SANJANA CRYOGENIC STORAGES LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 8(3), MUMBAI, MUMBAI

ITA 757/MUM/2026Status: DisposedITAT Mumbai28 July 2026AY 2015-165 pages
AI SummaryDismissed

What were the facts?

The assessee appealed against the disallowance of depreciation on intangible assets ('Iron Ore Rights') and rejection of MAT credit. The assessee also submitted an application under Section 158A stating that an identical issue is pending before the Jurisdictional High Court.

What did the Tribunal hold?

The Tribunal dismissed the appeal, following its own previous decisions for earlier assessment years where the issue was decided against the assessee. However, it directed that any favorable decision from the High Court or Supreme Court on the pending issue should be followed for the current year.

What were the issues?

The primary issues were the disallowance of depreciation on intangible assets and the rejection of MAT credit. The Tribunal also considered the pendency of an identical issue before the High Court.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 115JAA,Section 234B,Section 158A

AI-generated summary — verify with the full judgment below

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER (Physical Hearing) Sanjana Cryogenic Storages Ltd. DCIT Central Circle – 8(3), Mumbai 116, Bajaj Bhavan, Dr. Rajnikant vs R. No. 659, 6th Floor, Aayakar Patel Marg, Nariman Point S.O., Bhawan, M.K. Road, Mumbai – 400021. Mumbai – 400020. [PAN: AADCS5093D] Appellant / Assessee Respondent / Revenue Assessee by Shri Lalchand Choudhary, CA Revenue by Shri Basavaraj Hiremath, CIT-DR a/w Shri Rajgopal Parthasarathi, Sr. DR Date of Institution 27.01.2026 Date of hearing 16.07.2026 Date of pronouncement 28.07.2026 Order under section 254(1) of Income Tax Act

PER PAWAN SINGH, JUDICIAL MEMBER:

1.

This appeal by assessee is directed against the order of ld. CIT(A) dated 15.11.2025 for Assessment Year (AY) 2015-16. The assessee has raised following grounds of appeal: “General

1.

On the facts and in the circumstances of the case and in law, the Ld. CIT erred in upholding the assessment order dated 21 December 2017 passed by the Deputy Commissioner of Income Tax Act (central circle)-8(3), Mumbai ('Ld. AO') under section 143(3) of the Act. The Appellant pra

The order continues below.

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