Seshasayee Paper & Boards Ltd. v. DCIT

272 ITR 165High Court2005#24142 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2022.

Judgments citing Seshasayee Paper & Boards Ltd. v. DCIT

Tamil Nadu Cements Corporation Limited, Chennai vs. ACIT, Chennai

In the result, the appeal filed by the assessee is dismissed

ITA 2722/CHNY/2019[1997-98]Status: DisposedITAT Chennai31 Jan 2022AY 1997-98

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.2722/Chny/2019 िनधा"रण वष"/Assessment Year: 1997-98 M/S. Tamil Nadu Cements The Assistant Commissioner Of Corporation Limited, No. 735, Vs. Income Tax, Lla Building, Anna Salai, Company Circle Iii(1), Chennai 600 002. Chennai 34. [Pan:Aabct1819J] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri G. Baskar, Advocate ""थ" की ओर से/Respondent By : Shri G. Johnson, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 25.01.2022 घोषणा की तारीख /Date Of Pronouncement : 31.01.2022 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 11, Chennai Dated 08.07.2019 Relevant To The Assessment Year 1997-98. 2. Brief Facts Of The Case Are That The Assessment For The Assessment Year 1997-98 Was Completed On 13.03.2000 & Reassessment Was Completed On 31.03.2005 & Subsequently Revised On 31.10.2005. In Its Original Return Of Income, The Assessee Has 2

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri G. Johnson, Addl. CIT

Section 115JSection 143(3)Section 263

…forward business loss, depreciation and investment allowable in accordance with law. After considering the submissions of the assessee and materials available on record as well as in view of the decision of the case of Seshasayee Paper & Boards Ltd. Vs. DCIT 272 ITR 165 (Mad), the ld. CIT remanded the matter to the Assessing Officer to recompute the income of the year after deter mining the correct amount of brought forward los, unabsorbed depreciation and investment allowance in accordance with law. Against the order of the ld. CIT, the assessee preferred an appeal before the Tribunal. The appeal filed by the a…

Industrial Investment Bank of India Ltd., Kolkata vs. DCIT, Cir-6, Kolkata

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

ITA 1416/KOL/2014[2004-2005]Status: DisposedITAT Kolkata05 Apr 2017AY 2004-2005

Bench: Shri N.V.Vasudevan Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.1416/Kol/2014 ("नधा"रण वष" / Assessment Year :2004-2005) Industrial Investment Bank Vs. Dcit, Circle-6, Kolkata, Of India Limited, Aayakar Bhawan, P-7, 19, Netaji Subhas Road, Chowringhee Square, Kolkata-700001 Kolkata-700001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabci 0324 D .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Sanjay Bhattacharya,Fca "नधा"रती क" ओर से /Assessee By : Shri R.K.Kureel, Jcit सुनवाई क" तार"ख / Date Of Hearing : 28/02/2017 घोषणा क" तार"ख/Date Of Pronouncement 05/04/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: ` The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2004-2005, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-Vi, Kolkata, In Appeal No.343/08-09/Cit(A)-Vi/Cir-6/Kol, Dated 29.04.2014, Which In Turn Arises Out Of An Order Passed By The Ao U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 17.11.2006. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Is A Public Sector Undertaking Bank & Its Operations Are Solely In The Segment Of Non-Banking Financial Intermediation Services. The Assessee Being A Financial Institution, Its Activities Are Subject To Guidelines Issued By The Reserve Bank Of India For Banking Companies. During The Financial Year Under Consideration, The Assessee Company Written Off A Sum Of Rs.1,42,48,266/- On Account Of Debts As Irrecoverable. The Assessee Is An Organization To Which The Provisions Of Section 36(1)(Viia) Is Applicable.

For Appellant: Shri R.K.Kureel, JCITFor Respondent: Shri Sanjay Bhattacharya,FCA

Section 143(3)Section 2(45)Section 36Section 36(1)(viia)Section 5

…d unambiguous, question of making any different interpretation does not arise. This has been affirmed in a number of decisions such in the cases of Paul Vijayakumar & others vs. Union of India & another 151 ITR 48 (Kar), Sheshayee Paper & Boards Ltd. vs. DCIT 272 ITR 165 (Mad) etc. The apex court has also held in its decision in the case of IPCA Laboratory Ltd. vs. DCIT 266 ITR 521 (SC), that if there is no ambiguity in the provisions of the Act, the same could not be interpreted to confer benefit to the assessee. 4 Industrial Investment Bank Of India Ltd. 6. So far as the appellant's contention, that the issue…

Asst CIT Cir 6(1), Mumbai vs. Anil Priners Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5859/MUM/2013[2009-10]Status: DisposedITAT Mumbai14 Mar 2016AY 2009-10

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)

Section 114JSection 139(1)Section 139(3)Section 143(1)Section 143(2)Section 32(2)Section 32oSection 42Section 80

…bsorbed depreciation retains its own character even in succeeding year(s) as distinguished from current depreciation (CIT vs Ravi Industries Ltd. ) (1963) 49 ITR 145, 155 (Bom.). The 13 Hon’ble Madras High Court in Seshasayee Paper & bonds Ltd. vs DCIT(2005) 272 ITR 165 (Mad.) held that under section 32(2) a legal fiction has been created that unabsorbed depreciation of the earlier year shall form part of current year’s disallowance and therefore it shall have to dealt with accordingly subject to the provision of section 72(2) and 72(3) of the Act. Thus, the carried forward unabsorbed depreciation of the earlier…