SUPERFINE METALS P LTD,AHMEDNAGAR vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(2), PUNE

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ITA 635/PUN/2021Status: DisposedITAT Pune29 November 2022AY 2014-153 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee's application under Section 154 was indeed barred by limitation, following its earlier decision in the assessee's own case for prior assessment years. Therefore, the appeal was dismissed.

What were the facts?

The assessee company filed an application under Section 154 of the Income Tax Act seeking additional depreciation. The Assessing Officer dismissed this application as being barred by limitation. The CIT(A) confirmed this decision.

What were the issues?

Whether an application for additional depreciation filed under Section 154 of the Income Tax Act was barred by limitation.

Which sections of the Income-tax Act were involved?

Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI INTURI RAMA RAO & SHRI S. S. VISWANETHRA RAVI

For Appellant: Shri M. K. Kulkarni, Ms. J. R. Chandekar
For Respondent: Shri Ramnath P Murkunde
Hearing: 15.11.2022Pronounced: 29.11.2022

ORDER

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