CIT v. Ravi Industries Ltd.

49 ITR 145Reported decision1963#21080 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing CIT v. Ravi Industries Ltd.

THE ACIT,, GUNTUR vs. SAI BHASKAR IRONS LIMITED,, GUNTUR

In the result, appeal of the revenue is dismissed

ITA 108/VIZ/2016[2012-13]Status: DisposedITAT Visakhapatnam21 Feb 2018AY 2012-13

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अऩीऱ सं./I.T.A.No.108/Viz/2016 (ननधधारण वषा/Assessment Year:2012-13) Asst.Commissioner Of Income Tax Vs. M/S.Sai Bhaskar Circle-2(1), Guntur Irons Limited 3-1-3/A, 3Rd Lane Rajendra Nagar Guntur [Pan :Aamcs1675G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अऩीऱधथी की ओर से/ Appellant By : Shri Deba K.Sonowala, Dr प्रत्यथी की ओर से / Respondent By : Shri I Kama Sastry, Ar सुनवधई की तधरीख / Date Of Hearing : 09.02.2018 घोषणा की तारीख/Date Of Pronouncement : 21.02.2018

For Appellant: Shri Deba K.Sonowala, DRFor Respondent: Shri I Kama Sastry, AR

Section 14Section 68

…epreciation in the following year and deeming it to be part of that allowance; the effect of deeming it to be part of that allowance is that it falls in the following year within cl. (vi) and has to be deducted as allowance." In CIT vs. Ravi Industries (1963) 49 ITR 145 (Born) TC27R .635, the same position has been clarified by the Bombay High Court. The Court has observed that the unabsorbed depreciation does not lose its character and attributes when it is carried forward to the following year; such unabsorbed depreciation of the earlier year, which is carried forward to the current year and which is deemed to…

MS. SAI ASTHA EXPORTS PVT. LTD.,,NEW DELHI vs. ITO, NEW DELHI

In the result, both the appeals filed by the assessee stand allowed

ITA 4033/DEL/2016[2014-15]Status: DisposedITAT Delhi25 Oct 2016AY 2014-15

Bench: Shri H.S. Sidhu

For Appellant: Sh. Ramesh Goyal, CAFor Respondent: Sh. F.R. Meena, Sr. DR

Section 142(1)Section 143(2)Section 144Section 71

…however, there is no current depreciation for such succeeding year, the unabsorbed depreciation becomes the depreciation allowance for such succeeding year. In this connection the decision of the Hon'ble Bombay High Court in CIT v. Ravi Industries Ltd. [1963] 49 ITR 145 (Born.) may be referred to. In the case of CIT v . Virmani Industries (P) Ltd. [1995] 129 CTR (SC) 189/216 ITR 607 (SC) the Apex Court has observed that to avail of the benefit of sub-section (2) of section 32 two views are possible in his behalf i.e. (1) since sub-section speaks of unabsorbed depreciation on being carried forward to the next year…

MS. SAI ASTHA EXPORTS PVT. LTD.,,NEW DELHI vs. ITO, NEW DELHI

In the result, both the appeals filed by the assessee stand allowed

ITA 4032/DEL/2016[2012-13]Status: DisposedITAT Delhi25 Oct 2016AY 2012-13

Bench: Shri H.S. Sidhu

For Appellant: Sh. Ramesh Goyal, CAFor Respondent: Sh. F.R. Meena, Sr. DR

Section 142(1)Section 143(2)Section 144Section 71

ASST CIT CIR 6(1), MUMBAI vs. ANIL PRINERS LTD, MUMBAI

The appeal of the Revenue is dismissed

ITA 5859/MUM/2013[2009-10]Status: DisposedITAT Mumbai14 Mar 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2009-10 Acit, Anil Printers Ltd. Circle-6(1), R. No.506, 2, Kakad Industrial Estate, बनाम/ 5Th Floor, Aayakar Bhavan, Matunga West, Vs. M.K.Road, Mumbai-400016 Mumbai-400020 Pan No.Aacca6914C (अपीलाथ" /Appellant) (""यथ"/Respondent)

Section 114JSection 139(1)Section 139(3)Section 143(1)Section 143(2)Section 32(2)Section 32oSection 42Section 80

…367 (Cal.) and CIT vs Ahmedabad Electricity Company Ltd. (1973) 89 ITR 77 (Bom.). This is so because unabsorbed depreciation retains its own character even in succeeding year(s) as distinguished from current depreciation (CIT vs Ravi Industries Ltd. ) (1963) 49 ITR 145, 155 (Bom.). The 13 Hon’ble Madras High Court in Seshasayee Paper & bonds Ltd. vs DCIT(2005) 272 ITR 165 (Mad.) held that under section 32(2) a legal fiction has been created that unabsorbed depreciation of the earlier year shall form part of current year’s disallowance and therefore it shall have to dealt with accordingly subject to the provisio…