ESSAR Oil Ltd. v. DCIT

Tml Drivelines Limited ( Since Merged With Tata Motors Limited), Mumbai vs. Deputy Commissioner of Income Tax(Ltu) 2, Mumbai

In the result, appeal filed by department is dismissed

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am M/S. Tata Motors Ltd., Vs. Addl. Commissioner Of (Successor To Tml Drivelines Income Tax-2(1) Ltd.) Aayakar Bhavan 1St Floor, Bombay House Mumbai – 400 020 24, Homi Mody Street Hutatma Chowk Mumbai – 400 001 Pan/Gir No.Aaach7625P (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Tata Motors Ltd., Income Tax (Ltu-2) (Successor To Tml Drivelines 29Th Floor, Center-1, Ltd.) 3Rd Floor, Tata Motors, World Trade Center, Cuffe Parade, Mumbai Nanavati Mahalaya, 18 Homi Mody Street Mumbai – 400 001 Pan/Gir No.Aaach7625P (Appellant) .. (Respondent)

…ks of TML at the time of transfer of the said assets. Being aggrieved, assessee filed appeal before the first appellate authority. 3. Ld CIT(A) after considering the submissions of the assessee and decision of ITAT Mumbai in the case of Essar Oil Ltd vs DCIT, 13 SOT 691 held that the issue is squarely covered in favour of the assessee and directed the AO to take the cost of acquisition of such assets as have been acquired by the assessee from TML at the cost at which they have been acquired and, accordingly allowed the depreciation to the assessee. Hence, this appeal by the department. 4. At the time of hearing,…

DCIT 2(1), Mumbai vs. Tml Drivelines Ltd ( Formerly Known As H.V. Transmissions Ltd), Mumbai

In the result, appeal filed by department is dismissed

…s of TML at the time of transfer of the said assets. Being aggrieved, assessee filed appeal before the first appellate authority. 3. Ld CIT(A) after considering the submissions of the assessee and decision of ITAT Mumbai in the case of Essar Oil Ltd vs DCIT, 13 SOT 691 held that the issue is squarely covered in favour of the assessee and directed the AO to take the cost of acquisition of such assets as have been acquired by the assessee from TML at the cost at which they have been acquired and, accordingly allowed the depreciation to the assessee. Hence, this appeal by the department. 4. At the time of hearing,…

Tml Drivelines Ltd ( Earlier Known As H V Axles Ltd), Mumbai vs. DCIT 2(1), Mumbai

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

…e depreciation claimed by the assessee. In result, the ground of appeal is allowed.” 5. It is clear that the finding of the learned CIT(A) is based upon the observations made in Essar Oil Limited Vs. Deputy Commissioner of Income Tax, Special Range, 27 [2007] 13 SOT 691, Income Tax Appellate Tribunal, Mumbai “D” bench and the finding of the said judgment has duly been confirmed by the Jurisdictional Bombay High Court in ITA No.3160 of 2009 in case Commissioner of Income Tax 5 Vs. M/s. Essar Oil Ltd. decided on 7th July, 2011. Considering the facts of the case before us we agree that the case of the assessee is du…

D.C.I.T. 2(1), Mumbai vs. H.V. Axles Ltd., Mumbai

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

…e depreciation claimed by the assessee. In result, the ground of appeal is allowed.” 5. It is clear that the finding of the learned CIT(A) is based upon the observations made in Essar Oil Limited Vs. Deputy Commissioner of Income Tax, Special Range, 27 [2007] 13 SOT 691, Income Tax Appellate Tribunal, Mumbai “D” bench and the finding of the said judgment has duly been confirmed by the Jurisdictional Bombay High Court in ITA No.3160 of 2009 in case Commissioner of Income Tax 5 Vs. M/s. Essar Oil Ltd. decided on 7th July, 2011. Considering the facts of the case before us we agree that the case of the assessee is du…

Tml Drivelines Ltd (Earlier Known As H V Axles Ltd), Mumbai vs. DCIT 2(1), Mumbai

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

…e depreciation claimed by the assessee. In result, the ground of appeal is allowed.” 5. It is clear that the finding of the learned CIT(A) is based upon the observations made in Essar Oil Limited Vs. Deputy Commissioner of Income Tax, Special Range, 27 [2007] 13 SOT 691, Income Tax Appellate Tribunal, Mumbai “D” bench and the finding of the said judgment has duly been confirmed by the Jurisdictional Bombay High Court in ITA No.3160 of 2009 in case Commissioner of Income Tax 5 Vs. M/s. Essar Oil Ltd. decided on 7th July, 2011. Considering the facts of the case before us we agree that the case of the assessee is du…