Southern Asbestos Cement Ltd. v. CIT

259 ITR 631Reported decision#20169 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2021.

Judgments citing Southern Asbestos Cement Ltd. v. CIT

Francois Compressor India Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 1(2), Pune

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

ITA 2504/PUN/2017[2013-14]Status: DisposedITAT Pune18 Aug 2021AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.2504/Pun/2017 िनधा"रण वष" / Assessment Year : 2013-14 ………. अपीलाथ" / Francois Compressor India Pvt. Ltd., Gat No.147/1(New), Lavale Road, Appellant Pirangut, Tal. Mulshi, Dist. Pune – 412115. Pan : Aabcf0496K. बनाम V/S ………. ""यथ" / The Dy.Commissioner Of Income Tax, Circle 1 (2), Pune. Respondent Assessee By : Shri Sharad Shah. Revenue By : Shri Amol Kamat. सुनवाई क" तारीख / Date Of Hearing : 05.08.2021 घोषणा क" तारीख / Date Of Pronouncement : 18.08.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Final Assessment Order Dt.31.08.2017 Passed Under Sec.143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 (Hereinafter Referred To “The Act”) For The Assessment Year 2013-14. 2. The Brief Facts Of The Case Are As Under : The Appellant Is A Company Incorporated Under The Provisions Of The Companies Act, 1956. It Is Engaged In The Business Of Development & Sale

For Appellant: Shri Sharad ShahFor Respondent: Shri Amol Kamat
Section 143(3)Section 36(1)(va)Section 40Section 41(1)Section 92C

…not be disturbed, the assessee will be able to get a higher amount of depreciation in subsequent years on the basis of the revised cost and there will be no problem.” 11. Even the Hon’ble Madras High Court in the case of Southern Asbestos Cement Ltd. vs. CIT, 259 ITR 631 had also followed the Hon’ble Supreme Court’s decision in the case of Arvind Mills Ltd. (supra) and in the light of the law laid down by the Hon’ble Supreme Court in the case of Arvind Mills Ltd. (supra), we hold that the necessary adjustments should be made to the actual cost of assets on account of loss consequent to foreign currency fluctuatio…

Aesseal India Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 1(4), Pune

In the result, the appeal in ITA No

ITA 2203/PUN/2017[2014-15]Status: DisposedITAT Pune29 Oct 2020AY 2014-15
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Mahadevan A.M. Krishanan
Section 143(1)Section 143(3)Section 43A

…not be disturbed, the assessee will be able to get a higher amount of depreciation in subsequent years on the basis of the revised cost and there will be no problem.” 11. Even the Hon’ble Madras High Court in the case of Southern Asbestos Cement Ltd. vs. CIT, 259 ITR 631 had also followed the Hon’ble Supreme Court’s decision in the case of Arvind Mills Ltd. (supra) and in the light of the law laid down by the Hon’ble Supreme Court in the case of Arvind Mills Ltd. (supra), we hold that the necessary adjustments should be made to the actual cost of assets on account of loss consequent to foreign currency fluctuatio…

Aesseal India Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 1(4), Pune

In the result, the appeal in ITA No

ITA 2202/PUN/2017[2012-13]Status: DisposedITAT Pune29 Oct 2020AY 2012-13
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Mahadevan A.M. Krishanan
Section 143(1)Section 143(3)Section 43A

…not be disturbed, the assessee will be able to get a higher amount of depreciation in subsequent years on the basis of the revised cost and there will be no problem.” 11. Even the Hon’ble Madras High Court in the case of Southern Asbestos Cement Ltd. vs. CIT, 259 ITR 631 had also followed the Hon’ble Supreme Court’s decision in the case of Arvind Mills Ltd. (supra) and in the light of the law laid down by the Hon’ble Supreme Court in the case of Arvind Mills Ltd. (supra), we hold that the necessary adjustments should be made to the actual cost of assets on account of loss consequent to foreign currency fluctuatio…

DCIT Corporate Circle 2(2), Chennai vs. India Pistons Ltd., Chennai

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

ITA 2617/CHNY/2017[1999-00]Status: DisposedITAT Chennai12 Oct 2018AY 1999-00

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.2617/Chny/2017 िनधा"रण वष"/Assessment Year:1999-2000 The Deputy Commissioner Of M/S. India Piston Ltd., Income Tax, Corporate Circle 2(2), Vs. Huzur Gardens, Sembiam, Room No. 512, 5Th Floor, Wanaparthy Chennai 600 011. Block, 121, M.G. Road, Chennai 34. [Pan: Aaaci1439E] (Appellant) (Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ar. V. Sreenivasan, Jcit ""थ" की ओर से/Respondent By : Shri R.Vijayaraghavan, Advocate सुनवाई की तारीख/ Date Of Hearing : 25.07.2018 घोषणा की तारीख /Date Of Pronouncement : 12.10.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 6, Chennai Dated 23.08.2017 Relevant To The Assessment Year 1999-2000. The Only Effective Ground Raised In The Appeal Of The Revenue Is That The Ld. Cit(A) Erred In Deleting The Addition Made Towards The Element Of Excise Duty & Customs Duty In The Closing Stock.

For Appellant: Shri AR. V. Sreenivasan, JCITFor Respondent: Shri R.Vijayaraghavan, Advocate
Section 115JSection 143(3)

…of the goods which are under bond. 8. The learned counsel appearing for the revenue sought to distinguish the Judgment by placing reliance on the Judgment of this Court in the case of Southern Asbestos Cement Limited vs. Commissioner of Income Tax reported in 259 ITR 631 to contend that the cost of imported raw material of the assessee would necessarily include the customs duty paid thereon, as without the payment of such duty, the assessee would not be entitled to remove the imported raw material from the ports. On payment of such duty, it necessarily constituted a part of the cost of the raw material to the ass…