1861 - ITAT CHENNAI

Calculation of depreciation - CIT(A) not directing the Assessing Officer to calculate the depreciation on the basis of written down value as on 31.3.1994 and not setting off of the loss carried forward from assessment year 1994-95 - Held that:- The written down value relevant for the assessment year 1994-95 remains the written down value of the assessment year 1995- 96 if there is a valid claim in the valid return, and the same should be considered for working out the depreciation for the assess .....

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Rao, AM,JJ. For the Appellant : Shri G Seetharaman, CA For the Respondent : Shri P Radhakrishnan, JCIT ORDER Per D. Karunakara Rao, Accountant Member This is the appeal by the assessee against the order of the Commissioner of Income-tax (Appeals)-I, Chennai, dated 28.8.2000 for assessment year 1996-97. 2. There are eight grounds in this appeal. Ground Nos. 2 to 8 are not pressed as they are argumentative in nature. Accordingly, they are dismissed as not pressed. In connection with first ground, .....

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ssessee submitted that it is second round of the proceedings before the Tribunal. In the first round, the Tribunal dismissed the appeal of the assessee in I.T.A.No. 1867/Mds/2000 dated 7.6.2005. In this order, it is a finding of the Tribunal that the first issue relates to considering the correct written down value for the purpose of computing depreciation for the assessment year 1996-97, when the assessee did not file a valid return for the period ending 31.3.1994 (A.Y 1994-95). The assessee ad .....

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Madras High Court. This issue was allowed in favour of the assessee as per para 16,17 & 19 of the judgment. 4. Similarly, the second issue relates to setting off of the loss carried forward from the assessment year 1994-95. This issue was not adjudicated undisputedly by the CIT(A). Therefore, the Tribunal dismissed the same holding that the issue did not emanate from the CIT(A)'s order. The issues was remanded to the ITAT by the Hon'ble e High Court. The Hon'ble Madras High Court .....

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ed that on the given facts of the assessee, the written down value for the assessment year 1994-95 remains the written down value for the assessment year 1995-96 also if there is a valid claim in the valid return, and, therefore, the same has to be taken into consideration in working out the depreciation for the assessment year 1996-97. Further, on the second limb of the ground relating to setting off of the brought forward losses, it is the ld. Counsel's argument that the matter can be rema .....

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ment of the Hon'ble Madras High Court: "16. Going by the said decision of the Apex Court, it is clear that unless there is a valid claim by the assessee and the depreciation allowed by the Assessing Authority in 1995- 96, the written down value for the assessment year 1994- 95 remains the written down value for 1995-96 also, and this has to be taken into consideration in working out the depreciation for assessment year 1996-97. 17. The assessee made an appeal before the Commissioner of .....

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assessee in knocking at the doors of the Appellate Authority for reworking the assessment and no exception hence could be taken to the conduct of the assessee in filing such an appeal for the relief to arrive at correct tax liability. Eve in the worst scenario, even when the assessee conceded to the addition, it is always open to the assessee to go before the Appellate Authority to challenge the assessment on that particular addition. In fact a reading of section 246 shows that any assessee agg .....

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