The Principal Commissioner Of Income-Tax, Vadodara-1 v. Inox Renewable Ltd

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 719 of 2019 ======================================THE PRINCIPAL COMMISSIONER OF INCOME-TAX, VADODARA-1 Versus INOX RENEWABLE LTD. ======================================Appearance: MR.VARUN K.PATEL(3802) for the Appellant(s) No. 1 for the Opponent(s) No. 1 ====================================== CORAM: HONOURABLE MS.JUSTICE HARSHA DEVANIandHONOURABLE MS. JUSTICE SANGEETA K. VISHENDate : 18/11/2019 ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1.By this appeal under section 260A of the Income Tax Act, 1961, the appellant - revenue has called in question the order dated 07.03.2019 passed by the Income Tax Appellate Tribunal in ITA No. 1731/Ahd/2017, by proposing the following question, stated to be a substantial question of law: "Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal has erred in law and on facts in considering date of transfer of Wind Energy Business of the vendor company i.e. M/s. Gujarat Fluorochemicals Ltd. to the appellant assessee i.e. Inox Renewable Ltd. (IRL) on slump sale as 30.03.2012 i.e. F.Y. 2011-12, despite the admitted facts that even the process of transferring various assets and liabilities was initiated in F.Y. 2012-13?” 2.The assessment year is 2012-13. 3.The short question in this case relates to the date of transfer of various assets and liabilities from M/s. Gujarat Fluorochemicals Ltd. to the assessee - Inox Renewable Ltd. (IRL) on slump sale. According to the assessee, the sale took place on 30.03.2012 i.e. in the financial year 2011-12, whereas, it is the case of the appellant that the process of transferring various assets and liabilities was initiated in the financial year 2012-13, relevant to assessment year 2013-14. 4.The Tribunal, in the impugned order, has placed reliance upon its earlier decision in the case of the vendor namely M/s. Gujarat Fluorochemicals Ltd., wherein, it has held that the transaction had materialized in the accounting period relevant to assessment year 2012-13 and allowed the appeal and has further held that since in the case of the vendor, it has been held that wind energy division was sold in the assessment year 2012-13, it is construed that the assessee has acquired this asset in this year and is entitled to depreciation thereon. 5.It is an admitted position that against the order passed by the Tribunal in the case of the M/s. Gujarat Fluorochemicals Ltd. namely the vendor, revenue had preferred an appeal before this court being Tax Appeal No. 28 of 2019, which has been dismissed by a judgment and order dated 17.06.2019. 6.Since, the Tribunal has merely followed its earlier decision in the case of M/s. Gujarat Fluorochemicals Ltd., which decision has been upheld by this court in Tax Appeal No. 28 of 2019, and has applied it to the facts of the present case, it is not possible to state that the impugned order passed by the Tribunal suffers from any legal infirmity so as to give rise to any question of law, much less, substantial question of law, warranting interference. 7.The appeal, therefore, fails and is accordingly, summarily dismissed. [ Harsha Devani, J. ] hiren [ Sangeeta K. Vishen, J. ]