2016 (7) TMI 700

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....ence, we are adjudicating all the appeals by a single order. ITA/2337/M/2013-AY 2002-03: 2. An action u/s. 132/133A was carried out on 6. 9. 2007 in the business premises of the assessee-group. During the search and survey proceedings certain documents were impounded/seized. A notce u/s. 153A was issued to the assessee on 23. 8. 2008. In response to the notice a return of income was filed on 24. 8. 2008, declaring total income of Rs. 35. 23 crores. The Assessing Officer(AO)completed the assessment , u/s. 153A r. w. s 143(3) of the Act, on 31. 12. 2009, determining the income of the assessee at Rs. 35. 78 crores. The AO also initiated penalty proceedings u/s. 271(1)(c) of the Act. 3. During the assessment proceedings, the AO noticed that ....

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....the assessee before the Tribunal, that the ITAT had allowed the appeal of the assessee and that had reversed the order of the FAA. (ITA2383-2385/ Mum/ 2011-AY2002-03 to 2004-05, dt. 16. 7. 15). The Departmental Representative(DR)left the issue to the discretion of the Bench. We find that the disallowance made by the AO with regard to depreciation on goodwill, was deleted by the ITAT, while deciding the quantum appeal(supra). We would like to reproduce the relevant portion of the order and same reads as under :- "4. 1. The assessment for A. Y 2002-03 was completed by disallowing bad debts claimed Rs. 8, 76. 448/-, depreciation on goodwill Rs. 35, 39, 132/-, depreciation on commercial vehicles-Rs. 5, 33, 790/- and Staff/ other welfare exp....