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.

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

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

ITA 273/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…

ACIT, Circle-19(1), New Delhi vs. Ongc Videsh Limited, New Delhi

ITA 2185/DEL/2022[2016-17]Status: DisposedITAT Delhi31 May 2023AY 2016-17

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaacit, Vs. Ongc Videsh Limited Circle-19(1), Tower-B5, Nelson Mandela New Delhi Marg, Vasant Kinj, New Delhi Pan : Aaaco1230F (Appellant) (Respondent)

Section 143(3)Section 32Section 37(1)Section 42

…or A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. ONGC Videsh Ltd. 13 • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

DCIT, New Delhi vs. M/S. Hindustan Coca Cola Beverage Pvt. Ltd., New Delhi

In the result ground nos

ITA 3903/DEL/2015[2007-08]Status: DisposedITAT Delhi12 Apr 2023AY 2007-08

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

DCIT, New Delhi vs. M/S. Hindustan Coca Cola Beverage Pvt. Ltd., New Delhi

In the result ground nos

ITA 3902/DEL/2015[2006-07]Status: DisposedITAT Delhi12 Apr 2023AY 2006-07

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

Hindustan Coca-Cola Beverages Pvt. Ltd., Gurgaon vs. Deputy Commissioner of Income-Tax, New Delhi

In the result ground nos

ITA 2701/DEL/2015[2007-08]Status: DisposedITAT Delhi12 Apr 2023AY 2007-08

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

Hindustan Coca-Cola Beverages Pvt. Ltd., Gurgaon vs. Deputy Commissioner of Income-Tax, New Delhi

In the result ground nos

ITA 2700/DEL/2015[2006-07]Status: DisposedITAT Delhi12 Apr 2023AY 2006-07

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

Hindustan Coca-Cola Beverages Pvt. Ltd., Gurgaon vs. DCIT, New Delhi

In the result ground nos

ITA 6606/DEL/2014[2005-06]Status: DisposedITAT Delhi12 Apr 2023AY 2005-06

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

Hindustan Coca-Cola Beverages Pvt. Ltd., Gurgaon vs. DCIT, New Delhi

In the result ground nos

ITA 6605/DEL/2014[2004-05]Status: DisposedITAT Delhi12 Apr 2023AY 2004-05

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharma

Section 143(2)Section 143(3)Section 40

…cluding customer list constitute an intangible right which is eligible for depreciation. On this basis and relying judgment of Hon’ble Supreme Court in CIT vs. Rajasthan Breweries Ltd. in SLP 30646/2011 of Hon’ble Delhi High Court in CIT vs. OswalAgro Mills : 341 ITR 467 (Del), DCIT vs. Gujarat Narmada Valley Fertilizers Co. Ltd. [2014] 222 taxman 30 (Guj) Bombay High Court judgment in DIT vs. HSBC Asset Management (I) (P) Ltd. 228 taxman 365 (Bom.) and certain judgments of the Tribunal, it was submitted that once an asset enters into block of asset and depreciation benefit has been given in the initial year of c…

Addl. CIT, Spl Rnage-7, New Delhi vs. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 2379/DEL/2019[2014-15]Status: DisposedITAT Delhi05 Sept 2022AY 2014-15
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

Addl. CIT, Special Range-7, New Delhi vs. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 158/DEL/2018[2013-14]Status: DisposedITAT Delhi05 Sept 2022AY 2013-14
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

Addl. CIT, Special Range-7, New Delhi vs. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 7435/DEL/2017[2011-12]Status: DisposedITAT Delhi05 Sept 2022AY 2011-12
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

Addl. CIT, Special Range- 7, New Delhi vs. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 6281/DEL/2017[2012-13]Status: DisposedITAT Delhi05 Sept 2022AY 2012-13
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

Addl. CIT, New Delhi vs. M/S Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 2119/DEL/2017[2010-11]Status: DisposedITAT Delhi05 Sept 2022AY 2010-11
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

DCIT, New Delhi vs. M/S. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 3816/DEL/2015[2009-10]Status: DisposedITAT Delhi05 Sept 2022AY 2009-10
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

DCIT, New Delhi vs. M/S. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 3210/DEL/2014[2008-09]Status: DisposedITAT Delhi05 Sept 2022AY 2008-09
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

DCIT, New Delhi vs. M/S. Ongc Videsh Ltd., New Delhi

In the result, the appeals of the Revenue stand dismissed

ITA 3209/DEL/2014[2007-08]Status: DisposedITAT Delhi05 Sept 2022AY 2007-08
Section 32(1)(ii)Section 42

…epreciation claimed for A Y 2006-07 has been allowed by the CIT(A) and Revenue did not challenge the order of CIT(A) on this issue. • Thirdly, depreciation could not held disallowable [see the judgment of Delhi High Court in the case of Oswal Agro reported in 341 ITR 467 (copy attached at page no. 15 to]. • The Ld. AO held that the support equipment on which depreciation has been claimed pertains to those projects/Oil blocks wherein the assessee has acquired participating interest and are at such stage where exploration activities are being undertaken by the Assessee and no income has yet been booked from these p…

Beeyu Overseas Limited, Kolkata vs. DCIT-Cir.4(1), Kolkata

In the result, the appeal of assessee is allowed

ITA 409/KOL/2020[2010-11]Status: DisposedITAT Kolkata01 Aug 2022AY 2010-11
For Appellant: Shri Miraj D. Shah, FCAFor Respondent: Shri Biswanath Das, Addl. CIT
Section 143(3)

…held in favour of the assessee. Ld. Counsel pointed out that the Coordinate bench of ITAT, Kolkata found favour with the assessee after deliberating and considering the decisions of – (i) Hon’ble High Court of Delhi in the case of Oswal Agro Mills Ltd. (2011) 341 ITR 467 5 M/s. Beeyu Overseas Ltd. AY 2010-11 (ii) Hon’ble High Court of Bombay in the case of Sonic Biochem Extractions Pvt. Ltd. (Supra) and (iii) Hon’ble High Court of Gujarat in the case of Nirma Credit & Capital Ltd. (2017) 390 ITR 302. 7.1 Relevant extract from the said decision of Hindusthan Engineering & Industries Ltd. Vs. DCIT (supra) are repr…

Addl. CIT, Special Range- 9, New Delhi vs. The Fertilizer Corporation of India Ltd., Noida

In the result, the appeal of the Revenue is dismissed

ITA 5610/DEL/2017[2013-14]Status: DisposedITAT Delhi10 Mar 2022AY 2013-14

Bench: Sh. Saktijit Deydr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5610/Del/2017 : Asstt. Year : 2013-14 Addl. Cit, Vs M/S The Fertilizer Corporation Of Special Range-9, India Ltd., Pdil Bhawan, A-14, New Delhi Sector-1, Noida-201301 (U.P.) (Appellant) (Respondent) Pan No. Aaacf1661P Assessee By : Sh. K. Sampath, Adv. Revenue By : Sh. H. K. Chaudhary, Cit Dr Date Of Hearing: 03.03.2022 Date Of Pronouncement: 10.03.2022

For Appellant: Sh. K. Sampath, AdvFor Respondent: Sh. H. K. Chaudhary, CIT DR

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. Saktijit Dey, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 5610/Del/2017 : Asstt. Year : 2013-14 Addl. CIT, Vs M/s The Fertilizer Corporation of Special Range-9, India Ltd., PDIL Bhawan, A-14, New Delhi Sector-1, Noida-201301 (U.P.) (APPELLANT) (RESPONDENT) PAN No. AAACF1661P Assessee by : Sh. K. Sampath, Adv. Revenue by : Sh. H. K. Chaudhary, CIT DR Date of Hearing: 03.03.2022 Date of Pronouncement: 10.03.2022 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been fi…

DCIT, New Delhi vs. M/S. Jagson International Ltd., New Delhi

In the result, ITA.No.276/Del

ITA 276/DEL/2017[2014-15]Status: DisposedITAT Delhi31 Jan 2022AY 2014-15

Bench: Shri R.K. Panda & Shri Narendra Kumar Choudhary

For Appellant: Shri Rahul PrabhakarFor Respondent: Shri P.C. Maurya, CIT
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “D” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI NARENDRA KUMAR CHOUDHARY, JUDICIAL MEMBER ITA Nos.1001 & 1002/Del./2016 Assessment Years 2012-13 & 2013-14 The Dy. CIT, M/s. Jagson International Circle–13 (1), Ltd., 3rd Floor, Vandana Room No. 316-A, vs., Building, Tolstoy Marg, C.R. Building, New Delhi – 110 001. New Delhi. PAN AAACJ2147A (Appellant) (Respondent) ITA No.276/Del./2017 Assessment Year 2014-15 The Dy. CIT, M/s. Jagson International Circle–13 (1), Ltd., 3rd Floor, Vandana Room No. 316-A, vs., Building, Tolstoy Marg, C.R. Building,…

DCIT, New Delhi vs. M/S. Jagson International Ltd., New Delhi

In the result, ITA.No.276/Del

ITA 1002/DEL/2016[2013-14]Status: DisposedITAT Delhi31 Jan 2022AY 2013-14

Bench: Shri R.K. Panda & Shri Narendra Kumar Choudhary

For Appellant: Shri Rahul PrabhakarFor Respondent: Shri P.C. Maurya, CIT
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “D” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI NARENDRA KUMAR CHOUDHARY, JUDICIAL MEMBER ITA Nos.1001 & 1002/Del./2016 Assessment Years 2012-13 & 2013-14 The Dy. CIT, M/s. Jagson International Circle–13 (1), Ltd., 3rd Floor, Vandana Room No. 316-A, vs., Building, Tolstoy Marg, C.R. Building, New Delhi – 110 001. New Delhi. PAN AAACJ2147A (Appellant) (Respondent) ITA No.276/Del./2017 Assessment Year 2014-15 The Dy. CIT, M/s. Jagson International Circle–13 (1), Ltd., 3rd Floor, Vandana Room No. 316-A, vs., Building, Tolstoy Marg, C.R. Building,…