INDO ALLIED PROTEIN FOODS PRIVATE LIMITED,MUMBAI vs. DCIT CIRCLE 6(3)(1), MUMBAI

ITA 663/MUM/2024Status: DisposedITAT Mumbai28 June 2024AY 2015-16Bench: IN THE INCOME TAX APPELLATE TRIBUNAL "C" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal admitted the additional ground regarding depreciation on building. It noted that the Assessing Officer in paragraph 3.7 of the Assessment Order had stated that depreciation under Section 57(ii) would be allowed, but failed to do so in computation. The Tribunal directed the AO to allow depreciation on the building.

What were the facts?

The assessee appealed against the order of the CIT(A) for AY 2015-16. The assessee had claimed rental income from letting of factory premises and plant/machinery as 'Income from House Property' and 'Income from Business'. The Assessing Officer treated it as 'Income from Other Sources' and the CIT(A) confirmed this. The assessee also raised an additional ground regarding depreciation on building.

What were the issues?

Whether rental income from letting of factory premises and plant/machinery is to be treated as Income from House Property/Business or Income from Other Sources, and whether depreciation on the building is allowable.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 56(2)(iii),Section 23,Section 24(a),Section 139(1),Section 234A,Section 234B,Section 57(ii)

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Income Tax Appellate Tribunal, C BENCH, MUMBAI

Per Rahul Chaudhary, Judicial Member:

1.

By way of the present appeal the Assessee has challenged the order, dated 18/12/2023, passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as ‘the CIT(A)’] for the Assessment Year 2015-16, whereby the Ld. CIT(A) had partly allowed the appeal of the Assessee against the Assessment Order, dated 26/12/2017, passed under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) as rectified by the Rectification Order, dated 05/02/2018. Assessment Year 2015

The order continues below.

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