TaxTMI 
TaxTMI 
2022 (10) TMI 463
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....ssment year 2012-2013. The assessee has also filed cross objection being CO No.10/CTK/2020 against the appeal of the revenue in ITA No.354/CTK/2019. 2. The revenue in its appeal i.e. ITA No.354/CTK/2019 has raised the following grounds :- (i) On the facts and in the circumstances of the case, the order of the Ld. CIT(A)1, Bhubaneswar is erroneous both on facts and in law . (ii) On the facts and in the circumstance in the case, the Ld. CIT(A) is not right in deleting the disallowance made under 'diminution in value of Govt. of India Fertilizer Bonds' amounting to Rs.10,16,25,000/- ignoring the decision of the Hon'ble Apex Court in the case of Sri Sajjan Mills v. ClT, 156 ITR 585 . (iii) On the facts and in the circumstance....
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.... holding that the contention of the appellant that the and re-assessment proceeding is a mere change of opinion of the learned AO is not valid is arbitrary, erroneous and bad, both in the eye of law and on facts. d. has erred both on facts and in law in dismissing the grounds regarding re-opening and re-assessment proceedings. e. ought to have held that the issue of notice u/s.148 for re-opening the assessments is unjustified, erroneous, bad in law, without/lack of jurisdiction and legally untenable. f. has mis-appreciated/misapplied the case laws relied upon by him as the same is not applicable to the case of the appellant. " g. ought to have held that the order dated 15.11.2017 u/s.1471143(3) of the Act passed by the learned '....
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.... on the depreciated value of bottles and crates, which was neither lost nor broken but was still used for assessee's business. The Hon'ble Jurisdictional High Court held that the process adopted by the assessee had no rationale and, therefore, such claim was not at all sustainable. It was the submission that the ld. CIT(A), however, had followed the decision of coordinate bench of the Tribunal in assessee's own case for AYs. 2009-10, 2010-11 & 2014-15 to delete the addition. It was the prayer that the order of the ld. CIT(A) is liable to be reversed and that of the AO to be restored. 6. In reply, ld. AR submitted that the assessee manufactures phosphatic fertilizers. In lieu of the cash subsidy due from the Govt. of India, the assessee had....
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....ationale. It was under that circumstances the Hon'ble High Court had held that the claim was not sustainable. However, in assessee's case herein the assessee is not fixing the rates in respect of the diminution, which is being fixed by an authority under the Govt. which has a responsibility of fixing the rates in respect of the bonds/security. Thus, clearly shows a rationale. This being so, we are of the view that the facts in the case of Tripty Drinks (P.) Ltd., referred to by the ld. CIT-DR, has no bearing to the facts of the assessee's case and consequently the same is distinguishable. Further it is noticed that the issue in assessee's appeal is squarely covered by the decision of coordinate bench of the Tribunal in assessee's own case f....