TaxTMI 
TaxTMI 
TaxTMI 
2009 (4) TMI 67
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....appellant was entitled to depreciation on the assets acquired from M/s. Western India Match Company Ltd. (WIMCO) based on the value placed in the surveyors report and not on the actual cost incurred by the appellant for acquisition of the assets". 2. We have heard Senior Advocate P.J. Pardiwalla with Advocate S.G. Bhobe for the appellant and Advocate S. R. Rivonkar for the respondent/Department. 3. The appellant Company came to be incorporated on 7.6.1989 with its registered office in New Delhi. It acquired metal anodes division by name M/s. Western India Match Company Ltd. (WIMCO) by agreement dated 30.11.1989. On 29.11.1996, in the return filed with the Assessing Officer at New Delhi it claimed depreciation under Section 32 of the....
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....ct treated each year as self contained accounting period and its provision is applied in relation to specific assessment year because income tax was an annual levy and each "previous year" is distinct from any other "previous year", the doctrine of res judicata was, therefore, not applicable. The ITAT at Goa, Panaji Bench then delivered the impugned order on 7.4.2006 and upheld the orders passed by the Assessing Officer and the appellate authority. It is this order, which is a common order in appeals pertaining to assessment years 1993-94, 1997-98, 1995-96, 1996-97 and 1992-93, which forms subject-matter of the present 5 appeals. 5. The learned Senior Advocate, after narrating the facts as mentioned above, has contended that there is failu....
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....ut that if there is any opposition, recourse to Section 158-A is not possible. He further points out that because of this arrangement only, sub-section (6) makes the order passed under sub-section (3) final and no appeal or revision or reference against it is maintainable. He contends that in view of this position, the arguments, as advanced, are liable to be rejected and the appeal deserves to be dismissed. 7. The appellant Company wants depreciation to be calculated on the amount of actual costs incurred by it for acquiring assets from WIMCO. The Department has obtained surveyor's report about valuation of those assets and has granted the benefit of depreciation as per Section 32 on the valuation as worked out in the said valuation repor....
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....raise such a question of law in relevant case in appeal before any appellate authority or in appeal before the High Court under Section 260-A or in appeal before the Supreme Court under Section 261. As per sub-section (5), after decision on question of law in "other case" becomes final, it has to be applied to the "relevant case" by the Assessing Officer or the appellate Authority as the case may be and the assessment order can be amended suitably. Sub-section (2) of Section 158A states that when such a declaration is furnished to the appellate authority, the appellate authority has to call for report from the Assessing Officer and that report has to be on the correctness of the claim made by the assessee. In other words, the contention of ....
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....nd verified in the prescribed manner, that if the [Assessing] Officer or the appellate authority, as the case may be, agrees to apply the in the relevant case the final decision on the question of law in other case, he shall not raise such question of law in the relevant case in appeal before any appellate authority or [in appeal before the High Court under section 260A or in appeal before the Supreme Court under section 261]". 9. Thus salutary provisions made by the Parliament to put an end to unnecessary litigation and to reduce number of cases required to be followed in letter and spirit, have been defeated in the present matter. The word "agrees" used in Section 158A(1) does not mean that the Assessing Office or the appellate authority....
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....icer or the appellate authority, a separate order is required to be passed as contemplated under Section 158A(3) either admitting the claim or rejecting the claim. There is no question of hearing the parties on merits, in appeal, at that stage. If arguments on such a declaration and also arguments on appeal are heard together and ultimately, the declaration is accepted as required by Section 158A(3)(i), the arguments on merits heard by the authority would be an exercise into futility. Even the provisions of Section 158A(6) also show that the legislature contemplated passing a separate order either admitting the claim of the assessee or rejecting his claim. In the present circumstances, there is no order passed as required by Section 1....