Itta/86/2002 Of G.k.kabra v. Asst Comm. Of Income Tax Circle (3)1 Hyd

THE HON’BLE SRI JUSTICE L.NARASIMHA REDDYAND THE HON’BLE SRI JUSTICE CHALLA KODANDA RAMI.T.T.A.Nos. 79 and 86 of 2002 JUDGMENT:(per the Hon’ble Sri Justice L.Narasimha Reddy) These two appeals are filed under Section 260A of theIncome Tax Act, 1961 challenging the common order, dated04.06.2002, in I.T.A.Nos.169 and 170/Hyd/2000 passed by theHyderabad Bench ‘A’ of the Income Tax Appellate Tribunal. The appellant is a dealer in LPG Gas. As part of hisactivity, he has purchased quite large number of cylinders andclaimed depreciation in respect of them. The Assessing Officerallowed depreciation for the concerned years. However, at alater point of time, the Assessing Officer took the view that thecylinders are not under the control and possession of theappellant and the amount said to have been received by himtowards security deposit for the cylinders from a third partydeserves to be treated as a consideration for sale. Accordingly, an order of assessment was passed. Theappellant carried the matter to the Commissioner (Appeals) andnot being successful there, to the Tribunal. The Tribunal alsoconcurred with the view taken by the Assessing Officer. Sri S.Ravi, learned Senior Counsel for the appellantadvanced extensive arguments and so is Sri S.R.Ashok,learned Senior Standing Counsel for the Department. Halfway through, learned Senior Counsel for theappellant argued that there is some misstatement of facts inthe order of the Tribunal and the appellant has already filed amiscellaneous petition seeking rectification of the same. Hesubmits that the appellant may be permitted to withdraw theappeals without prejudice to his right to pursue the remedies. Learned Senior Standing Counsel for the Department didnot raise any objection for this course. Hence, the appeals are dismissed as withdrawn, leavingit open to the appellant to pursue the miscellaneous petitionfiled by him before the Tribunal for rectification. It is needlessto mention that the appellant shall be entitled to pursue theremedies depending upon the outcome of the miscellaneouspetition. There shall be no order as to costs. The miscellaneous petitions, if any, filed in these appealsshall also stand disposed of. _____________________ L.NARASIMHA REDDY,J ________________________ CHALLA KODANDA RAM,J Dt:28.08.2014kdl