UTTAR GUJARAT VIJ COMPANY LIMITED,MEHSANA vs. THE DY.CIT, CIRCLE-2(1)(1), VADODARA

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ITA 294/AHD/2023Status: DisposedITAT Ahmedabad25 September 2024AY 2018-19Bench: SMT. ANNAPURNA GUPTA (Accountant Member), SHRI SIDDHARTHA NAUTIYAL (Judicial Member)19 pages
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What did the Tribunal hold?

The Tribunal decided to remand the issue of depreciation on assets reduced by capital grants to the Assessing Officer for re-adjudication. For interest income, the matter was also restored to the Assessing Officer for fresh consideration based on High Court orders. The eligibility for additional depreciation was also remanded for verification of amended provisions.

What were the facts?

The assessee company, Uttar Gujarat Vij Company Ltd., filed appeals against the CIT(A)'s orders concerning depreciation on assets reduced by capital grants, treatment of interest income, and eligibility for additional depreciation. The Department also filed cross-appeals.

What were the issues?

The key issues involved the correct calculation of depreciation on assets financed by capital grants and the classification of interest income as business income versus income from other sources. The eligibility for additional depreciation under amended provisions was also a significant point.

Which sections of the Income-tax Act were involved?

Section 32(1)(iia),Section 115JB

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Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD

Before: SMT. ANNAPURNA GUPTA & SHRI SIDDHARTHA NAUTIYAL

For Appellant: Shri Mehul K. Patel, A.R
For Respondent: Shri R.N. Dsouza, CIT DR
Pronounced: 25.09.2024

आदेश क� �ितिलिप अ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबंिधत आयकर आयु� / Concerned CIT 4. आयकर आयु�(अपील) / The CIT(A)- 5. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

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