CIT v. Oswal Agro Mills Ltd.

341 ITR 467High Court2012#1003 most cited

What is CIT v. Oswal Agro Mills Ltd. authority for?

The Legislature abolished terminal depreciation under section 32(1)(iii) and the taxing of balancing charge under section 41(2), replacing these provisions with the requirement to reduce sale proceeds of depreciable assets from the block of assets.

108

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v Oswal Agro Mills Ltd · section 32(1) · section 41(2) · block of assets · terminal depreciation · balancing charge · depreciable asset sale proceeds · legislative amendment depreciation · abolition individual asset depreciation

Also reported as

238 CTR 113

Sections most often in play

Section 37(1)Section 41(1)Section 80IASection 147Section 22Section 23Section 32(1)Section 43(5)

Issues it is cited on

section 41(2)ready for usesection 43(6)(c)section 41(1)(a)remission or cessation of liabilitysection 43(6)section 2(11)opening wdvsection 65b(4)block of assetsspeculation losssection 73

Judgments citing CIT v. Oswal Agro Mills Ltd.

Sony India Private Limited, New Delhi vs. Deputy Commissioner of Income-Tax, New Delhi

In the result, appeal filed by the assessee is partly allowed as indicated above and appeal filed by the revenue is dismissed

ITA 1026/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Aug 2024AY 2010-11

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

For Appellant: Shri Nageshwar Rao, AdvocateFor Respondent: Shri Rajesh Kumar, CIT DR
Section 143Section 143(2)Section 143(3)Section 92C

…ck of assets. The view we have taken finds resonance and acceptance in two decisions of the Delhi High Court in Commissioner of Income Tax versus Eastman Industries Limited, 174 Taxman 344 and Commissioner of Income Tax versus Oswal Agro Mills Limited, (2012) 341 ITR 467 (Del.).” 12. The Court thereafter took into consideration the Direct Taxes Circular no. 469 issued on 23.09.1986. The same reads as follows: “6.3 As mentioned by the Economic Administration Reforms Commission (Report No. 12, para 20), the existing system in this regard requires the calculation of depreciation in respect of each capital asset sepa…

Sri Karpagavinayagar Education and Charitable Trust, Palani vs. Income Tax Officer, Madurai

In the result, the appeal filed by the assessee dismissed

ITA 263/CHNY/2024[2016-2017]Status: DisposedITAT Chennai31 Jul 2024AY 2016-2017

Bench: Shri S.S. Viswanethra Ravi & Shri S.R. Raghunathaआयकर अपील सं./I.T.A. No.263/Chny/2024 िनधा"रण वष"/Assessment Year: 2016-17 Sri Karpaga Vinayagar Educational Vs. The Income Tax Officer & Charitable Trust, 1, Thalayuthu, Exemptions Ward, Palani 624 618. Madurai. [Pan: Aagts7098L] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Thulasi Ram, Advocate & Shri B.K. Gopilal, Advocate ""थ" की ओर से/Respondent By : Shri R.V. Aroon Prasad, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 25.07.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 14.11.2023 Passed By The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi For The Assessment Year 2016-17. 2. The Assessee Raised 10 Grounds Of Appeal Amongst Which, The Only Issue Emanates For Our Consideration Is Whether The Ld. Cit(A) Is Justified In Confirming The Order Of The Assessing Officer In Denying Exemption

For Appellant: Shri R. Thulasi Ram, Advocate &For Respondent: Shri R.V. Aroon Prasad, Addl. CIT
Section 11Section 13(1)(c)Section 143(2)

…as driver salary, fuel, maintenance/ repairs etc. are duly accounted for in the accounts of our trust. The assessee also cited the following case laws in its support, i) CIT v. Podar Cement P. Ltd. 1997 226 ITR 625 (SC) ii) CIT v. Oswal Agro Mills Ltd. (2012) 341 ITR 467 (Del) iii) CIT v. Jawahar Kala Kendra (2014) 362 ITR 515 (Raj)” 7. On an examination of the above, it is clear that the car was purchased in the name of the managing trustee for the simple reason that it gave relief by way of lower road/life tax and insurance charges, by contending that road/life tax and insurance charges payable for a new car…

Primetals Technologies India Pvt. Ltd., Kolkata vs. ACIT, Circle - 1(1), Kolkata

In the result, appeals of the assessee for Assessment Year 2017-18

ITA 372/KOL/2022[2018-2019]Status: DisposedITAT Kolkata16 May 2024AY 2018-2019

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 371 & 372/Kol/2022 Assessment Year: 2017-18 & 2018-19 Primetals Technologies India Pvt. Ltd. Acit, Circle-1(1), Kolkata 5Th Floor, Tower-C Vs Dlf, It Park-I 08 Majore Arterial Road New Town Kolkata - 700156 [Pan : Aaecv9657M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ajoy Vora, Sr. Advocate & Pooja Saraf, Ar Revenue By : Shri Rakesh Kumar Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 21/02/2024 घोषणा क" तारीख /Date Of Pronouncement: 16/05/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeals Are Directed At The Instance Of The Assessee Against The Final Assessment Orders Framed U/S 143(3) R.W.S. 144C & 144C(5) Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) By The Deputy Commissioner Of Income Tax, Circle – 1(1), Kolkata (Hereinafter The “Ld. Ao”) Even Dt. 29/04/2022, Passed In Pursuance Of The Directions Of The Ld. Dispute Resolution Panel -2, New Delhi, Dt. 18/02/2022 For Assessment Year 2017-18 & Dt. 04/03/2022 For Assessment Year 2018-19, Passed U/S 144C(5) Of The Act. 2. The Assessee Has Raised The Following Grounds Of Appeal For Assessment Year 2017-18:- “Ground 1:

For Appellant: Shri Ajoy Vora, Sr. Advocate and Pooja Saraf, ARFor Respondent: Shri Rakesh Kumar Das, CIT, D/R
Section 143(3)Section 144CSection 144C(5)Section 156Section 32(1)Section 92C

…rdstick and not the individual asset already acquired in the earlier years, other than the previous year in which it is first brought into use.” (emphasis supplied) 17. Similar view was taken by the Delhi High Court in the case of CIT vs Oswal Agro Mills Ltd 341 ITR 467 (Del), wherein the Hon’ble Court held that once an asset enters the block of asset, it losses its identity and depreciation has to be allowed on entire block of assets. 18. Specific reliance is also placed on the decision of the Bombay High Court in the case of DIT vs HSBC Asset Management (I) (P) Ltd 228 Taxman 365 (Bom), wherein the High Court…

Primetals Technologies India Private Limited, Kolkata vs. ACIT, Circle-1(1), Kolkata

In the result, appeals of the assessee for Assessment Year 2017-18

ITA 371/KOL/2022[2017-2018]Status: DisposedITAT Kolkata16 May 2024AY 2017-2018

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 371 & 372/Kol/2022 Assessment Year: 2017-18 & 2018-19 Primetals Technologies India Pvt. Ltd. Acit, Circle-1(1), Kolkata 5Th Floor, Tower-C Vs Dlf, It Park-I 08 Majore Arterial Road New Town Kolkata - 700156 [Pan : Aaecv9657M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ajoy Vora, Sr. Advocate & Pooja Saraf, Ar Revenue By : Shri Rakesh Kumar Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 21/02/2024 घोषणा क" तारीख /Date Of Pronouncement: 16/05/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeals Are Directed At The Instance Of The Assessee Against The Final Assessment Orders Framed U/S 143(3) R.W.S. 144C & 144C(5) Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) By The Deputy Commissioner Of Income Tax, Circle – 1(1), Kolkata (Hereinafter The “Ld. Ao”) Even Dt. 29/04/2022, Passed In Pursuance Of The Directions Of The Ld. Dispute Resolution Panel -2, New Delhi, Dt. 18/02/2022 For Assessment Year 2017-18 & Dt. 04/03/2022 For Assessment Year 2018-19, Passed U/S 144C(5) Of The Act. 2. The Assessee Has Raised The Following Grounds Of Appeal For Assessment Year 2017-18:- “Ground 1:

For Appellant: Shri Ajoy Vora, Sr. Advocate and Pooja Saraf, ARFor Respondent: Shri Rakesh Kumar Das, CIT, D/R
Section 143(3)Section 144CSection 144C(5)Section 156Section 32(1)Section 92C

…rdstick and not the individual asset already acquired in the earlier years, other than the previous year in which it is first brought into use.” (emphasis supplied) 17. Similar view was taken by the Delhi High Court in the case of CIT vs Oswal Agro Mills Ltd 341 ITR 467 (Del), wherein the Hon’ble Court held that once an asset enters the block of asset, it losses its identity and depreciation has to be allowed on entire block of assets. 18. Specific reliance is also placed on the decision of the Bombay High Court in the case of DIT vs HSBC Asset Management (I) (P) Ltd 228 Taxman 365 (Bom), wherein the High Court…

M/S Poornachand Agrawal, Bilaspur vs. Principal Commissioner of Income Tax, Raipur-1, Raipur

In the result, the appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 104/RPR/2023[2018-19]Status: DisposedITAT Raipur29 Nov 2023AY 2018-19

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 104/Rpr/2023 "नधा"रण वष" / Assessment Year : 2018-19 M/S. Pooranchand Agrawal C/O. Bagadia Enterprises, Near Shiv Talkies, Bilaspur (C.G.)-495001 Pan : Aaifp8483G

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri V.K Singh, CIT-DR
Section 143(3)Section 263

…ts of the Hon’ble High Court of Delhi in the case of (i). CIT Vs. Refrigeration & Allied Industries Ltd., (2001) 247 ITR 12 (Del); (ii) National Thermal Power Corporation Ltd. Vs. CIT, (2013) 357 ITR 253 (Delhi) and (iii). CIT Vs. Oswal Agro Mills Ltd. (2012) 341 ITR 467 (Del.). 13. We have given thoughtful consideration to the contention of the assessee and are unable to persuade ourselves to concur with the same. In our considered view, the Ld. AR had misconceived the term “passive use of the asset,” which had been looked into by the Hon’ble High Court in the aforesaid judgments. The Hon’ble High Court, in its…

S J P Constructions Private Limited, Surat vs. Deputy Commissioner of Income Tax, Circle 2(1)(2), Surat

In the result, ground No. 1 to 3 of the appeal are allowed for statistical purpose

ITA 430/SRT/2023[2015-16]Status: DisposedITAT Surat20 Nov 2023AY 2015-16

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.430/Srt/2023 (Ay 2015-16) (Hearing In Physical Court) S J P Constructions Pvt. Ltd. Deputy Commissioner Of E-3300, Radhakrishna Textile Income Tax, Circle-2(1)(2) Vs Market, Ring Road, Surat- Surat, Aaykar Bhavan, 395002 Income Tax Colony, Pan No. Aajcs 4313 C Athwa, Surat-395001 अपीलाथ"/Appellant ""थ" /Respondent

Section 143(3)Section 14ASection 234ASection 254(1)

…] 311 ITR 253 (Delhi)/[2007] 213 CTR 45 (Delhi)[17-09- 2007]. The Ld. AR for the assessee also relied upon the decision of Hon’ble Delhi High Court in the case of CIT vs Oswal Agro Mills Ltd. [2011] 9 taxmann.com 58 (Delhi)/[2011] 197 Taxman 25 (Delhi)/[2012] 341 ITR 467 (Delhi)/[2011] 238 CTR 113 (Delhi)[24-12-2010]. 8. Against ground No.4, which relates to disallowance under section 14A, the disallowance, the Ld. AR for the assessee submits that without recording dissatisfaction of working of suo motu disallowance under section 14A, no such disallowance is permissible. There is no dis- satisfaction of the asses…

The ACIT - 14(2)(2), Mumbai vs. M/S Pfizer Ltd., Mumbai

In the result appeal of the ld AO for assessment year

ITA 1777/MUM/2020[2016-17]Status: DisposedITAT Mumbai22 Sept 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

…i.e. when the new asset is first put to use. Subsequently, on its merger into the Block of Assets, depreciation is allowable irrespective of the fact whether individual items in the Block has been put to use or not. ii. CIT versus Oswal Agro Mills Ltd (2011) 238 CTR 113 Delhi in this case the Bhopal unit plant of the assessee was ready for use. iii. CIT versus vallabh glass works Ltd [2013] 38 taxmann.com 177 (Gujarat) ITA number 677 of 2013 wherein the facts were that an amount of Rs.4,27,868/- added by the Assessing Officer towards depreciation of the units on the ground that the factory at Vallabh Vidyanagar…

Pfizer Ltd., Mumbai vs. The ACIT-14(2)(2), Mumbai

In the result appeal of the ld AO for assessment year

ITA 1620/MUM/2020[2016-17]Status: DisposedITAT Mumbai22 Sept 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

…i.e. when the new asset is first put to use. Subsequently, on its merger into the Block of Assets, depreciation is allowable irrespective of the fact whether individual items in the Block has been put to use or not. ii. CIT versus Oswal Agro Mills Ltd (2011) 238 CTR 113 Delhi in this case the Bhopal unit plant of the assessee was ready for use. iii. CIT versus vallabh glass works Ltd [2013] 38 taxmann.com 177 (Gujarat) ITA number 677 of 2013 wherein the facts were that an amount of Rs.4,27,868/- added by the Assessing Officer towards depreciation of the units on the ground that the factory at Vallabh Vidyanagar…

Pfizer Limited, Mumbai vs. ACIT-14(2)(2), Mumbai

In the result appeal of the ld AO for assessment year

ITA 3736/MUM/2019[2015-16]Status: DisposedITAT Mumbai22 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

…i.e. when the new asset is first put to use. Subsequently, on its merger into the Block of Assets, depreciation is allowable irrespective of the fact whether individual items in the Block has been put to use or not. ii. CIT versus Oswal Agro Mills Ltd (2011) 238 CTR 113 Delhi in this case the Bhopal unit plant of the assessee was ready for use. iii. CIT versus vallabh glass works Ltd [2013] 38 taxmann.com 177 (Gujarat) ITA number 677 of 2013 wherein the facts were that an amount of Rs.4,27,868/- added by the Assessing Officer towards depreciation of the units on the ground that the factory at Vallabh Vidyanagar…

DCIT - 14(2)(2), Mumbai vs. M/S Pfizer Ltd., Mumbai

In the result appeal of the ld AO for assessment year

ITA 3694/MUM/2019[2015-16]Status: DisposedITAT Mumbai22 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Jeet Kamdar, AdvocateFor Respondent: Shri K. C. Selvamani CIT DR
Section 143Section 32

…i.e. when the new asset is first put to use. Subsequently, on its merger into the Block of Assets, depreciation is allowable irrespective of the fact whether individual items in the Block has been put to use or not. ii. CIT versus Oswal Agro Mills Ltd (2011) 238 CTR 113 Delhi in this case the Bhopal unit plant of the assessee was ready for use. iii. CIT versus vallabh glass works Ltd [2013] 38 taxmann.com 177 (Gujarat) ITA number 677 of 2013 wherein the facts were that an amount of Rs.4,27,868/- added by the Assessing Officer towards depreciation of the units on the ground that the factory at Vallabh Vidyanagar…

Cemenet Corporation of India Ltd., New Delhi vs. ACIT, New Delhi

ITA 5603/DEL/2016[2012-13]Status: DisposedITAT Delhi20 Jul 2023AY 2012-13

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5602 & 5603 /Del/2016, A.Y. 2011-12 & A.Y. 2012-13

Section 143(3)

…shall decide the issue afresh in the light of the proposition of law laid down by various courts in the decisions relied by the assessee as well as the decision rendered by Hon’ble Jurisdictional High court in the case of CIT vs. Oswal Agro Mills Ltd., (2012) 341 ITR 467 (Delhi). We accordingly, remit the matter back to the file of Assessing Officer for deciding the issue afresh in the light of observations made in the body of this order above. Needless to say, reasonable opportunity of being heard shall be afforded to the assessee. Accordingly, the appeal of the assessee deserves to be allowed for statistical pu…

Cemenet Corporation of India Ltd., New Delhi vs. ACIT, New Delhi

ITA 5602/DEL/2016[2011-12]Status: DisposedITAT Delhi20 Jul 2023AY 2011-12

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5602 & 5603 /Del/2016, A.Y. 2011-12 & A.Y. 2012-13

Section 143(3)

…shall decide the issue afresh in the light of the proposition of law laid down by various courts in the decisions relied by the assessee as well as the decision rendered by Hon’ble Jurisdictional High court in the case of CIT vs. Oswal Agro Mills Ltd., (2012) 341 ITR 467 (Delhi). We accordingly, remit the matter back to the file of Assessing Officer for deciding the issue afresh in the light of observations made in the body of this order above. Needless to say, reasonable opportunity of being heard shall be afforded to the assessee. Accordingly, the appeal of the assessee deserves to be allowed for statistical pu…

The ACIT Cir 6(3), Mumbai vs. M/S. Grasim Industries Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 3854/MUM/2006[2005-2006]Status: DisposedITAT Mumbai04 Jul 2023AY 2005-2006

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri J.D. Mistri a/wFor Respondent: Dr. Kishor Dhule
Section 142(1)Section 143(2)Section 143(3)Section 250Section 43B

…e same was only let out during the year. In any case, this section also does not provide for carving out depreciation for disallowance, as is done by the AO in the present case. We find that the Hon‟ble Delhi High Court in CIT v/s Oswal Agro Mills Ltd. [2012] 341 ITR 467 (Delhi), observed as under:- “32. Another significant and contemporaneous development, which needs to be noticed is that the Legislature has also deleted the provision for allowing terminal depreciation in respect of each asset, which was previ- ously allowable under section 32(1) (iii) and also taxing of balancing charge under section 41(2) in…

M/S. Grasim Industries Ltd., Mumbai vs. DCIT Cir - 6(3), Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 3517/MUM/2006[2005-2006]Status: DisposedITAT Mumbai04 Jul 2023AY 2005-2006

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri J.D. Mistri a/wFor Respondent: Dr. Kishor Dhule
Section 142(1)Section 143(2)Section 143(3)Section 250Section 43B

…e same was only let out during the year. In any case, this section also does not provide for carving out depreciation for disallowance, as is done by the AO in the present case. We find that the Hon‟ble Delhi High Court in CIT v/s Oswal Agro Mills Ltd. [2012] 341 ITR 467 (Delhi), observed as under:- “32. Another significant and contemporaneous development, which needs to be noticed is that the Legislature has also deleted the provision for allowing terminal depreciation in respect of each asset, which was previ- ously allowable under section 32(1) (iii) and also taxing of balancing charge under section 41(2) in…

ACIT, New Delhi vs. M/S. the Fertilizer Corporation of India, Noida

In the result, the appeal of the revenue for A

ITA 3357/DEL/2016[2009-10]Status: DisposedITAT Delhi01 Jun 2023AY 2009-10

Bench: Shri C.M. Garg & Shri M. Balaganesh

For Appellant: Shri Sanjay Agarwal, CAFor Respondent: Ms Sarita Kumari, CIT, DR
Section 143Section 143(3)

…machinery for manufacture of fertilizers was kept in ready to use condition by the assessee company. In this regard, the ld. AR rightly placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Oswal Agro Mills Ltd reported in 341 ITR 467 (Del) ITAs No.3725, 5467, 5468/Del/2015 ITAs No.3354, 2719, 2798, 3355, 3356, 3357 & 2884/Del/2016 “12. It cannot be disputed that by catena of judgments, it stands settled that the assessee should have used the asset for the whole of assessment year in question to claim full depreciation. Passive user of the asset is also recognized as 'user f…

ACIT, New Delhi vs. M/S. the Fertilizer Corporation of India, Noida

In the result, the appeal of the revenue for A

ITA 3356/DEL/2016[2008-09]Status: DisposedITAT Delhi01 Jun 2023AY 2008-09

Bench: Shri C.M. Garg & Shri M. Balaganesh

For Appellant: Shri Sanjay Agarwal, CAFor Respondent: Ms Sarita Kumari, CIT, DR
Section 143Section 143(3)

…machinery for manufacture of fertilizers was kept in ready to use condition by the assessee company. In this regard, the ld. AR rightly placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Oswal Agro Mills Ltd reported in 341 ITR 467 (Del) ITAs No.3725, 5467, 5468/Del/2015 ITAs No.3354, 2719, 2798, 3355, 3356, 3357 & 2884/Del/2016 “12. It cannot be disputed that by catena of judgments, it stands settled that the assessee should have used the asset for the whole of assessment year in question to claim full depreciation. Passive user of the asset is also recognized as 'user f…

ACIT, New Delhi vs. M/S. the Fertilizer Corporation of India, Noida

In the result, the appeal of the revenue for A

ITA 3355/DEL/2016[2007-08]Status: DisposedITAT Delhi01 Jun 2023AY 2007-08

Bench: Shri C.M. Garg & Shri M. Balaganesh

For Appellant: Shri Sanjay Agarwal, CAFor Respondent: Ms Sarita Kumari, CIT, DR
Section 143Section 143(3)

…machinery for manufacture of fertilizers was kept in ready to use condition by the assessee company. In this regard, the ld. AR rightly placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Oswal Agro Mills Ltd reported in 341 ITR 467 (Del) ITAs No.3725, 5467, 5468/Del/2015 ITAs No.3354, 2719, 2798, 3355, 3356, 3357 & 2884/Del/2016 “12. It cannot be disputed that by catena of judgments, it stands settled that the assessee should have used the asset for the whole of assessment year in question to claim full depreciation. Passive user of the asset is also recognized as 'user f…

DCIT, New Delhi vs. M/S. the Fertilizer Corporation of India Ltd, Noida

In the result, the appeal of the revenue for A

ITA 5468/DEL/2015[2004-05]Status: DisposedITAT Delhi01 Jun 2023AY 2004-05

Bench: Shri C.M. Garg & Shri M. Balaganesh

For Appellant: Shri Sanjay Agarwal, CAFor Respondent: Ms Sarita Kumari, CIT, DR
Section 143Section 143(3)

…machinery for manufacture of fertilizers was kept in ready to use condition by the assessee company. In this regard, the ld. AR rightly placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Oswal Agro Mills Ltd reported in 341 ITR 467 (Del) ITAs No.3725, 5467, 5468/Del/2015 ITAs No.3354, 2719, 2798, 3355, 3356, 3357 & 2884/Del/2016 “12. It cannot be disputed that by catena of judgments, it stands settled that the assessee should have used the asset for the whole of assessment year in question to claim full depreciation. Passive user of the asset is also recognized as 'user f…

DCIT, New Delhi vs. M/S. the Fertilizer Corporation of India Ltd, Noida

In the result, the appeal of the revenue for A

ITA 5467/DEL/2015[2003-04]Status: DisposedITAT Delhi01 Jun 2023AY 2003-04

Bench: Shri C.M. Garg & Shri M. Balaganesh

For Appellant: Shri Sanjay Agarwal, CAFor Respondent: Ms Sarita Kumari, CIT, DR
Section 143Section 143(3)

…machinery for manufacture of fertilizers was kept in ready to use condition by the assessee company. In this regard, the ld. AR rightly placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Oswal Agro Mills Ltd reported in 341 ITR 467 (Del) ITAs No.3725, 5467, 5468/Del/2015 ITAs No.3354, 2719, 2798, 3355, 3356, 3357 & 2884/Del/2016 “12. It cannot be disputed that by catena of judgments, it stands settled that the assessee should have used the asset for the whole of assessment year in question to claim full depreciation. Passive user of the asset is also recognized as 'user f…

M/S. Bilcare Limited, Pune vs. Deputy Commissioner of Income Tax Central Circle-2(2), Pune

In the result, the appeal filed by the Revenue in ITA

ITA 334/PUN/2021[2016-17]Status: DisposedITAT Pune31 May 2023AY 2016-17

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

For Appellant: Shri Kishor PhadkeFor Respondent: Shri Naveen Gupta
Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “C”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपीऱ सं. / ITA No.273/PUN/2021 निर्धारण वर्ा / Assessment Year: 2016-17 DCIT, Central Circle-2(2), Vs. M/s. Bilcare Limited, Pune. 601, ICC Trade Tower, Pune- 411016. PAN : AABCB2242F Appellant Respondent आयकर अपीऱ सं. / ITA No.334/PUN/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/s. Bilcare Limited, Vs. DCIT, Central Circle- 6th Floor, B Wing, ICC 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. PAN : AABCB2242F Appellant Respondent C.O. No…