CIT v. Doom Dooma India Ltd.

Steelfab Building Systems, Mumbai vs. DCIT. Central Circle 1 (2), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2016-17 Steelfab Building Systems Deputy Commissioner Of Income Embassy Centre, 604, Tax, Central Circle – 1(2), 6Th Floor, Jamnalal Bajaj Mumbai Vs. Road, Nariman Point, Mumbai – 400 021 (Pan : Aaxfs5995B) (Appellant) (Respondent)

…omputation of capital gain u/s.50, WDV as at 31.03.2003 at Rs.33,02,106/- is to be reduced from sale consideration of Rs.1,45,00,000/-. 7.4. For this, we find force from the decision of Hon'ble Supreme Court in the case of CIT vs. Doom Dooma India Ltd. [2009] 310 ITR 392 (SC). Hon'ble Court analysed the words “depreciation actually allowed” as occurring in section 43(6)(b) to arrive at “written down value” as defined u/s. 43(6). Hon'ble Court, came to conclusion in para-9 that meaning of the words “actually allowed” in section 43(6)(b) is to be “limited to depreciation actually taken into account or granted and g…

Late Pravinchandra Dwarkadas Dalal (Legal Heir Hiten Pravinchandra Dalal), Mumbai vs. Dy Commissioner of Income Tax It Circle 42(3)(1) Erstwhile Circle 33(2), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2017-18

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2017-18 Late Pravinchandra Dwarkadas Deputy Commissioner of Dalal Income Tax, Circle – 42(3)(1) (Legal Heir Hiten Pravinchandra Erstwhile Circle 33(2), Dalal) Mumbai Plot No.33, ABCD, Government Vs. Industrial Estate, Kandivali West, Mumbai – 400 067 (Appellant) (Respondent) Present for: Assessee : Shri Nitesh Joshi, Advocate Revenue : Shri Krishna Kumar – Sr. DR Date of Hearing : 26.11.2024 Date of Pronouncement : 21.02.2025 O R D E R PER GIRISH AGRAWAL…

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

DCIT CC 8(3)(Erstwhile DCIT, CC-46, Mumbai vs. Jsw Steels Ltd, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

DCIT CC 8(3)(Erstwhile DCIT, CC-46, Mumbai vs. Jsw Steels Ltd, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

DCIT CC 8(3), Mumbai vs. Jsw Steels Ltd, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

DCIT CC 8(3), Mumbai vs. Jsw Steels Ltd, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

Jsw Steel Limited, Mumbai vs. ACIT, CC-46, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

…2) to simply conclude that depreciation 'actually allowed' also includes unabsorbed depreciation. M/s. JSW Steels Ltd. 16. The meaning of the term actually allowed is interpreted by the Hon'ble Supreme Court, in the case of CIT v. Doom Dooma India Ltd. [2009] 310 ITR 392/178 Taxman 261, wherein it has been held that, the term 'depreciation actually allowed' means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation '(2) only mean depreciation, which has been given…

M/S. Croda India Company Pvt. Ltd, Mumbai vs. The Pr. Comm of Income Tax, Mumbai-6

In the result, the appeal of the assessee is allowed

…of the block as on 31/03/3016 as the opening WDV as on 01/04/2016 and granted depreciation on the same in AY 2017-18 i.e the year under consideration. This action of the ld. AO is strictly in consonance with the aforesaid decision of Hon’ble Supreme Court in 310 ITR 392. Hence no error could be attributed in the order of the ld. AO in this regard. 6.3. It is not in dispute that the depreciation on goodwill was claimed by the assessee and actually allowed to the assessee only from AY 2012-13 14 M/s. Croda India Company Pvt. Ltd. onwards. Admittedly, the assessment for the AY 2012-13 was neither subjected to reo…

Jsw Steel Limited, Mumbai vs. Addlcit, Bangalore

858/M/2011

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2007-08 Jsw Steel Limited, The Addl. Cit, Range 11, Jindal Mansion, 5A, Vs. Bangalore. Dr. G. Deshmukh Marg, Mumbai-400026. Pan No. Aaacj 4323 N Appellant Respondent Assessment Year: 2007-08 Dc. Cc.46, M/S Jsw Steel Ltd., R.No. 659, 6Th Floor, Aayakar Vs. Jindal Mansion, 5-A, Dr. G Bhavan, M.K. Road, Deshmukh Marg, Mumbai-20. Mumbai-400026. Pan No. Aaacj 4323 N Appellant Respondent Assessment Year: 2007-08 M/S Jsw Steel Ltd., Dcit, Central Circle 46, Jsw Centre, Bandra Kurla Vs. 6Th Flr., Aayakar Bhavan, M.K. Complex, Road, Mumbai-400051. Mumbai-400020. Pan No. Aaacj 4323 N Appellant Respondent

…into Explanation (2) to simply conclude that depreciation ‘actually allowed’ also includes unabsorbed depreciation. 16. The meaning of the term actually allowed is interpreted by the Hon’ble Supreme Court, in the case of CIT vs. Doom Dooma India Ltd. (2009) 310 ITR 392 (SC), wherein it has been held that, the term ‘depreciation actually allowed’ means depreciation of which the assessee has received effective advantage or benefit and not merely, which is notionally allowed or which is allowable. Accordingly, the words actually allowed under Explanation ‘(2) only mean depreciation, which has been given effect to,…