DCIT CC 7(2).MUMBAI, MUMBAI vs. MAN INDUSTRIES (INDIA) LIMITED, MUMBAI

ITA 619/MUM/2025Status: DisposedITAT Mumbai24 November 2025AY 2020-21Bench: SHRI OM PRAKASH KANT (Accountant Member), MS. KAVITHA RAJAGOPAL ( (Judicial Member)13 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal. The Tribunal found that the assessee was entitled to depreciation on capitalized withholding tax as the possibility of refund was speculative.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made by the AO. The additions related to disallowance of interest on ECB, disallowance under Section 14A, and depreciation on capitalized withholding tax.

What were the issues?

Whether interest on ECB was deductible, whether Section 14A applies, and whether depreciation on capitalized withholding tax is allowable.

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 14A,Section 194A(3)(iii)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “D” MUMBAI

Before: SHRI OM PRAKASH KANT & MS. KAVITHA RAJAGOPAL

For Appellant: Ms. Kavita Kaushik, Sr. DR
For Respondent: Ms. Kavita Kaushik, Sr. DR
Pronounced: 24/11/2025

PER OM PRAKASH KANT, AM

This appeal by the Revenue is directed against order dated 29.11.2024 passed by the Ld. Commissioner of Income-tax (Appeals) – 49, Mumbai [in short ‘the Ld. CIT(A)’] for assessment year 2020-21, raising following grounds:

1.

Whether, on the facts and circumstances of the case and in law, the Learned CTT(A) erred in permitting the deduction of interest on ECB amounting to Rs. 1,35.71,435/- under section 40(a)(ia) of the Act, without considering the payment of interest on the ECB to the Man Industries (India) Ltd Man Industries (India) Ltd section 194A(iii)(a) of the Act section 194A(iii)(a) of the Act

2.

Whether. on the facts and circumsta

The order continues below.

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