GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

ITA 3762/MUM/2009Status: DisposedITAT Mumbai25 February 2025AY 2006-07Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).82 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal dismissed the assessee's ground regarding disallowance under Section 43B as infructuous. Regarding depreciation on let-out property, the Tribunal found merit in the revenue's contention but noted the lack of specific provisions for excluding such assets from block of assets for depreciation calculation. The Tribunal also remitted the issue of including excess provision written back and prior period adjustments for Section 80IA deduction back to the Assessing Officer.

What were the facts?

The assessee, Grasim Industries Limited, filed its return of income for AY 2006-07. The Assessing Officer made additions and disallowances, leading to an assessment order. The CIT(A) partly allowed the assessee's appeal, and both the assessee and the revenue filed further appeals before the ITAT.

What were the issues?

Whether depreciation is allowable on assets let out for rent when income is offered under 'Income from House Property', and whether excess provisions written back and prior period adjustments should be included for Section 80IA deduction.

Which sections of the Income-tax Act were involved?

Section 43B,Section 32,Section 22,Section 24,Section 43(6),Section 80IA

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(30)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, G BENCH, MUMBAI

Per Rahul Chaudhary:

1.

These are cross-appeals for Assessment Year 2006-2007 preferred against the order, dated 18/05/2009, passed by the Commissioner

ITA No.3762 & 4385/Mum/2009 Assessment Years: 2006-2007 of Income Tax (Appeals)-VI, Mumbai, [hereinafter referred to as ‘the CIT(A)’

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

Similar judgments

Other orders that rely on the same authority or decide the same section.

More judgments on Section 43B

All 7,161 judgments and leading authorities on Section 43B →

Latest GST High Court judgments

Search GST case law →