Inventaa Chemical Ltd. v. ACIT

42 SOT 249Income Tax Appellate Tribunal#9777 most cited

What is Inventaa Chemical Ltd. v. ACIT authority for?

A subsidy granted on capital investment in land, building, and machinery, which is not directly related to the actual acquisition of assets, falls outside the scope of Explanation 10 to Section 43(1) and cannot be reduced for depreciation calculation.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2023.

Also referred to as

Inventaa Chemical Ltd v ACIT · 42 SOT 249 · ITAT · section 43(1) · Explanation 10 · capital investment subsidy · depreciation · asset acquisition · tax benefit

Issues it is cited on

section 41(1)(a)section 94section 38section 43(1)section 80hadditional depreciationsection 80hhcsection 80hhtax benefitblock of assetssection 41(1)put to use

Judgments citing Inventaa Chemical Ltd. v. ACIT

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 720/MUM/2020[2016-17]Status: DisposedITAT Mumbai30 Jun 2023AY 2016-17

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…ACIT (307 IT AT. 127), Rohit Exhaust Systems Pvt. Ltd. Vs. ACIT in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein it was held that the payment of subsidy was not related to that the payment of subsidy was not related to that the payment of subsidy was not related to the actual acquisition of assets and subsidy was granted the actual ac…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 719/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…ACIT (307 IT AT. 127), Rohit Exhaust Systems Pvt. Ltd. Vs. ACIT in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein it was held that the payment of subsidy was not related to that the payment of subsidy was not related to that the payment of subsidy was not related to the actual acquisition of assets and subsidy was granted the actual ac…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 652/MUM/2020[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…ACIT (307 IT AT. 127), Rohit Exhaust Systems Pvt. Ltd. Vs. ACIT in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein it was held that the payment of subsidy was not related to that the payment of subsidy was not related to that the payment of subsidy was not related to the actual acquisition of assets and subsidy was granted the actual ac…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 1424/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…ACIT (307 IT AT. 127), Rohit Exhaust Systems Pvt. Ltd. Vs. ACIT in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) in ITA No. 1880/PN/2013 dated 31.03.2015 (Pune ITAT) and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249), wherein it was held that the payment of subsidy was not related to that the payment of subsidy was not related to that the payment of subsidy was not related to the actual acquisition of assets and subsidy was granted the actual ac…

DCIT Circle- 1, Thane vs. M/S Everest Industries Ltd, Delhi

In the result, appeal of the Revenue is partly

ITA 554/MUM/2020[2010-11]Status: DisposedITAT Mumbai29 Jul 2022AY 2010-11

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Sh Chaitanya Joshi &For Respondent: Shri Amol Kirtane, CIT-DR
Section 143(3)Section 250(6)Section 32(1)(iia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E” : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA.No.7791/Mum./2019 Assessment Year 2010-2011 Everest Industries Limited The DCIT, Circle-1, D-206, Sector-63, Ashar I.T. Park, 6th Floor, Noida – 201 301 vs. B-Wing, 16-Z, Wagle Uttar Pradesh Industrial Estate, PAN AAACE7550N Thane (W)- 400 604 (Appellant) (Respondent) ITA.No.554/Mum./2020 Assessment Year 2010-2011 The DCIT, Circle-1, Everest Industries Limited Room No.22, B-Wing, G-1, A-32, Genesis Mohan 6th Floor, Ashar I.T. Park, vs. Coop. Industrie…

Everest Industrial Ltd., Noida vs. Dy CIT Circle-1, Thane

In the result, appeal of the Revenue is partly

ITA 7791/MUM/2019[2010-11]Status: DisposedITAT Mumbai29 Jul 2022AY 2010-11

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Sh Chaitanya Joshi &For Respondent: Shri Amol Kirtane, CIT-DR
Section 143(3)Section 250(6)Section 32(1)(iia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E” : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA.No.7791/Mum./2019 Assessment Year 2010-2011 Everest Industries Limited The DCIT, Circle-1, D-206, Sector-63, Ashar I.T. Park, 6th Floor, Noida – 201 301 vs. B-Wing, 16-Z, Wagle Uttar Pradesh Industrial Estate, PAN AAACE7550N Thane (W)- 400 604 (Appellant) (Respondent) ITA.No.554/Mum./2020 Assessment Year 2010-2011 The DCIT, Circle-1, Everest Industries Limited Room No.22, B-Wing, G-1, A-32, Genesis Mohan 6th Floor, Ashar I.T. Park, vs. Coop. Industrie…

M/S Kishangarh Hi Tech Textile Park Ltd., Kishangarh vs. Assistant Commissioner of Income Tax (Tech), Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 328/JPR/2018[2014-15]Status: DisposedITAT Jaipur11 Dec 2019AY 2014-15
For Appellant: Shri S. S. Nagar (C.A)For Respondent: Shri B.K. Gupta (CIT)
Section 143(3)Section 43(1)

…try of Textiles by holding that Explanation 10 to Section 43(1) is not applicable. Further M/s Kishangarh Hi Tech Textile Park Ltd. reliance was placed on the decisions in case of Sasisri Extractions vs. ACIT 122 ITD 428 (Vizag), Inventaa Chemical Ltd vs CIT 42 SOT 249 (Hyd) and Sohan Electroplast Pvt. Ltd. vs. ITO 1578/PN/2008 (Pune). 5. It was further submitted that the appellant had claimed depreciation @ 80% on the entire investment of Rs 45.72 Crs made in the Wind Power Project and since the assets were used for less than 180 days, depreciation has been claimed as half the normal rate @ 40%. The AO has how…

M/S Kishangarh Hi Tech Textile Park Ltd., Kishangarh vs. Assistant Commissioner of Income Tax (Tech), Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 327/JPR/2018[2013-14]Status: DisposedITAT Jaipur11 Dec 2019AY 2013-14
For Appellant: Shri S. S. Nagar (C.A)For Respondent: Shri B.K. Gupta (CIT)
Section 143(3)Section 43(1)

…try of Textiles by holding that Explanation 10 to Section 43(1) is not applicable. Further M/s Kishangarh Hi Tech Textile Park Ltd. reliance was placed on the decisions in case of Sasisri Extractions vs. ACIT 122 ITD 428 (Vizag), Inventaa Chemical Ltd vs CIT 42 SOT 249 (Hyd) and Sohan Electroplast Pvt. Ltd. vs. ITO 1578/PN/2008 (Pune). 5. It was further submitted that the appellant had claimed depreciation @ 80% on the entire investment of Rs 45.72 Crs made in the Wind Power Project and since the assets were used for less than 180 days, depreciation has been claimed as half the normal rate @ 40%. The AO has how…

M/S Kishangarh Hi Tech Textile Park Ltd., Kishangarh vs. Assistant Commissioner of Income Tax (Tech), Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 326/JPR/2018[2012-13]Status: DisposedITAT Jaipur11 Dec 2019AY 2012-13
For Appellant: Shri S. S. Nagar (C.A)For Respondent: Shri B.K. Gupta (CIT)
Section 143(3)Section 43(1)

…try of Textiles by holding that Explanation 10 to Section 43(1) is not applicable. Further M/s Kishangarh Hi Tech Textile Park Ltd. reliance was placed on the decisions in case of Sasisri Extractions vs. ACIT 122 ITD 428 (Vizag), Inventaa Chemical Ltd vs CIT 42 SOT 249 (Hyd) and Sohan Electroplast Pvt. Ltd. vs. ITO 1578/PN/2008 (Pune). 5. It was further submitted that the appellant had claimed depreciation @ 80% on the entire investment of Rs 45.72 Crs made in the Wind Power Project and since the assets were used for less than 180 days, depreciation has been claimed as half the normal rate @ 40%. The AO has how…

M/S Kishangarh Hi Tech Textile Park Ltd., Kishangarh vs. Assistant Commissioner of Income Tax (Tech), Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 325/JPR/2018[2011-12]Status: DisposedITAT Jaipur11 Dec 2019AY 2011-12
For Appellant: Shri S. S. Nagar (C.A)For Respondent: Shri B.K. Gupta (CIT)
Section 143(3)Section 43(1)

…try of Textiles by holding that Explanation 10 to Section 43(1) is not applicable. Further M/s Kishangarh Hi Tech Textile Park Ltd. reliance was placed on the decisions in case of Sasisri Extractions vs. ACIT 122 ITD 428 (Vizag), Inventaa Chemical Ltd vs CIT 42 SOT 249 (Hyd) and Sohan Electroplast Pvt. Ltd. vs. ITO 1578/PN/2008 (Pune). 5. It was further submitted that the appellant had claimed depreciation @ 80% on the entire investment of Rs 45.72 Crs made in the Wind Power Project and since the assets were used for less than 180 days, depreciation has been claimed as half the normal rate @ 40%. The AO has how…

Assistant Commissioner of Income-Tax vs. M/S. Abhay Cotex Pvt. Ltd., Jalna

In the result, the appeal of the Revenue is dismissed

ITA 1423/PUN/2016[2011-12]Status: DisposedITAT Pune18 Jul 2018AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं आयकर अपील सं. / Ita No. 1423/Pun/2016 आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year : 2011-12 िनधा"रण वष" िनधा"रण वष"

For Appellant: Shri Rahul Kaul & Shri Anand PartaniFor Respondent: Shri Mukesh Jha
Section 115JSection 32

…07 ITR AT.127), Shree Cement Ltd. Vs. Addl.CIT (031 ITR Trib. 513), CIT Vs. Reliance Industries Ltd. (339 ITR 632), CIT Vs. Rasoi Ltd. (335 ITR 438), Indo Rama Synthetic Ltd. Vs. ACIT in ITA No.2002/Del/2008 for AY 2003-04 and Inventaa Chemical Ltd. Vs. ACIT (42 SOT 249). The scheme was intended to accelerate industrial development of the State and the incentive was given for setting up of industries in Maharashtra. The amount of subsidy to be given was determined by taking the cost 6 M/s. Abhay Cortex Pvt. Ltd. of eligible investment as the basis. The incentive in the form of subsidy could not be considered as…

Inventaa Chemical Ltd. v. ACIT (42 SOT 249) — Cited in 11 Judgments | BharatTax