ITO, WARD-1(4), AHMEDABAD vs. M/S. DEEPKIRAN FOODS PVT .LTD., AHMEDABAD

ITA 2645/AHD/2014Status: DisposedITAT Ahmedabad27 September 2017AY 2010-114 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to delete the stock addition, relying on previous orders and jurisdictional High Court decisions. It also affirmed the CIT(A)'s allowance of higher depreciation on electrical fittings, citing a Gujarat High Court ruling.

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of an addition made on account of a difference in stock statements provided to the bank versus the books of accounts. The Revenue also challenged the CIT(A)'s allowance of higher depreciation on electrical fittings.

What were the issues?

Whether a difference in stock statements to the bank and books of accounts warrants an addition, and whether electrical fittings installed in machinery qualify for higher depreciation rates as part of plant and machinery.

Which sections of the Income-tax Act were involved?

Section 32,Section 143(3),Section 144C

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, AHMEDABAD “A” BENCH AHMEDABAD

Hearing: 06.09.2017Pronounced: 27.09.2017

PER S. S. GODARA, JUDICIAL MEMBER

This Revenue’s appeal for assessment year 2010-11 arises against the CIT(A)-VI, Ahmedabad’s order dated 30.07.2014, in case no. CIT(A)- VI/ACIT(O )-R.1/266/13-14, in proceedings u/s. 143(3) r.w.s. 144C of the Income Tax Act, 1961; in short “the Act”.

ITA No. 2645/Ahd/14 (ITO vs. M/s. Deepkiran Foods P. Ltd.) A.Y. 2010-11 - 2 -

Heard both sides. Case file perused.

2.

The Revenue raises two substantive grounds in the instant appeal. The first one seeks to revive excess stock addition of Rs.65,72,677/- in respect of finished/semi finished goods as per stock statement given to bank authorities vis-à-vis the corresponding

The order continues below.

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