Addl CIT Large Tax Payer Unit, Mumbai vs. Reliance Industries Ltd, Mumbai
In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove
ITA 4361/MUM/2012[2007-08]Status: DisposedITAT Mumbai12 Apr 2017AY 2007-08
Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Addl. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Addl. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) Asst. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit
Section 143(3)Section 14ASection 195Section 40Section 43BSection 80I
…e submissions of the Ld. AR and also gone through the impugned order of assessment. This issue relating to the deduction of depreciation while computing profits and gains of business has been settled by the Supreme Court in the case of CIT vs. Mahindra Mills (234 ITR 56). The point that remains to be considered is whether the law laid down by the Supreme Court in the case of Mahindra Mills would also apply subsequent to assessment year 1988-89 when the concept of block of asset was introduced for the purpose of computing claim for depreciation and section 34 requiring filing of prescribed particulars stands omitt…
