GFL LIMITED (EARLIER KNOWN AS GUJARAT FLUOROCHEMICALS LTD.),VADODARA vs. THE PR. CIT-1, VADODARA

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ITA 417/AHD/2020Status: DisposedITAT Ahmedabad15 June 2022AY 2015-1610 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that windmills installed on or before March 31, 2012, continued to be eligible for 80% depreciation even after the amendments. The Pr.CIT was not justified in revising the assessment order.

What were the facts?

The assessee claimed 80% depreciation on windmills installed on or before March 31, 2012. The Pr.CIT initiated proceedings under Section 263, stating that amendments to depreciation rules meant only 15% depreciation was allowable for windmills installed before April 1, 2014.

What were the issues?

Whether the assessee was eligible for 80% depreciation on windmills installed before March 31, 2012, despite subsequent amendments to depreciation rules. Whether the Assessing Officer's order allowing such depreciation was erroneous and prejudicial to the revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 32(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD

Before: SHRI PRAMOD M. JAGTAP & SHRI T.R. SENTHIL KUMAR

For Appellant: Shri S.N.Soparkar, Sr.Adv. &, Shri Parin Shah, AR
Hearing: 04/05/2022Pronounced: 15/06/2022

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबं�धत आयकर आयु�त / Concerned Pr. CIT-1, Vadodara 4. आयकर आयु�त ( अपील ) / The CIT(A)-concerned 5. �वभागीय ��त�न�ध , आयकर अपील�य अ�धकरण , राजोकट/DR,ITAT, Ahmedabad, 6. गाड� फाईल /Guard file.

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