TaxTMI 
TaxTMI 
2020 (5) TMI 374
X X X X Extracts X X X X
X X X X Extracts X X X X
....ght) days in filing of the appeal before the Tribunal. The assessee has filed an application for condonation of delay and has relied upon various case law to submit that - where the assessee has a case on merits, delay should be condoned. In the application for condonation of delay, the assessee has explained that delay has occurred due to misplacement of papers by one of the office staff and hence the same was beyond the reasonable control of the assessee and there was no willful omission or negligence on the part of the assessee-company. 2.1. Ld.DR, however, opposed the condonation of delay and submitted that the assessee has not explained as to who is the office staff who has misplaced the papers and what is the action taken by the asse....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 26,072/- only. Assessee-company produced copy of the invoice and according to AO, the copy of the invoice did not contain the details of Plant & Machinery sold. He observed that the invoice bills suggest that they are packing strips and paint tins only and they are not relevant to any particular asset that the assessee-company is supposed to have deleted. He therefore treated that the same as not a genuine transaction but since the assessing company has admitted that the assets have been sold during the Financial Year 2003-04, he reduced the opening WDV (Written Down Value) of Rs. 10,43,660/- from the block of assets and brought the difference of the sum of Rs. 10,16,878/- (10,43,660 - 26,782) to tax. 4. Aggrieved, the assessee filed an a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Appellant on same issue for A.Y. 2005-06 in Appellant's own case. 7. The Appellant may add, alter or modify or substitute any other points to the grounds of appeal at any time before or at the time of hearing of the appeal". 5. Ld.Counsel for the assessee submitted that Section 43(6)(c) of the Act defines that - the WDV of an asset shall be increased by actual cost of any asset falling within that block acquired during the previous year and reduced by the moneys payable in respect of any asset falling within that block, which is sold or discarded or demolished or destroyed during the previous year together with the amount of the scrap value, if any, so, however, that the amount of such reduction does not exceed the written down va....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aised following ground no.3: "3. That Ld. CIT(A)-VI, Kolkata has erred in law as well as on facts by deleting the addition made by the AO on account of profit on sale of fixed assets for Rs. 45,34,000/-" 36. We have heard rival submissions and gone through facts and circumstances of the case. We find that this issue has been decided by the tribunal in assessee's own case in ITA No.1936/K/20l0 for AY 2006-07 dated 29.07.2001 against the revenue and in favour of assessee. The Tribunal vide para 23 of its order has held as under: "23. We have heard the parties and perused the material placed on record. Section 43(6)(c)(i)(B) specifically requires the reduction of the written down value of the block of assets by the moneys payable ....