COMMISSIONER OF INCOME TAX, JAIPUR Vs. JAI DRINKS PVT LTD , JAIPUR

JUDGEMENT

(1.) These appeals are arising out of the common judgment/order of Income Tax Appellate Tribunal Jaipur Bench, Jaipur wherein appeal preferred by the department was dismissed and judgment/order of CIT appeal was upheld.

(2.) The brief facts of the case are that the assessee company was engaged in the business of manufacturing of aerated water. During the year under consideration, assessee company has declared gross profit of Rs. 106119869/- on total turnover of Rs. 58,48,40,008/- thereby giving a GP rate of 18.15% as against sales of Rs. 58,41,57,217/- and gross profit of Rs. 10,61,19,869/- i.e. 18.17 in the A.Y. 2007-08. The assessee has also shown income from "other sources" being profit on sale of fixed assets. During the completion of assessment, the Assessing Officer made dis-allowance of Rs. 9343872/- claimed by the assessee on account of depreciation on license and franchisee right (intangible assets). The assessee preferred appeal before the CIT(A). The CIT(A) allowed the appeal filed by the assessee and deleted the addition made by the Assessing Officer. The revenue preferred appeal before ITAT.

(3.) Deprecation for the relevant assessment years make a charge for these appeals between the same party for the relevant years 2001-02, 2003-04, 2005-06, 2007-08, 2008-09 and 2009-10.