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Commissioner of Income Tax (Central-I) , Kolkata Versus M/s. Binani Industries Limited

Bogus expenditure - allowance of depreciation - whether regular assessment require fresh investigation and finding although the fact remain that the purchase of plant and machinery was already established as bogus in the Block Assessment ? - Held that:- Regular assessment of the assessment year 2000-01 was completed under section 143(3), in which the aforesaid purchases of ₹ 3,14,47,344/- were not held to be bogus and depreciation of such purchase was allowed. In the assessment year 2001-0 .....

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m Sinha, JJ. For the Appellant : Md.Nizamuddin, Advocate For the Respondents : Mr.R.N.Bajoria, Mr.Akhilesh Gupta, Malay Dhar, Mr.A.K.Dey, Advocates ORDER The Court : The subject matter of challenge is a judgment and order dated 24th October, 2008 by which the learned Income Tax Appellate Tribunal, B Bench, Kolkata in ITA No. 1071/Kol/2007, pertaining to the assessment year 2001-02, dismissed an appeal preferred by the revenue. The aggrieved revenue once again has come up in appeal. The following .....

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to show that the Income Tax Appellate Tribunal arrived at a conclusion that regular assessment require fresh investigation . Such a conclusion was not shown to us to have been arrived at by the learned Tribunal in the impugned judgment. It is true that such an observation was made by the CIT(A) while partly allowing the appeal preferred by the assessee. The subject matter of challenge before us is the order of the Tribunal and not that of the CIT(A). The learned Tribunal has nowhere arrived at t .....

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is case are not in dispute and it is not disputed that the respondent company has capitalized the entire amount in the books of account for the purchase of the capital goods worth ₹ 92,82,90,609/-. It is also not disputed that the respondent company has not claimed any depreciation or any other deduction till the date of search except depreciation of ₹ 58,05,918/- for Asst. Year 2000-01 on ₹ 3,14,47,344/- capitalized in the books of accounts of company. Since the respondent-com .....

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the various decisions mentioned supra by the Ld.AR. With regard to the claim of depreciation allowed on the alleged bogus purchases worth ₹ 3,14,47,344/- for the year 2000-01, we hold that no addition could have been made in the block assessment as no incriminating documents were found in respect of such purchases. The survey proceedings were carried out at post-search and it was not related to the seized material from the premises of the respondentcompany. Following the Hon ble Supreme C .....

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of capital goods worth ₹ 3,14,47,344/- was made and depreciation to the extent of ₹ 58,05,918/- was allowed to the company for the Asst. Year 2000-01. Since no incriminating material was found in the course of search, indicating fictitious purchase of capital goods worth ₹ 3,14,47,344/-, no addition can be made in Block Assessment. However, the Assessing Officer may consider the same while completing assessment/reassessment of that particular year. From the aforesaid findings .....

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e depreciation of ₹ 58,05,918/- claimed on the purchases of ₹ 3,14,47,344/- was not disallowed, meaning thereby in the regular assessment in the assessment year 2000-01 the Revenue accepted the genuineness of the assets purchased during the said year and also allowed depreciation thereon. In the assessment year under consideration, the A.O. has disallowed depreciation claimed on the WDV of such assets which were purchased during assessment year 2000-01. In the year under consideratio .....

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