High Energy Batteries India Ltd, Chennai vs. ITO Corporate Ward 2 (3), Chennai
In the result, the appeal filed by the assessee is partly allowed for statistical purposes
ITA 1258/CHNY/2018[2012-13]Status: DisposedITAT Chennai04 Dec 2020AY 2012-13
Bench: Shri Duvvuru Rl Reddy & Shri G. Manjunathaआयकर अपील सं./I.T.A. No. 1258/Chny/2018 िनधा"रण वष"/Assessment Year: 2012-13 High Energy Batteries India Ltd., The Income Tax Officer, No. 13, Esvin House, Old Vs. Corporate Ward 2(3), Mahabalipuram Road, 121, Mahatma Gandhi Road, Chennai 600 096. Chennai 600 034. [Pan:Aaach1479H] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri G. Baskar, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 22.10.2020 घोषणा की तारीख /Date Of Pronouncement : 04.12.2020 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 6, Chennai, Dated 30.01.2018 Relevant To The Assessment Year 2012-13. The Assessee Has Raised The Following Grounds: 1.1 The Commissioner Of Income Tax (Appeals) Erred In Confirming The Action Of The Ao In Allowing Only Depreciation @15% On Bolero Van As Against The Claim By The Appellant That It Should Be Totally Allowed As An Expenditure. 1.2 The Commissioner Of Income Tax (Appeals) Failed To Note That Since The Vehicle Is Being Used For Research & Development Its Entire Cost Is Entitled For 100% Deduction U/S.35(1)(Iv) Of The Income Tax Act.
For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri AR.V. Sreenivasan, Addl. CIT
Section 143(1)Section 143(3)Section 14ASection 35(1)(iv)
…fore the Tribunal. Besides, relying upon various case law, the ld. Counsel for the assessee has submitted that the above issue is squarely covered in favour of the assessee by the decision of the Apex Court in the case of CIT v. Woodward Governor India P. Ltd 312 ITR 254 as well as the decision of the Hon’ble Jurisdictional High Court in the case of Indian Additives Ltd. v. ACIT in T.C.A Nos. 349 & 350 of 2008 dated 02.11.2018 , wherein it was held that “Loss” suffered by the assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet is an item of expenditure under sect…
