CIT v. Singh Transport Co.

THERMO FISHER SCIENTIFIC INDIA P. LTD,MUMBAI vs. DCIT 15(3)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

…e construction of section\n32(2) in the light of the above background, there appears to be no difficulty in\nconstruing the reference.\"\n14. In the same case reliance was also placed on the judgment of Gauhati\nHigh Court in CIT v. Singh Transport Co. [1980] 123 ITR 698/ 4 Taxman 86,\nwhich held as under:-\n\"In the result, we have no hesitation in arriving at the conclusion that section\n32(2) of the Act governs exclusively as to the manner of carry forward and set\noff in respect of depreciation allowance. In this view of the matter, the rigour\nof limitation as to the time up to which unabsorbed depreciation…

METMIN INVESTMENT AND TRADING P.LTD,MUMBAI vs. DCIT 3(2),

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

METMIN INVESTMENT AND TRADING P.LTD,MUMBAI vs. DCIT 3(2),

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

METMIN FINANCE AND HOLDINGS P. LTD,MUMBAI vs. DCIT 3(2), MUMBAI

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

METMIN FINANCE AND HOLDINGS P. LTD,MUMBAI vs. ITO 3(2)(2), MUMBAI

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

METMIN FINANCE AND HOLDINGS P. LTD,MUMBAI vs. DCIT 3(2), MUMBAI

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

M/S. METMIN FINANCE & HOLDINGS P. LTD.,MUMBAI vs. ITO - 3(2)(2), MUMBAI

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

M/S. METMIN FINANCE & HOLDINGS P. LTD.,MUMBAI vs. ITO - 3(2)(2), MUMBAI

In the result, appeals i.e

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

…iation has been treated differently by the legislature from business loss and loss in speculation business, rigour of limitation is not applicable in the case of unabsorbed depreciation allowance. Hon’ble Gauhati High Court in the case of Singh Transport Co., 123 ITR 698 observed as under :- The provision of section 32(2) is an independent provision providing the manner of set off and carry forward of depreciation allowance. Therefore, unabsorbed depreciation allowance never loses its nature or character as depreciation allowance. Unabsorbed depreciation allowance goes by virtue of the provisions of section 32(2)…

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

The appeal of the Revenue is dismissed

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)

…rmani Industries (P.) Ltd. [1995] 216 ITR 607/83 Taxman 343 (SC) f) CIT v. J. Patel & CO. [1984] 149 ITR 682/18 Taxman 204 (Delhi), g) CIT v. Nagapatinam Import & Export Corpn. [1975]119 ITR 444/[1980)3 Taxman 150 (Mad.) h) CIT v. Singh Transport Co. [1980)123 ITR 698/4 Taxman 86 (Gauhati) and i) Garden Silk Wvg. Factory v CIT [1991] 189 itr 512/56 Taxman 4K (SC) 2.5. According the newly substituted (w.e.f 01/04/2002) section 32 (2) by the Finance Act, 2001 (14 of 2001) , which is operative for and from A.Y. 2002-03, certain conditions, inter-alia, the restriction of eight years for carry forward and set off…