Anjali Jewellers, Kolkata Vs DCIT,CC-1(4), Kolkata, Kolkata

Anjali Jewellers appealed to the Income Tax Appellate Tribunal (ITAT) in Kolkata after their claim for depreciation on paintings was disallowed by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals). The jewellers argued that the paintings were part of a block of depreciable assets and that their tax auditor had certified the depreciation allowance. The appeal sought to overturn the disallowance and have the depreciation claim allowed.

IN THE INCOME TAX APPELLATE TRIBUNAL
KOLKATA ‘A’ BENCH, KOLKATA
(Virtual Court)

(Before Sri J. Sudhakar Reddy, Accountant Member & Sri Partha Sarathi Chaudhury, Judicial Member)
I.T.A. No. 912/Kol/2019
Assessment Year: 2013-14

Anjali Jewellers…………………........Appellant
[PAN: AAIFA 3096 J]

Vs.

DCIT, Central Circle-1(4), Kolkata.....….....Respondent

Appearances by: None appeared on behalf of the Assessee.
Sh. Dhrubajyoti Ray, JCIT, appeared on behalf of the Revenue.
Date of concluding the hearing : November 5th, 2020
Date of pronouncing the order : November 13th, 2020

ORDER

Per Partha Sarathi Chaudhury, JM:

This appeal preferred by the assessee emanates from the order of the Learned Commissioner of Income Tax (Appeals)-12, Kolkata [hereinafter the “CIT(A)”], dated 28.02.2019 u/s 250 of the Income Tax Act, 1961 (hereinafter the ‘Act’) for the Assessment Year (hereinafter ‘AY’) 2013-14 as per the following grounds of appeal:

“1. For that on the facts and in the circumstances of the case, the CIT(A) erred in law and on facts in upholding the AO’s order disallowing the claim for depreciation in respect of WDV of Paintings which formed part of the block of depreciable assets and qualified for allowance u/s 32 of the Act.

2. For that on the facts and in the circumstances of the case, the authorities below were unjustified in disallowing the claim for depreciation in respect of the WDV of the paintings by relying on irrelevant and inappropriate facts and overlooking the material evidence that in the schedule of depreciation the tax auditor had certified the depreciation allowance was available in respect of such paintings.

3. For that on the facts and in the circumstances of the case, the AO be directed to allow the claim for depreciation allowance in respect of WDV of paintings. 

4. For that the appellant craves leave to submit additional grounds and/or amend or alter the grounds already taken either at the time of hearing of the appeal or before.”

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