ACIT v. Rishiroop Polymers Pvt. Ltd.

Bfil Finance Ltd ( Formerly Itc Bhadrachalam Finance & Investments Ltd), Mumbai vs. ITO 1(1)-1, Mumbai

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2005-06

…last so many years and thus assets were also not giving any lease income. The AO further noted that the assessee was winding up his business operation. The A.O. following the decision of co-ordinate bench of the Tribunal in the case of Rishiroop Polymers Ltd. 102 ITD 128 wherein it has been held that where the plant and machinery were not put to use because of lock out and strike, the depreciation was not allowable. 8. In the appellate proceedings, the Ld. CIT(A) dismissed ground raised by the assessee on this issue after taking into consideration the contentions of the assessee by following the order of predece…

Tipco Industries Ltd, Mumbai vs. DCIT 9(3), Mumbai

…ee during the year under appeal, that only after receiving the rejection letter from the insurance company it had reinstated its claim. She referred to page No.9, 10 of the PB and relied upon the cases of G.N. Agrawal (217 ITR 250); Rishiroop Polymers(P)Ltd. (102 ITD 128). The DR supported the order of the FAA and referred to the cases of Oriental Coal Co. Ltd. (120CTR202) and Jiwaji Rao Sugar Co.Ltd. (71ITR3219). In the rejoinder the AR stated that both the cases relied upon by the DR, do not deal with the concept of block of assets. On a query by the bench,the assessee furnished copy of the goods manufactur - e…