THE ACIT RG 1(1), MUMBAI vs. M/S. ASSOCIATED CEMENT CO., MUMBAI

ITA 5259/MUM/2007Status: DisposedITAT Mumbai27 May 2022AY 2004-200572 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The ITAT confirmed the deletion of disallowance on club fees, holding it as business expenditure. It also confirmed the deletion of addition on account of dividend income, finding it related to earlier investments from own funds. The assessee's appeal on setting off unabsorbed depreciation was dismissed.

What were the facts?

The assessee, ACC Ltd., filed its return of income for AY 2004-05. The Assessing Officer made additions and adjustments to both normal income and book profits. The CIT(A) partly allowed the assessee's appeal, leading to cross-appeals before the ITAT.

What were the issues?

Whether club entrance/subscription fees are capital or revenue expenditure, and whether dividend income pertains to investments made from borrowed funds. The issue of setting off unabsorbed depreciation was also contested.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 143(3),Section 37,Section 71,Section 74

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(20)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, A BENCH, MUMBAI

Per Rahul Chaudhary, Judicial Member:

1.

These are cross appeals pertaining to the Assessment Year 2004-05 arising from order, dated 18.05.2007, passed by the Ld. Commissioner of Income Tax (Appeals)-1, Mumbai [hereinafter referred to as „CIT(A)‟], whereby appeal filed by the Assessee

ITA. No. 5259 & 4895/Mum/2007 Assessment Year: 2004-05

against th

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.

More judgments on Section 115JB

All 5,494 judgments and leading authorities on Section 115JB →

Recent GST High Court judgments

Search GST case law →