KAMINENI HEALTH SERVICES PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD
In the result, appeal filed by the assessee is partly allowed
ITA 90/HYD/2018[2013-14]Status: DisposedITAT Hyderabad31 Mar 2023AY 2013-14
Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2013-14 Kamineni Health Services Vs. Dy. C. I. T. (P) Ltd, Hyderabad Circle 2(1) Pan:Aaack8313R Hyderabad (Appellant) (Respondent) Assessee By: Advocate Sashank Dundu Revenue By: Shri Kumar Aditya, Dr Date Of Hearing: 22/02/2023 Date Of Pronouncement: 31/03/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 7Th Nov.2017 Of The Learned Cit (A)-2, Hyderabad Relating To A.Y.2013-14. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Healthcare. It Filed Its Return Of Income For The Impugned A.Y Declaring Nil Income After Setting Off Of Business Loss Of Rs.48,33,667/- Under The Normal Provision & Book Profits U/S 115Jb Amounting To Rs. 1,38,45,489/-. The Case Was Selected For Scrutiny Through Cass & Statutory Notices U/S 143(2) & 142(1) Were Issued To The Assessee To Page 1 Of 16
For Appellant: Advocate Sashank DunduFor Respondent: Shri Kumar Aditya, DR
Section 115JSection 143(2)Section 14ASection 36(1)(iii)
…clarification issued by the Ministry of Finance, by its letter of January 4, 1967, addressed to the Federation of Indian Chambers and Industry, the extracts of which have been reproduced in the judgment of the Supreme Court in CIT v. Arvind Mills Lid. [1992] 193 ITR 255, at page 266. Para 2 of the above letter, which is relevant for the present purpose, 18 reproduced below: “The Government agrees that for the purpose of the calculation of depreciation allowance, the cost of Capital assets imported before the date of devaluation should be written off to the extent of the full amount of the additional rupee liabil…
