Saharanpur Electric Supply Co. Ltd. v. CIT

194 ITR 294Supreme Court of India1992#3463 most cited

What is Saharanpur Electric Supply Co. Ltd. v. CIT authority for?

If the actual cost of an asset was wrongly assessed in earlier years, it can be recomputed and corrected in subsequent assessment years. Interest incurred before production on borrowed money for plant construction can be capitalized and added to the cost of fixed assets.

35

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 1992 to 2024.

Also referred to as

Saharanpur Electric Supply Co. Ltd. v. CIT · actual cost · depreciation allowance · recomputation of actual cost · capitalized interest · fixed assets · borrowed money · commencement of production

Also reported as

60 Taxmann 412

Sections most often in play

Section 1961Section 10(1)Section 143(3)Section 14ASection 28Section 29Section 30Section 32

Issues it is cited on

section 43dsection 10(5)section 32(2)section 10(1)section 43(6)opening wdvsection 80hhcsection 80hhwritten down valuesection 16section 34section 30

Judgments citing Saharanpur Electric Supply Co. Ltd. v. CIT

PRASIDH FINCAP LTD. ,NEW DELHI vs. DCIT CIRCLE-20(1), NEW DELHI

In the result, all the appeals of the assessee are allowed

ITA 1534/DEL/2022[2014-15]Status: DisposedITAT Delhi22 Oct 2024AY 2014-15

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…fficer cannot grant depreciation allowance when the same is not claimed by the assessee." [Emphasis supplied] (p. 56) 5. The counsel for the revenue has strongly relied upon the judgment of the Supreme Court in Saharanpur Electric Supply Co. Ltd. v. CIT 19921 194 ITR 294. We fail to understand as to how the said judgment would apply at all to the facts of the present case. In the said judgment, the Supreme Court has only held that if actual cost is wrongly assessed earlier, then, in the subsequent assessment years the actual cost can be recomputed and the mistake can be corrected. However, the facts of the presen…

PRASIDH FINCAP LTD,NEW DELHI vs. ITO, WARD-20(1), NEW DELHI

In the result, all the appeals of the assessee are allowed

ITA 7966/DEL/2018[2013-14]Status: DisposedITAT Delhi22 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…fficer cannot grant depreciation allowance when the same is not claimed by the assessee." [Emphasis supplied] (p. 56) 5. The counsel for the revenue has strongly relied upon the judgment of the Supreme Court in Saharanpur Electric Supply Co. Ltd. v. CIT 19921 194 ITR 294. We fail to understand as to how the said judgment would apply at all to the facts of the present case. In the said judgment, the Supreme Court has only held that if actual cost is wrongly assessed earlier, then, in the subsequent assessment years the actual cost can be recomputed and the mistake can be corrected. However, the facts of the presen…

PRASIDH FINCAP LTD,NEW DELHI vs. ITO, WARD-20(2), NEW DELHI

In the result, all the appeals of the assessee are allowed

ITA 7965/DEL/2018[2012-13]Status: DisposedITAT Delhi22 Oct 2024AY 2012-13

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…fficer cannot grant depreciation allowance when the same is not claimed by the assessee." [Emphasis supplied] (p. 56) 5. The counsel for the revenue has strongly relied upon the judgment of the Supreme Court in Saharanpur Electric Supply Co. Ltd. v. CIT 19921 194 ITR 294. We fail to understand as to how the said judgment would apply at all to the facts of the present case. In the said judgment, the Supreme Court has only held that if actual cost is wrongly assessed earlier, then, in the subsequent assessment years the actual cost can be recomputed and the mistake can be corrected. However, the facts of the presen…

M/S. ABAN OFFSHORE LIMITED,CHENNAI vs. DCITCORPORATE CIRCLE1(1), CHENNAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 798/CHNY/2020[2011-12]Status: DisposedITAT Chennai08 Nov 2023AY 2011-12

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…allowed to be added to the cost of investment only because in this year no deduction is allowable because the dividend income has been made exempt’’. The following observations of Supreme Court in the case of Saharanpur Electric Supply Co. Ltd vs. CIT (1992) 194 ITR 294 (SC) were relied on by the Court:- ‘’In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalized and added to the cost of the fixed assets’’. :-33-: ITA. Nos: 2757/Chny/2017, 1672/Chny/20…

M/S ABAN OFFSHORE LIMITED,CHENNAI vs. DCIT,CORPORATE CIRCLE, CHENNAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 797/CHNY/2020[2011-12]Status: DisposedITAT Chennai08 Nov 2023AY 2011-12

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…allowed to be added to the cost of investment only because in this year no deduction is allowable because the dividend income has been made exempt’’. The following observations of Supreme Court in the case of Saharanpur Electric Supply Co. Ltd vs. CIT (1992) 194 ITR 294 (SC) were relied on by the Court:- ‘’In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalized and added to the cost of the fixed assets’’. :-33-: ITA. Nos: 2757/Chny/2017, 1672/Chny/20…

DCIT CORPORATE CIRCLE 1(1), CHENNAI vs. ABAN OFFSHORE LTD., CHENNAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1672/CHNY/2019[2013-14]Status: DisposedITAT Chennai08 Nov 2023AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…allowed to be added to the cost of investment only because in this year no deduction is allowable because the dividend income has been made exempt’’. The following observations of Supreme Court in the case of Saharanpur Electric Supply Co. Ltd vs. CIT (1992) 194 ITR 294 (SC) were relied on by the Court:- ‘’In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalized and added to the cost of the fixed assets’’. :-33-: ITA. Nos: 2757/Chny/2017, 1672/Chny/20…

ABAN OFFSHORE LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 1(1), CHENNAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2757/CHNY/2017[2013-14]Status: DisposedITAT Chennai08 Nov 2023AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./It(Tp)A Nos.: 21/Chny/2022 & 40/Chny/2022 िनधा"रण वष" / Assessment Years: 2017-18 & 2018-19 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Tpo Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita Nos.: 797 & 798/Chny/2020 िनधा"रण वष" / Assessment Years: 2011-12 & आयकर अपील सं./Ita No.: 2757/Chny/2017 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of 113, Janpriya Crestpantheon V. Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] आयकर अपील सं./Ita No.: 1672/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 M/S. Aban Offshore Limited, Deputy Commissioner Of V. 113, Janpriya Crestpantheon Income Tax, Road, Egmore, Corporate Circle -1(1), Chennai – 600 008. Chennai. [Pan: Aaaca-3012-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. P. Murali Mohana Rao, Ca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 27.09.2023 घोषणा क" तारीख/Date Of Pronouncement : 08.11.2023

For Respondent: Shri. A. Sasikumar, CIT
Section 143Section 143(3)Section 144C(5)Section 147Section 148Section 37(1)

…allowed to be added to the cost of investment only because in this year no deduction is allowable because the dividend income has been made exempt’’. The following observations of Supreme Court in the case of Saharanpur Electric Supply Co. Ltd vs. CIT (1992) 194 ITR 294 (SC) were relied on by the Court:- ‘’In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalized and added to the cost of the fixed assets’’. :-33-: ITA. Nos: 2757/Chny/2017, 1672/Chny/20…

PR. COMMISSIONER OF INCOME TAX vs. M/S. GMR SPORTS PVT. LTD.,

In the result, the appeals are disposed of

ITA/195/2017HC Karnataka24 Mar 2021

Bench: ALOK ARADHE,M.G.S. KAMAL

Section 260

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24TH DAY OF MARCH 2021 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE M.G.S. KAMAL I.T.A. NO.193 OF 2017 C/W I.T.A. NO.194 OF 2017 I.T.A. NO.195 OF 2017 I.T.A. NO.196 OF 2017 I.T.A. NO.193 OF 2017 BETWEEN: 1. PR. COMMISSIONER OF INCOME TAX CENTRAL, BMTC COMPLEX KORMANGALA, BANGALORE. 2. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2) BMTC COMPLEX, KORAMANGALA BANGALORE. .... APPELLANTS (BY MR. SANMATHI E.I. ADV.,) AND: M/S. GMR SPORTS PVT. LTD BIRLA TOWERS, 25 BARAKHAMBHA ROAD NEW DELHI-110001.…

PR. COMMISSIONER OF INCOME TAX vs. M/S. GMR SPORTS PVT. LTD.,

In the result, the appeals are disposed of

ITA/193/2017HC Karnataka24 Mar 2021

Bench: ALOK ARADHE,M.G.S. KAMAL

Section 260

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24TH DAY OF MARCH 2021 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE M.G.S. KAMAL I.T.A. NO.193 OF 2017 C/W I.T.A. NO.194 OF 2017 I.T.A. NO.195 OF 2017 I.T.A. NO.196 OF 2017 I.T.A. NO.193 OF 2017 BETWEEN: 1. PR. COMMISSIONER OF INCOME TAX CENTRAL, BMTC COMPLEX KORMANGALA, BANGALORE. 2. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2) BMTC COMPLEX, KORAMANGALA BANGALORE. .... APPELLANTS (BY MR. SANMATHI E.I. ADV.,) AND: M/S. GMR SPORTS PVT. LTD BIRLA TOWERS, 25 BARAKHAMBHA ROAD NEW DELHI-110001.…

PR COMMISSIONER OF INCOME TAX vs. M/S GMR SPORTS PVT LTD

In the result, the appeals are disposed of

ITA/196/2017HC Karnataka24 Mar 2021

Bench: ALOK ARADHE,M.G.S. KAMAL

Section 260

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24TH DAY OF MARCH 2021 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE M.G.S. KAMAL I.T.A. NO.193 OF 2017 C/W I.T.A. NO.194 OF 2017 I.T.A. NO.195 OF 2017 I.T.A. NO.196 OF 2017 I.T.A. NO.193 OF 2017 BETWEEN: 1. PR. COMMISSIONER OF INCOME TAX CENTRAL, BMTC COMPLEX KORMANGALA, BANGALORE. 2. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2) BMTC COMPLEX, KORAMANGALA BANGALORE. .... APPELLANTS (BY MR. SANMATHI E.I. ADV.,) AND: M/S. GMR SPORTS PVT. LTD BIRLA TOWERS, 25 BARAKHAMBHA ROAD NEW DELHI-110001.…

SMT. AMITA NARANG,DELHI vs. THE DY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the assessee’s appeal is dismissed

ITA 385/ASR/2016[2007-08]Status: DisposedITAT Amritsar25 Mar 2019AY 2007-08

Bench: Sh. Sanjay Arorai.T.A. No. 385/Asr/2016 Assessment Year: 2007-08

For Appellant: Sh. K. R. Jain (Adv.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 45Section 48

…ster Industries Ltd. (supra) and Habib Hussein (supra). 5 Amita Narang v. Dy. CIT 4.4 The question of change in the cost of acquisition, subsequent thereto, has been considered at length by the Apex Court in Saharanpur Electric Supply Co. Ltd. v. CIT [1992] 194 ITR 294 (SC). Ordinarily, therefore, there is no occasion for a change in the cost of acquisition, which stands determined on the date of acquisition, or even prior thereto. 4.5 At this stage, it may also be relevant to dwell on the nature of the interest cost. The interest cost represents the time cost of funds. That is, relates to the period for which…

M/S JOHNSON MATHEY CHEMICALS INDIA PVT. LTD,THANE vs. CIT II, THANE

In the result, appeal of assessee is allowed

ITA 4368/MUM/2011[2007-08]Status: DisposedITAT Pune24 Jul 2018AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.4368/M/2011 यििाारण वषा / Assessment Year : 2007-08 M/S. Johnson Matthey Chemicals India Pvt. Ltd., Plot No.-6A, Midc Industrial Estate, Taloja, अऩीऱाथी/Appellant Dist. Raigad, Maharashtra – 410208 …. Pan : Aabcj1620M Vs. The Commissioner Of Income Tax-Ii, Thane …. प्रत्यथी / Respondent अऩीऱाथी की ओर से / Appellant By : Shri P.J. Pardiwala & Smt. Vasanti Patel प्रत्यथी की ओर से / Respondent By : Shri Rajeev Kumar, Cit घोषणा की तारीख / सुनवाई की तारीख / Date Of Hearing : 26.04.2018 Date Of Pronouncement: 24.07.2018

For Appellant: Shri P.J. Pardiwala &For Respondent: Shri Rajeev Kumar, CIT
Section 143(3)Section 263Section 32Section 43(6)

…e mistake is detected in the later years in order to determine the correct taxable income of an assessee the AO is duty bound to rectify the mistake. Reliance in this regard is placed on the decision of the Supreme Court in the case of Saharanpur Electric Co. 194 ITR 294…..” 11. The Commissioner concluded by holding as under:- “17 It is thus seen that the figure of the actual cost accepted in earlier is not sacrosanct and can be modified in subsequent year if it is found that the same has been wrongly accepted in earlier years.” 12. The Commissioner further observed that It therefore, cannot be said that the AO…

DCIT, CHANDIGARH vs. M/S KHANDELIA OIL & GENERAL MILLS PVT. LTD., CHANDIGARH

In the result, Appeal of the Revenue and the Cross Appeal of the Assessee are partly allowed for statistical purposes

ITA 562/CHANDI/2015[2011-12]Status: DisposedITAT Chandigarh04 Jun 2018AY 2011-12

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Shri. Anil KhannaFor Respondent: Shri. Manjit Singh
Section 14Section 14ASection 37(1)Section 40A(2)(b)

…9-10 2500000.00 Total 10681500.00 8.2 The Assessing Officer proposed the assessee to add back the aforesaid subsidy amount as per Explanation-10 below section 43(1) as per judgment of Hon'ble Supreme Court in the case of M/s Saharanpur Electric Supply Co Ltd (194 ITR 294) and the assessee had. Submitted that amounts received in F.Ys. 2005-06, 2008-09 and 2009-10 of Rs. 11.25 lacs, Rs. 25 lacs and Rs. 25 lacs respectively were reduced from the assets while claiming depreciation. The assessee had not filed any such evidence regarding rest of the amount of subsidy of Rs. 45,56,500/- (1,06,81,500 - 61,25,000). The As…

KHANDELIA OIL & GENERAL MILLS LTD.,CHANDIGARH vs. ADDL. CIT, CHANDIGARH

In the result, Appeal of the Revenue and the Cross Appeal of the Assessee are partly allowed for statistical purposes

ITA 548/CHANDI/2015[2011-12]Status: DisposedITAT Chandigarh04 Jun 2018AY 2011-12

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Shri. Anil KhannaFor Respondent: Shri. Manjit Singh
Section 14Section 14ASection 37(1)Section 40A(2)(b)

…9-10 2500000.00 Total 10681500.00 8.2 The Assessing Officer proposed the assessee to add back the aforesaid subsidy amount as per Explanation-10 below section 43(1) as per judgment of Hon'ble Supreme Court in the case of M/s Saharanpur Electric Supply Co Ltd (194 ITR 294) and the assessee had. Submitted that amounts received in F.Ys. 2005-06, 2008-09 and 2009-10 of Rs. 11.25 lacs, Rs. 25 lacs and Rs. 25 lacs respectively were reduced from the assets while claiming depreciation. The assessee had not filed any such evidence regarding rest of the amount of subsidy of Rs. 45,56,500/- (1,06,81,500 - 61,25,000). The As…

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. JOHNSON MATTHEY CHEMICALS (I) PVT. LTD.,, RAIGAD

In the result, appeal of the Revenue for assessment year 2009-10 is

ITA 1314/PUN/2016[2009-10]Status: DisposedITAT Pune31 May 2018AY 2009-10

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

Section 143(3)Section 147

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE "ी डी. क"णाकरा राव,लेखा सद"य, एवं "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No. 1274/PUN/2016 "नधा"रण वष" / Assessment Year : 2006-07 M/s. Johnson Matthey Chemicals India Private limited, Plot No. 6, MIDC Industrial Estate, Taloja, Dist.- Raigad, Maharashtra-410 208. PAN : AABCJ1620M .......अपीलाथ" / Appellant बनाम / V/s. The Assistant Commissioner of Income Tax, Panvel Circle, Panvel. ……""यथ" / Respondent आयकर अपील सं. / ITA No.1313/PUN/2…

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. JOHNSON MATTHEY CHEMICALS (I) PVT. LTD.,, RAIGAD

In the result, appeal of the Revenue for assessment year 2009-10 is

ITA 1313/PUN/2016[2006-07]Status: DisposedITAT Pune31 May 2018AY 2006-07

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

Section 143(3)Section 147

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE "ी डी. क"णाकरा राव,लेखा सद"य, एवं "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No. 1274/PUN/2016 "नधा"रण वष" / Assessment Year : 2006-07 M/s. Johnson Matthey Chemicals India Private limited, Plot No. 6, MIDC Industrial Estate, Taloja, Dist.- Raigad, Maharashtra-410 208. PAN : AABCJ1620M .......अपीलाथ" / Appellant बनाम / V/s. The Assistant Commissioner of Income Tax, Panvel Circle, Panvel. ……""यथ" / Respondent आयकर अपील सं. / ITA No.1313/PUN/2…

JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LTD.,,RAIGAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the Revenue for assessment year 2009-10 is

ITA 1275/PUN/2016[2009-10]Status: DisposedITAT Pune31 May 2018AY 2009-10

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

Section 143(3)Section 147

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE "ी डी. क"णाकरा राव,लेखा सद"य, एवं "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No. 1274/PUN/2016 "नधा"रण वष" / Assessment Year : 2006-07 M/s. Johnson Matthey Chemicals India Private limited, Plot No. 6, MIDC Industrial Estate, Taloja, Dist.- Raigad, Maharashtra-410 208. PAN : AABCJ1620M .......अपीलाथ" / Appellant बनाम / V/s. The Assistant Commissioner of Income Tax, Panvel Circle, Panvel. ……""यथ" / Respondent आयकर अपील सं. / ITA No.1313/PUN/2…

JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LTD.,,RAIGAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the Revenue for assessment year 2009-10 is

ITA 1274/PUN/2016[2006-07]Status: DisposedITAT Pune31 May 2018AY 2006-07

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

Section 143(3)Section 147

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE "ी डी. क"णाकरा राव,लेखा सद"य, एवं "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No. 1274/PUN/2016 "नधा"रण वष" / Assessment Year : 2006-07 M/s. Johnson Matthey Chemicals India Private limited, Plot No. 6, MIDC Industrial Estate, Taloja, Dist.- Raigad, Maharashtra-410 208. PAN : AABCJ1620M .......अपीलाथ" / Appellant बनाम / V/s. The Assistant Commissioner of Income Tax, Panvel Circle, Panvel. ……""यथ" / Respondent आयकर अपील सं. / ITA No.1313/PUN/2…

JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LTD.,,RAIGAD vs. ADDITIONAL COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the Revenue for assessment year 2009-10 is

ITA 630/PUN/2014[2008-09]Status: DisposedITAT Pune31 May 2018AY 2008-09

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

Section 143(3)Section 147

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE "ी डी. क"णाकरा राव,लेखा सद"य, एवं "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अपील सं. / ITA No. 1274/PUN/2016 "नधा"रण वष" / Assessment Year : 2006-07 M/s. Johnson Matthey Chemicals India Private limited, Plot No. 6, MIDC Industrial Estate, Taloja, Dist.- Raigad, Maharashtra-410 208. PAN : AABCJ1620M .......अपीलाथ" / Appellant बनाम / V/s. The Assistant Commissioner of Income Tax, Panvel Circle, Panvel. ……""यथ" / Respondent आयकर अपील सं. / ITA No.1313/PUN/2…

DCIT, CIR-11(1), KOLKATA, KOLKATA vs. M/S HALDIA PETROCHEMICALS LTD., KOLKATA

In the result, the appeal of the assessee is allowed while the appeal of revenue is treated as dismissed

ITA 167/KOL/2016[2003-2004]Status: DisposedITAT Kolkata18 May 2018AY 2003-2004

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm ] I.T.A. No. 1532/Kol/2015 Assessment Year 2003-04 Haldia Petrochemicals Ltd..............................………………………………………….Appellant Bengal Eco Intelligent Park (Techno) Tower 1, Block Em, Plot-3, Salt Lake City, Sec-V, 3Rd Floor, Kolkata – 700 091 [Pan: Aaach 7360 R] Acit, Circle 8 Kolkata,...................…………………………………………………….Respondent P-7, Chowringhee Square, Aayakar Bhawan, Kolkata - 700069 I.T.A. No. 167/Kol/2016 Assessment Year 2003-04 Dcit, Circle 11(1) Kolkata.............................………………………………………..Appellant P-7, Chowringhee Square, Kolkata – 700 069 Haldia Petrochemicals Ltd..............................………………………………………Respondent Bengal Eco Intelligent Park (Techno) Tower 1, Block Em, Plot-3, Salt Lake City, Sec-V, 3Rd Floor, Kolkata – 700 091 [Pan: Aaach 7360 R] Appearances By: Shri Harakamal Chakravorty, Ar Appearing On Behalf Of The Assessee. Shri Sallong Yaden, Addl. Cit Appearing On Behalf Of The Revenue.

Section 115JSection 143(3)Section 148Section 234D

…ever, depreciation relating to the block assets viz. ‘plant and machinery – others’ of Rs. 1,10,08,966/- was not accounted for by the assessee as per the ratio laid down by the Hon’ble Supreme Court in the case of Saharanpur Electricity Supply Co. Ltd. vs CIT 194 ITR 294 resulting in excess amount of depreciation to that extent. In this regard, the explanation offered by the assessee- 3 I.T.A. Nos. 1532 & 167/Kol/2015 & 2016 company during the course of reassessment proceedings was not acceptable by the A.O. and he proceeded to make a disallowance of Rs. 1,10,08,966/- being excess claim of depreciation made by…

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